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Natalie Holt Editorial

Advisers and investors in line for Keydata payout

22 May 2013

The FSCS will make initial distributions of 7.5p in the pound with total returns of between 12 and 15 per cent of the money invested.

VCTs set to escape Ucis promotion ban

20 May 2013

Regulator has moved from “considering” excluding venture capital trusts from the proposed ban to being “minded” to do so.

Fidelity to restructure adviser sales team

20 May 2013

Company says move has been triggered by the RDR and will see some roles scrapped.

Advisers turning backs on big firms to go it alone

16 May 2013

Scottish Widows says it has seen more advisers leaving larger firms since the start of the RDR.

Apfa: Client visits should be driven by need not calendar

16 May 2013

Policy director Chris Hannant says there are quite a lot of costs involved in the traditional, four visits a year-based model.

Lloyds cuts 850 jobs

16 May 2013

The latest wave of job cuts comes after 940 job losses in January and 550 jobs in March.

'Spirit of the RDR' regulation risks uncertainty

16 May 2013

Tatton Investment Management is worried about how the regulator will decide what is in the spirit of the RDR rules.

Yorkshire and Clydesdale Banks set aside further £38m for redress

13 May 2013

The banks have made the provision for “customer redress issues” including £15m for interest rate swap misselling.

Roger Edwards to leave Royal London

10 May 2013

Edwards is leaving the company after 12 years as part of a company restructure.

Suffolk Life acquires Pearson Jones' Sipp book

10 May 2013

Deal will see 280 Sipp plans transfer to Suffolk Life after Pearson Jones decided to wind up its two schemes.

Money Advice Service scraps ambitious growth targets

9 May 2013

Chief executive Caroline Rookes says she wants to achieve a “behavioural shift” rather than just counting user numbers.

West Brom pledges to continue offering advice

9 May 2013

The building society is working to find the right partner after Axa pulled out of the advice market.

West Brom pledges to continue offering advice

2 May 2013

The building society is working to find the right partner after Axa pulled out of the advice market.

12,000 ex-Merchant Capital investors face Reyker charges

2 May 2013

New plan manager Reyker says charges cover custody and administration costs.

Aviva pays out 94% of IP claims

2 May 2013

The insurer paid out 93 per cent of critical illness claims and 99 per cent of life cover claims.

FCA fines private bank £4.2.m for anti-money laundering failures

2 May 2013

EFG failed to keep sufficient records about how significant money laundering risks had been mitigated.

HSBC takes onshore bonds in-house

2 May 2013

Advisers will not be able to access HSBC bonds from 10 May.

Standard Life CFO Jackie Hunt to head Pru UK and Europe

2 May 2013

Current chief executive Rob Devey will leave the company at the end of October.

Osborne warns Bank of England against hurting recovery

1 May 2013

Chancellor says the FPC needs to give “due weight” to how its actions will impact growth.

FCA censures money transfer firm for payment rules breaches

30 Apr 2013

Horn Express has been censured for failing to safeguard and segregate customer funds.

FCA bans two brokers over fraudulent mortgage applications

29 Apr 2013

Which Mortgage submitted applications to lenders with false and misleading information.

L&G agrees deal to reinsure Irish annuity business

29 Apr 2013

Transaction is L&G’s first annuity deal outside of the UK.

12,000 ex-Merchant Capital investors face Reyker charges

26 Apr 2013

Reyker Securities is charging investors for custodian and admin costs following the collapse of parent company Merchant House Group.

Aviva axes direct advice arm

26 Apr 2013

Around 120 advisers will be affected with 10 staff retained to look after existing customers.

Standard CFO Jackie Hunt to head up Pru UK and Europe

26 Apr 2013

Current Pru chief executive Rob Devey will leave the insurer at the end of October.

Santander SVR move ‘pulls rug from under borrowers’

25 Apr 2013

John Charcol’s Ray Boulger says lenders’ ability to increase SVR caps is “pulling the rug from underneath borrowers”.

Aviva to cut 2,000 jobs

25 April 2013

Insurer is cutting roles across the group in its UK, Europe and Asia divisions.

Ex-Honister adviser jailed for £400k tax evasion

25 April 2013

David Douglass spent the money on a luxury lifestyle including cars and holidays.

FCA explains procedure for investigating own failings

25 April 2013

Regulator will have to carry out an investigation and produce a report where it meets the criteria of a statutory test.

FCA vows business interests will not be overlooked

25 April 2013

Chief executive Martin Wheatley says there is no tension between being pro-consumer and pro-business

HSBC to axe 3,166 roles in advice arm shake-up

25 April 2013

The bank aims to create an adviser team of 853 people with a net loss of 1,149 jobs.

PRA chief admits FSA lacked objectives and accountability

25 April 2013

Bailey argues regulators need clear objectives and to be accountable to parliament in order to succeed

The Platforum: How Transact’s new pricing stacks up

25 April 2013

Transact is now cheaper than Ascentric for portfolios between £100,000 and £200,000 and cheaper than Standard Life at £180,000 and above.

Govt risks missing target to pay Equitable Life policyholders

24 Apr 2013

National Audit Office says Treasury and NS&I will struggle to make payments by the end of March 2014.

Lloyds branch sale to Co-op collapses

24 Apr 2013

Co-op has withdrawn from the sale citing the economic downturn and increasing regulatory requirements.

HSBC cuts 3,166 jobs in advice arm restructure

23 Apr 2013

Bank is cutting 3,166 UK jobs buts hopes to redeploy more than 2,000 affected staff.

Comparison site launches non-advised annuities quote tool

23 Apr 2013

Move from Payingtoomuch.com follows launch of “find an adviser service”.

The Platforum: How Transact's new costs stack up against rivals

22 Apr 2013

Transact is now cheaper than Ascentric for portfolios between £100,000 and £200,000 and cheaper than Standard Life at £180,000 and above.

Ex-Honister Partners adviser jailed for 13 years of tax evasion

19 Apr 2013

David Douglass has been sentenced today after he pleaded guilty to cheating the public revenue.

Santander to contact 270,000 borrowers over unclear SVR hikes

19 Apr 2013

Lender will invite borrowers to complain after it failed to make it clear to customers when the SVR cap would increase.

Aviva to cut 2,000 jobs

18 Apr 2013

Insurer is cutting roles across the group in its UK, Europe and Asia divisions.

​FCA sets out when it will investigate regulatory failure

18 Apr 2013

Regulator will have to carry out an investigation where there has been a significant failure to secure appropriate consumer protection.

Apfa: Advisers hit with unfair FCA costs burden

18 April 2013

Policy director Chris Hannant says collectively advisers are paying for 30 per cent of the FCA budget, while insurers are paying for 13 per cent.

FCA data reveals 87 per cent jump in Sesame complaints

18 April 2013

Complaints about Sesame have jumped from 1,060 in the second half of 2011 to 1,978 in the same period last year.

Lloyds investigates Scot Wids structured products sales

18 April 2013

Lloyds’ review found 25 of 100 cases were missold.

Santander worst for investment complaints

18 April 2013

The bank upheld 63 per cent of its investment complaints between July and December last year.

Mick McAteer: Legacy business models could make industry unsustainable

17 Apr 2013

The Financial Inclusion Centre director says big, established providers face a huge challenge in dealing with legacy business models.

The death of bank advice? Axa says it needed 6% adviser fee for profit

17 Apr 2013

Ernst & Young has warned bank advice has a “very limited” future.

Sesame blames claims firms for complaints hike

16 Apr 2013

Network says 87 per cent year-on-year complaints increase was driven by claims management firms.

Santander worst for investment complaints

15 Apr 2013

Bank upheld 63 per cent of its investment complaints between July and December last year.

Barclays tops FCA complaints data

15 Apr 2013

Bank was most complained about bank overall, while Santander received the most investment and mortgage complaints.

Nationwide plans £500m bond to boost capital

15 Apr 2013

Building society could launch the fundraising this summer in response to new rules from the Bank of England’s financial policy committee.

Distributors 'cautiously optimistic' post-RDR despite retail sales dip

12 Apr 2013

Data shows 8 per cent fall in retail sales through advisers as industry marks 100 days of the RDR.

Providers 'not coping' with adviser charging demands

11 Apr 2013

Distributors are frustrated by provider inconsistency over facilitating adviser charging.

Aegon launches auto-enrol fund range with BlackRock

11 April 2013

Range is based around lifestyle funds managed by BlackRock.

FCA climbdown sees higher than expected MAS bill

11 April 2013

Advisers will see MAS levies fall from £4.6m to £2.7m, but were expecting costs to fall to £300,000.

Five things to consider when buying PII cover

11 April 2013

The PFS and Howden Windsor outline the best ways for advisers to secure the most appropriate cover.

Apfa says advisers shouldering unfair FCA costs burden

10 Apr 2013

Policy director Chris Hannant says it is not right advisers are picking up 30 per cent of the regulator’s budget while insurers pay for 13 per cent.

Lloyds to investigate Scot Wids structured products sales

10 Apr 2013

Money Mail investigation highlights cases where customers at or near retirement were told to invest large sums into structured products.

FCA considers charging fees based on risk

9 Apr 2013

Regulator is to carry out a review into the way firms’ fees are calculated.

MAS must justify budget overspends to FCA and Treasury

9 Apr 2013

Money Advice Service will be required to explain budget over and underspends and give the regulator a quarterly income and expenditure report.

Openwork joins Apfa following rebrand

5 Apr 2013

Policy director Chris Hannant says it is important the adviser profession “speaks with one voice”.

Ex-HBOS chief Sir James Crosby quits private equity role

5 Apr 2013

The BBC reports Crosby was asked to resign in the wake of today’s damning report into the collapse of HBOS.

Aegon partners with BlackRock for auto-enrol fund range

4 Apr 2013

Lifestyle funds have been designed to cater to employees likely to stay invested in their scheme default fund.

Martin Wheatley hints at tackling indy/restricted confusion

4 April 2013

FCA chief executive admits regulator has had a lot of complaints over advice labels.

Money Advice Service rules out target for adviser referrals

4 April 2013

MAS referred 0.3 per cent of its one million web users to advisers in 2011/12.

Treasury names FCA board

4 April 2013

There are 12 members of the Financial Conduct Authority board, including Baigrie Davies director Amanda Davidson.

5 things to consider when buying PI cover

3 Apr 2013

The PFS and Howden Windsor outline the best ways for advisers to secure the most appropriate cover.

Pru snubs regulator with £7m bonus for chief exec

2 Apr 2013

Tidjane Thiam is to receive £5m in shares and a £2m deferred bonus despite being censured by FSA last week over AIA deal.

FCA looks to introduce interim authorisations for new entrants

29 Mar 2013

Regulator is considering granting interim authorisation to new banking entrants and other firms.

Towry acquires Glasgow-based adviser firm

28 Mar 2013

Norscot Financial Services and wealth management arm George Square Fund Managers have been bought for an undisclosed sum.

Apfa chair writes to Chris Grayling demanding bogus claims crackdown

28 March 2013

The trade body says the submission of bogus claims should be treated as fraud.

Extra 2m could be brought into higher and top-rate tax bands

28 March 2013

Budget presents planning opportunities for advisers to mitigate the effects of more people paying higher tax.

FCA may use competition powers to bring down fund charges

28 March 2013

Chief executive designate Martin Wheatley says the FCA will look to intervene if there is “inadequate competition” in the market.

FCA to investigate complex fund management charges

28 March 2013

The FCA says fund management fees have risen over the last 10 years, additional “hidden” charges have increased and charging structures have become more complex.

FOS pushes up budget by £3m

28 March 2013

Total FOS budget for 2013/14 has jumped 93 per cent to £283.6m.

Money Advice Service rules out target for adviser referrals

27 Mar 2013

MAS says it should not force higher referrals if that is not what customers need.

FSA bans adviser over Ucis misselling

27 Mar 2013

Stephen Hocking was the director of Bath-based Pave Financial Management which advised clients to invest a total of £9.7m into Ucis.

Apfa: Advisers face 30% FCA fee hike

26 Mar 2013

FCA business plan suggests 30 per cent of the £432m FCA budget will fall on investment advisers, mortgage advisers and general insurance brokers.

FCA sets out how it will use temporary product bans

25 Mar 2013

Temporary product intervention rules will be made before consultation where delaying could harm consumer interests.

FCA sets its first budget at £432m: Advisers to pay 30% of costs

25 Mar 2013

Annual budget has been pushed down by FSA underspend of £19.5m.

FCA warns lenders are 'abusing the back book' with rate hikes

22 Mar 2013

Chief executive designate Martin Wheatley says regulator will set out concerns in retail conduct risk outlook on Monday.

Apfa chair writes to Chris Grayling demanding bogus claims crackdown

22 Mar 2013

Trade body says the submission of bogus claims should be treated as fraud.

Advisers back Wheatley over wealth manager concerns

21 March 2013

FCA chief executive designate says wealth managers are not taking customer service seriously enough.

Advisers made average £163k profit in 2012

21 March 2013

Net profits have risen 72 per cent over the last four years.

Apfa figures reveal 10% drop in adviser numbers

21 March 2013

Adviser numbers fell from 26,339 to 23,865 in the run-up to the RDR.

FCA early warning notice powers begin to take shape

21 March 2013

Details of ongoing investigations will not be published where it would be unfair, prejudice consumers’ interests or threaten the stability of the financial system.

Half of advisers' pre-RDR income came from commission

21 March 2013

Initial and renewal commission accounted for 48 per cent of advisers’ income in Q3, 2012.

Unified 20% corporation tax will remove 'huge planning complexity'

21 March 2013

From 2015 businesses should have a clearer view of how much corporation tax they owe.

Budget 13: Corporation tax to fall to 20% in 2015

20 Mar 2013

Move follows falls reduction to 21 per cent next year.

Banks fail basic tests on Isa transfers

20 Mar 2013

HSBC, Yorkshire Bank and RBS were the worst performing banks in Which? advice investigation.

FSA: When it would be unfair to publish early warning notices

19 Mar 2013

Regulator outlines scenarios where it will publish when an individual or firm is subject to ongoing enforcement action.

FSA sets out when early warning notices will be published

19 Mar 2013

FCA will not publish warning notices which are unfair to the person involved, prejudice consumers’ interests, or threatens the stability of the financial system.

L&G to acquire stake in housebuilder

18 Mar 2013

Insurer is acquiring a joint 46.5 per cent equity stake in national housebuilder Cala Group.

Govt brings forward new state pension and LTC cap

18 Mar 2013

Measures will now start in 2016, a year earlier than planned.

FSCS lowers interim investment adviser levy to £20m

15 Mar 2013

Levy is for higher than expected compensation costs for Pritchard Stockbrokers and Worldspreads.

Investors await Ucis fund information after adviser firm wind-up

15 Mar 2013

An action group has been launched by investors looking for information about a Ucis fund set up and run by an adviser firm now in liquidation.

Money Advice Service chair Gerard Lemos to step down

14 Mar 2013

Lemos will stand down when his term comes to an end in September.

FSA stats: RDR costs could reach £2.6bn in 5 years

14 Mar 2013

Costs to firms of implementing the RDR are 262 per cent higher than the FSA’s original estimates.

SFO launches Harlequin investigation

14 March 2013

SFO and Essex Police are looking into complaints about the unregulated overseas property firm.

How the advice profession is changing: The 8 graphs of RDR transition

13 Mar 2013

Trade body outlines the state of the adviser market pre-RDR.

FCA chief Martin Wheatley issues wealth manager warning

13 Mar 2013

FCA chief executive designate says firms are failing to deliver good customer service and ignoring clients’ risk preferences.

Government opens applications for 'super-complainants'

12 Mar 2013

Designated consumer bodies will have a “fast-tracked” route to raise issues with the FCA.

Consumer Panel says DC pension schemes are being bought 'blind'

12 Mar 2013

Vice chair Kay Blair says consumers are struggling to get meaningful information about their pension schemes.

Gang jailed over £35.8m land banking fraud

11 Mar 2013

Case against Countrywide Land Holdings said to be the biggest land banking scam to come to court.

Yorkshire and Clydesdale Banks close business and private bank advice arms

8 Mar 2013

Closure of business and private bank advice service will see the loss of 130 jobs.

IMA to rename absolute return sector

7 March 2013

Sector will become the “targeted absolute return sector” from 1 June.

Colin Jelley returns to Skandia

7 March 2013

Jelley has rejoined Skandia as head of wealth planning.

FSA answers advisers' latest RDR FAQs

7 March 2013

Topics include discretionary fund management, adviser charging facilitation and complaints reporting.

FSA sets out transparency plans for FCA

7 March 2013

Ideas put forward include providing more detail about the average time it takes for firms to become authorised and the reasons applications are refused.

Lloyds tops FOS complaints data

7 March 2013

One Lloyds subsidiary had 97 per cent of PPI cases upheld over six months.

Skandia cost-cutting sees £2m profit despite sales drop

7 March 2013

The platform made a £4m loss in 2011.

Ofqual approves IFP's diploma qualification

6 Mar 2013

IFP’s level six diploma in financial planning has been recognised after an exam element was added.

FCA to target payday lenders through consumer credit regime

6 Mar 2013

Regulator will assume regulation of consumer credit by 1 April 2014.

SFO launches Harlequin probe

6 Mar 2013

Harlequin investors have been asked to complete an online questionnaire and may be asked for a full witness statement.

FSA outlines plans to extend DFM payments ban

5 Mar 2013

Regulator has written to trade bodies setting out four options for the treatment of legacy DFM referral payments to advisers

Barclays most complained about firm for investments

5 Mar 2013

The FOS upheld over half of investment complaints against the bank between July and December.

Sifa rebrands to Sifa Professional Services

4 Mar 2013

Move follows decision to extend membership to “restricted, whole of market” advisers.

FCA will not name and shame poor firms uncovered by thematic reviews

4 Mar 2013

Regulator says legal constraints prevent it from disclosing poor firms but admits consumers can be “kept in the dark”.

Adviser charging software launches to help with RMAR

1 Mar 2013

Charge Manager is a web-based application which collects adviser charging data automatically.

Experts challenge FSA mystery shop findings

1 Mar 2013

Regulatory experts say the regulator’s mystery shops “under-recorded” the extent of unsuitable investment advice given by banks.

Virtual adviser admin support service launches

28 Feb 2013

Service has been launched by ex-7IM and Broadstone operations head Debbie Condon.

European regulators warn investors over contracts for difference

28 Feb 2013

Esma and EBA say investors should only consider trading in CFDs if they have “extensive experience” of trading in volatile markets.

Colin Jelley rejoins Skandia

28 Feb 2013

Former SJP divisional director of private clients Colin Jelley has returned to Skandia as head of wealth planning.

Apfa: FSA should hold FSCS to account over costs

28 February 2013

Trade body questions why FSCS is pushing for an increase in its budget when it is predicting a fall in claims.

Axa Life Europe and MetLife stand behind "RDR ready" guarantees

28 February 2013

Both providers say their approach is RDR compliant despite different approaches to facilitating adviser charging.

HSBC latest bank to scrap sales incentives

28 February 2013

Bank’s customer-facing staff have been assessed on sales quality and customer satisfaction since 1 January.

Merchant Capital owes creditors over £1.5m

28 February 2013

Creditors of the structured products business include HMRC, Reyker Securities and director of structured products John Gracey.

Professor John Kay calls for rethink of 'intrusive and ineffective' regulation

28 February 2013

Economist says regulator’s objective should be providing good returns for investors and helping companies raise money.

UK growth for 2012 revised up to 0.2%

27 Feb 2013

The ONS has revised up its growth estimate for last year from no growth to 0.2 per cent.

Aviva sells Russian life and pensions arm for £30m

27 Feb 2013

Business has been sold to non-state pension fund Blagosostoyanie.

Professor John Kay calls for rethink of 'intrusive and ineffective' regulation

26 Feb 2013

Economist says regulator’s objective should be providing good returns for investors and helping companies raise money.

Axa Life Europe and MetLife both stand behind 'RDR ready' guarantees

25 Feb 2013

The FSA says guarantees should be based on the amount invested after adviser charges.

Merchant Capital owes creditors over £1.5m

22 Feb 2013

Unsecured claims include over £55,000 owed to Merchant Capital staff.

Apfa: FSA must put a stop to high FSCS management costs

21 Feb 2013

The trade body has also called for greater clarity from the FSCS on expected Keydata recoveries.

HSBC latest bank to scrap sales incentives

21 Feb 2013

Staff have been assessed on sales quality and customer satisfaction since 1 January.

Advisers believe Santander advice review was "inevitable"

21 February 2013

Firms say the advice world has changed, but banks are reluctant to change with it.

Banks review advice after FSA mystery shop

21 February 2013

The regulator found in 11 per cent of cases advisers from banks and building societies gave unsuitable advice.

FSA launches adviser charging thematic review

21 February 2013

Review will be carried out over three six-month cycles and focus on adviser charging and scope of service.

FSA: 15% of firms have failed to submit qualifications data

21 February 2013

Some advisers say they have been told they are in breach of regulatory rules, despite already submitting their data.

Santander considers future of investment advice arm

21 February 2013

The bank is considering whether to withdraw its investment advice offering, with 880 jobs at risk.

Ascentric posts 7% drop in net new business

20 Feb 2013

Assets under management are up 41 per cent for 2012 with IFDL’s white-labelling deals delivering around 50 per cent of net new assets.

FSA fines Lloyds £4.3m for delayed PPI redress

19 Feb 2013

Lloyds TSB Bank, Lloyds TSB Scotland and Bank of Scotland have been fined for systems and control failings which led to delayed PPI redress.

FSA kicks off adviser charging thematic review

18 Feb 2013

Regulator is writing to 50 firms today for details of how advisers are disclosing charges and services.

Six more banks agree to full swap misselling review

18 Feb 2013

Allied Irish Bank (UK), Bank of Ireland, Clydesdale and Yorkshire Banks, the Co-op and Santander are the latest to agree to FSA review.

How advisers are approaching mass market advice

15 Feb 2013

Some firms have chosen to set minimum client asset levels, while other business models are emerging to deliver low-cost advice.

'You don't pay me a penny for this advice': What bank advisers told clients

14 Feb 2013

One adviser told a client the potential return was three and a half times more than what was actually achievable.

Advisers urge FSA to avoid "blanket ban" on VCTs and Reits

14 February 2013

Regulator is considering amending rules which would capture other products as part of its Ucis promotion ban.

FSCS reveals targets for £3.6m consumer ad campaign

14 February 2013

The scheme wants to increase consumer awareness from 50 to 54 per cent.

Money Advice Service faces struggle to hit targets

14 February 2013

MAS reached 1.23m consumers and generated 495,000 action plans against full year targets of 1.9m and 1m respectively.

Santander considers exit from investment advice - 880 jobs at risk

13 Feb 2013

The FSA is understood to be investigating the bank over its investment advice following a mystery shopping exercise.

FSA mystery shop reveals unsuitable bank advice

13 Feb 2013

One firm has been referred to enforcement as a result of the review.

Money Advice Service faces tough task to meet annual target

12 Feb 2013

A total of 1.23m consumers used the MAS between April and December last year compared to full year target of 1.9m.

FSA wins High Court case against illegal land bank

11 Feb 2013

Regulator will now secure High Court orders for the payment of £15m to investors.

MP urges banks to suspend swap payments

8 Feb 2013

APPG chair on swap misselling Guto Bebb says small businesses should not carry the “burden of proof” to justify suspending payments.

IFA review site secures £150k from angel investors

7 Feb 2013

VouchedFor.co.uk has raised the investment through the seed enterprise investment scheme.

Lighthouse secures Keydata settlement discount of up to 85%

7 Feb 2013

Company has written to advisers saying it has reached a full and final settlement of Keydata claims.

Banks agree to full interest rates swaps review

7 February 2013

Redress will have to be paid if banks failed to give clear information about the product’s risks and features ahead of the sale.

Govt looks to reduce "FOI burden" on public bodies

7 February 2013

Justice minister Helen Grant has told MPs the Government want to tackle “industrial users” of the Freedom of Information Act.

Tenet appoints group finance director

7 February 2013

Caroline Bradley has replaced Graeham Sampson who left the company in September.

'I'm like a whore's drawers': What RBS traders said over Libor

6 Feb 2013

String of emails and electronic conversations reveal extent of RBS misconduct

FSCS investment adviser costs to remain huge for 2013/14

6 Feb 2013

Investment advisers are facing a £76m Financial Services Compensation Scheme levy for 2013/14, plus an interim levy of £25m for 2013/14.

Towry appoints products manager from Coutts

4 Feb 2013

Ed Colyer has joined Towry from Coutts where he was financial planning product team director.

Lloyds chief calls on claims firms to meet bogus PPI costs

4 Feb 2013

The MoJ and BBA are reportedly in talks over who should meet the cost of false claims.

Tenet appoints group finance director

31 Jan 2013

Caroline Bradley has joined the company following the resignation of Graeham Sampson.

Platforms are taking very different approaches to adviser charging

Wrap & Platforms 31 Jan 2013

Advisers need to consider how different platforms will deduct adviser charges from clients’ investments in the event of a shortfall in the cash account.

Advisers say Nicoll's departure suggests future lack of accountability

31 January 2013

Nicoll helped lead the FSA’s work on the RDR, the mortgage market review and the FSCS funding review.

FOS sees jump in investment and pension complaints

31 January 2013

Portfolio management complaints rose 24 per cent between April and December, with 53 per cent upheld.

Keydata costs see FSCS legal bill for recoveries hit £23m

31 January 2013

Legal costs from pursuing recoveries from Keydata advisers will have to be met by investment advisers.

PPI confusion drives FOS protection complaints

31 January 2013

Uphold rates for life cover, critical illness and income protection complaints ranged from 13 per cent to 28 per cent.

Over half of MAS staff receive £4m redundancy payout

30 Jan 2013

The Money Advice Service is recruiting following the job cuts for permanent staff with “different skill sets”.

EU signals shift on bank ringfence

30 Jan 2013

Commissioner Michel Barnier says separating banks’ trading operations risks undermining growth.

FOS complaints jump by almost a third

29 Jan 2013

Numbers of protection, pensions, and portfolio management complaints are already higher than the whole of 2011/12.

L&G appoints chief risk officer

28 Jan 2013

Simon Gadd will assume the chief risk officer role with Kerrigan Procter becoming managing director of the annuities business.

FSA answers your top RDR FAQs

25 Jan 2013

Regulator sets out its position on advisers’ key RDR issues.

SJP hits back at charges criticism

24 Jan 2013

Chief executive David Bellamy says SJP is “not at all expensive” on a total costs basis.

SJP sees new business jump 46% ahead of RDR

24 Jan 2013

Company has also increased its number of partners by over 8 per cent.

Advisers want FSA to tackle sales culture as part of incentives work

24 January 2013

Regulator is considering what further work it will carry out on sales targets following its investigation into incentive schemes.

Countrywide set for flotation

24 January 2013

IPO speculations suggests positive outlook for housing market in 2013

Sheila Nicoll to leave FSA

23 Jan 2013

Director of conduct policy will leave the regulator in April.

MAS reform plans could see adviser costs fall 93%

22 Jan 2013

Consultation proposes allocating MAS costs according to consumer demand.

Countrywide set for flotation

21 Jan 2013

IPO could be launched later this year by US private equity owner Oaktree Capital.

FSA says it is 'prepared to consider' PPI claims deadline

18 Jan 2013

Regulator says deadline to submit PPI complaints would have to be supported by ad campaign funded by banks.

Advisers hit out at £3m FSCS ad spend

18 Jan 2013

The FSCS has already spent £4m on an earlier campaign which failed to increase consumer awareness.

MPs warn FCA chair of tough road ahead

18 Jan 2013

TSC says challenges of creating an effective board and promoting competition should not be underestimated.

FSCS defends Capita outsourcing deal

17 Jan 2013

Compensation scheme says Arch cru claims fall under a separate outsourcing agreement with Deloitte.

Axa Wealth sets out RDR bancassurance advice charges

17 January 2013

Customers of The Co-op Bank, Clydesdale and Yorkshire Banks and West Bromwich Building Society will be charged an initial 3.25 per cent.

FSA imposes partial ban on media IFA Colin Jackson

17 January 2013

Baronworth (Investment Services) failed to ensure direct financial promotions were clear, fair and not misleading.

FSA sets out good and bad practice on sales incentives

16 Jan 2013

Poor practice includes staff plotting to overcharge a customer and continuing to pay bonuses where products have been missold.

FSA: Sales incentives crackdown applies to networks and investment managers

16 Jan 2013

Regulator has published its final guidance on sales incentives after thematic review in September.

Axa Wealth reveals RDR advice charges for bancassurance arm

14 Jan 2013

Axa partners with The Co-op, Clydesdale and Yorkshire Banks, and West Bromwich Building Society for investment advice.

FSCS launches new £3m ad campaign

14 Jan 2013

Campaign will focus on savings protection and will run until 31 March, 2014.

FSA action against media IFA Colin Jackson

11 Jan 2013

Baronworth (Investment Services) failed to ensure financial promotions were clear, fair and not misleading.

Merchant Capital winds down business

10 Jan 2013

Board tells staff if debt repayment plans cannot be agreed it will have no choice but to appoint a liquidator.

Crime Bill will give 'back door' powers to FSA and HMRC

10 Jan 2013

Powers to settle cases instead of bringing criminal charges will be debated next week.

Bellpenny acquires four IFA firms

10 Jan 2013

The consolidator now has £325m in funds under management and 2,500 clients.

SPS issue numbers close to 30,000

10 January 2013

A total of 27,325 SPS had been issued at 31 December by six accredited bodies.

Tories eye benefit cuts for richer pensioners

9 Jan 2013

Momentum gathers behind an end to Conservatives’ pledge to protect universal benefits.

Govt to set long-term care cap at £75,000

7 Jan 2013

Andrew Dilnot has previously warned setting the cap beyond £50,000 could make the reforms “significantly less effective”.

Nationwide unveils RDR advice charges

4 Jan 2013

Building society offers single-tied investment advice through Legal & General.

Extra compensation deal for Arch cru investors looks unlikely

2 Jan 2013

The Times reports a negotiated settlement between the FSA and the Guernsey regulator may be hard to achieve.

FSA fails to crack down on bankers' pay

31 Dec 2012

The Sunday Telegraph reports the regulator is having informal conversations over pay rather than bringing enforcement cases.

Aviva unveils latest protection and retirement planning TV ad

28 Dec 2012

Cradle Talk campaign follows Paul Whitehouse’s character from the birth of his first child to that of his first grandchild.

Think tank says pensions will cease to exist by 2050

27 Dec 2012

Centre for Policy Studies argues young people should be encouraged to save into Isas rather than pensions.

Aviva to sell its US arm for $1.8bn

21 Dec 2012

Company says deal is part of its strategy to narrow focus on markets that generate better returns.

Threesixty sells stake in Sense network

20 Dec 2012

Sense commercial director Steve Young has bought out threesixty’s share in the business.

FSA seeks to fine and ban Gracechurch Investments boss and censures firm

20 Dec 2012

Regulator has banned the firm’s compliance officer and is pursuing a £450,000 fine against chief executive Sam Kenny.

Money Advice Service slashes marketing spend by 38%

20 Dec 2012

MAS has published its business plan for 2013/14 which will see its annual budget cut to £78.3m.

FSA board 'fully endorses' Arch cru scheme decision

20 December 2012

FSA head of investment intermediaries Linda Woodall says the FSA board supports the scheme despite earlier concerns.

FSA pursues Arch FP over Arch cru collapse

20 December 2012

Regulator says Arch cru fund manager failed to manage conflicts of interest and failed to disclose profits made at cell companies’ expense.

IMA says extend past performance data to RDR share classes

19 Dec 2012

Trade body says it has issued guidance to ensure consistency and “in the absence of regulatory guidance”.

Sants in line for up to £3m pay package at Barclays

19 Dec 2012

Former FSA chief executive is set to become one of the 10 best paid executives at the bank.

FSA seeks to ban and fine Arch FP pair

18 Dec 2012

Regulator has published decision notices for Arch Financial Products, Robin Farrell, and Robert Addison.

Advisers say Arch cru redress scheme ignores PII and liability issues

17 Dec 2012

Firms say the regulator is “obsessing” about advice suitability without acknowledging the role of third parties in the collapse of Arch cru.

AFH Financial acquires two more IFAs for £271k

17 Dec 2012

Wealth management firm has acquired 12 IFAs since June 2011 taking its total number of advisers to 100.

Barclays floats return to "vanilla" products

6 December 2012

Investment banking chief exec Rich Ricci says important to consider breadth of product range “given how expensive mistakes are”.

FSA bans and censures partner at HD Administrators

6 December 2012

Regulator says Michele King failed to fulfil her regulatory responsibilities.

FSCS levy hikes are 'unsustainable', say advisers

6 December 2012

Firms say they cannot keep absorbing levy increases after the FSCS forecast extra adviser levies of £28m.

Investment advisers face extra £28m in FSCS levies

6 December 2012

Higher compensation costs due to Pritchard Stockbrokers and Worldspreads with more claims expected from MF Global, Arch cru and Rockingham.

Merchant House cancels trading on Aim after funding failure

6 December 2012

The company has failed to raise sufficient funding to restore trading with investment agreements now at risk.

Barclays floats return to 'vanilla' products

30 Nov 2012

Investment banking chief exec Rich Ricci says important to consider breadth of product range.

Investment advisers face extra £28m in FSCS levies

30 Nov 2012

FSCS says compensation costs are higher than expected due to the collapse of Pritchard Stockbrokers and Worldspreads.

Colin Jelley leaves St James's Place

29 Nov 2012

Jelley joined SJP in May 2011 to broaden its service offering for high net worth clients.

Advisers should shift focus away from gathering assets

29 November 2012

Dragonfly Planning says advice does not have to be centered around clients’ investments.

Anger as Capita FM escapes £4m Arch cru fine

29 November 2012

Apfa policy director Chris Hannant say different levels of fairness are being applied by the regulator.

Close Brothers advisers to offer restricted advice

29 November 2012

Cavanagh and Chartwell advisers will also become restricted post-RDR.

Financial adviser jailed for defrauding elderly client

29 November 2012

Sanjay Parmar admitted four counts of fraud by abuse of position.

FSA delays decision on Arch cru redress scheme

29 November 2012

Policy statement on whether to implement £110m consumer redress scheme has reportedly been pushed back due to number of industry responses.

FSA warns joint distribution ventures could undermine RDR

29 November 2012

Head of investment policy David Geale says viable adviser firms should not be based on “backdoor commissions”.

Standard Life cuts 139 jobs

29 November 2012

The job cuts follow a group restructure, announced in August.

SRA board approves restricted advice referrals

28 Nov 2012

Board approved the move despite consultation feedback which showed industry was in favour of maintaining referrals to IFAs.

FSA concern over last minute RDR planning

28 Nov 2012

Regulator says some advisers have not devoted enough energy to developing a sustainable business post-RDR.

Axa unveils Elevate's tiered pricing model

27 Nov 2012

Clients with up to £24,999 in assets will be charged 40bps and clients with £500,00 will be charged 28bps.

SRA recommends approval of restricted referrals

26 Nov 2012

Board members of Solicitors Regulation Authority will meet on Wednesday to decide whether to amend its code of conduct.

FSA censures Capita FM over Arch cru

26 Nov 2012

Regulator says Capita could not fund both its substantial contribution to the £54m payment scheme and a financial penalty.

Money Advice Service appoints new chief exec

23 Nov 2012

Caroline Rookes, director of private pensions at the DWP, replaces Tony Hobman.

Apfa: FCA should not set its own performance targets

23 Nov 2012

Trade body says it will hold the new regulator to account based on more objective measures.

Mick McAteer: High charges have done more damage than misselling

23 Nov 2012

FSA board member says the great expectation post-RDR is for advisers to start to drive value for clients.

Financial adviser jailed for defrauding elderly client

22 Nov 2012

Sanjay Parmar admitted four counts of fraud by abuse of position.

Harry Katz: Why I stepped down from Aifa council

22 Nov 2012

Katz says the trade body deferred to members with the “biggest wallets” and did not do enough to promote remaining independent.

MM research reveals wide variations in adviser charging methods

22 Nov 2012

Our research finds wide-ranging variations in the way providers and platforms will facilitate AC.

Brooks Macdonald buys Arch cru manager Spearpoint

22 November 2012

Wealth management firm looks to enter offshore market following deal worth up to £45m

FSA cancels adviser's permissions over FOS award

22 November 2012

Argentum-Lex Wealth Management agreed to pay any awards against its predecessor business then failed to do so.

Investment banker pleads guilty to insider dealing

22 November 2012

Thomas Ammann encouraged his girlfriends to trade on inside information.

Lighthouse MD Stephen Gazard to join Sesame as distribution director

22 November 2012

Gazard is understood to be taking on the new role following the departure of Nick Kelly.

Most advisers will not dump mass-market clients

22 November 2012

Research by the regulator has found that 63 per cent of advisers plan to continue servicing clients with investments of up to £75,000.

Pru sees 8% rise in UK sales

22 November 2012

The increase has been driven by sales of annuities and with-profits bonds, though Pru expects bond sales to fall off later this year.

Skandia targets cost cutting after £5m platform loss

21 Nov 2012

Platform is aiming to reducing to reduce costs by half by 2015.

Fay Goddard: 'Firms should not be forced to get QCF level 6 qualifications in future'

20 Nov 2012

Personal Finance Society chief executive says there is no need for the regulator to impose qualifiucations higher than QCF level four.

FSA: Most advisers will not dump mass market clients

19 Nov 2012

Research by the regulator shows most advisers plan to continue servicing clients with investments of up to £75,000.

Brooks Macdonald acquires Arch cru manager Spearpoint

16 Nov 2012

Wealth management firm will pay up to £45m for the Channel Islands based DFM.

FSA cancels adviser's permissions over FOS award

15 Nov 2012

Argentum-Lex Wealth Management failed to pay a FOS award against a predecessor firm.

Life settlement sale could reduce FSCS call on advisers

15 Nov 2012

ARM, which underpinned Rockingham’s Rita product, has sold its life settlement portfolio in a bid to boost potential returns for investors.

PFS to publish PI buyer's guide

15 Nov 2012

Guide will be free to PFS members.

PFS conference: The chartered award winners

15 November 2012

Almary Green’s Hayley Tink won chartered financial planner of the year, while Lift-Financial won chartered financial planning firm.

Aifa members vote in favour of accepting restricted advisers

15 November 2012

Members also approved the rebrand to the Association of Professional Financial Advisers and have elected Alan Lakey to the council.

Financial Limited compliance director leaves in reshuffle

15 November 2012

Compliance director Steve Bell is leaving the firm as part of a management reshuffle.

PFS conference: Advisers should be wary of 'politically savvy' FCA

15 November 2012

Law firm says FSA acted without a mandate in introducing RDR despite it “radically altering” the advice market.

Skandia parent: We won't favour restricted models over independent

15 November 2012

Old Mutual Wealth has seen funds under management rise to £67.3bn.

FSA brings 3 enforcement cases against Arch Financial

14 Nov 2012

Arch Financial, chief executive Robin Farrell and head of fund platforms Robert Addison have referred their cases to the Upper Tribunal.

Pru sees 8% rise in UK sales

14 Nov 2012

Increase has been driven by sales of annuities and with-profits bonds, though Pru expects bond sales to fall off later this year.

FSA warns consumers over remortgaging to fund overseas development

13 Nov 2012

Regulator has received reports that timeshare owners are being targeted to invest in the development of an overseas eco-resort.

CBI calls for limit to PPI and Libor claims

12 Nov 2012

Business lobbying group says PPI is a “continued millstone” around the necks of the banks.

Financial Limited compliance director leaves in reshuffle

9 Nov 2012

Restructuring eliminates Steve Bell’s role at the firm

Experts predict quick-fire SJP sale

9 Nov 2012

Investec analyst Kevin Ryan says Lloyds is unlikely to sell its stake in the wealth management firm to a single buyer.

PFS conference: Peter Williams raises FSA independence concerns

9 Nov 2012

Williams says he is uncomfortable with the “loose language” coming from the regulator on independence.

PFS chief exec Fay Goddard to retire

8 Nov 2012

Goddard will step down next year but will stay in the role until a successor is appointed.

FSA sets out process for complaints about new regulators

8 November 2012

Complaints about the Financial Ombudsman Service, the Financial Services Compensation Scheme and the Money Advice Service will not be considered.

CII holds staff redundancy talks

8 November 2012

Around a dozen staff are at risk of redundancy, including management.

FSCS appeals landmark High Court advice ruling

8 November 2012

Compensation scheme lodged an appeal yesterday following a judgment challenging the way advice claims are assessed.

Money Advice Service likely to miss action plan target

8 November 2012

MAS generated 283,397 action plans over six months against a target of one million by the end of March.

SJP: 'No smoke and mirrors here'

8 November 2012

Chief executive David Bellamy responds to regulatory concerns about vertically integrated firms.

Deloitte: Half of consumers reject 3% adviser charge

7 Nov 2012

Deloitte research finds consumers would be likely to use advisers less if charged a fee of between £400 and £600.

FSA sets out process for complaints about new regulators

6 Nov 2012

Complaints about the Financial Ombudsman Service, the Financial Services Compensation Scheme and the Money Advice Service will not be considered.

CII in staff redundancy talks

5 Nov 2012

Staff have entered into consultation with around a dozen CII employees at risk.

HSBC to convert IFA arm to restricted model

2 Nov 2012

Bank says IFAs will not meet new independence definition post-RDR.

PFS research suggests 20% of firms not RDR-ready

2 Nov 2012

Outstanding areas include implementing adviser charging and a decision on whether to offer independent or restricted advice.

Merchant House chief exec steps down

1 Nov 2012

Chris Day will remain on the board of subsidiary Merchant Capital.

FSCS appeals landmark High Court advice ruling

1 Nov 2012

Compensation scheme lodged an appeal yesterday following a judgment challenging the way advice claims are assessed.

Zurich sets out RDR adviser charging plans

1 November 2012

Insurer is launching a new sterling investment bond and closing some of its off-platform products to new business.

FCA firms to plug FSA pension deficit

1 November 2012

Banks and insurers will see a fall in their contribution to reducing the regulator’s pension deficit.

FSA fees reform to push up costs for firms earning over £100k

1 November 2012

Firms earning over income threshold will have to contribute to two separate fee blocks.

SJP: 'No smoke and mirrors here'

31 Oct 2012

Chief executive David Bellamy responds to regulatory concerns about vertically integrated firms.

Aegon reveals RDR adviser charging plans

30 Oct 2012

Insurer plans to launch a new income drawdown product at the end of the year and is closing five of its funds.

FCA firms to plug FSA pension deficit

30 Oct 2012

Costs towards reducing the regulator’s pension deficit will fall for banks and insurers.

Arch cru £54m payment scheme deadline extended by a year

29 Oct 2012

Investors have been given an extra year to accept an offer under the scheme agreed by Capita, BNY Mellon and HSBC.

Zurich sets out RDR adviser charging plans

26 Oct 2012

Insurer is launching a new sterling investment bond and closing some of its off-platform products to new business.

Questions remain unanswered over charging VAT

26 Oct 2012

Tax expert says current VAT position is a “wholly avoidable mess”.

Aifa says it will make £154k profit in 2012/13

25 Oct 2012

The trade body made a £154k loss in 2011/12.

FSA fines ex-Montpelier and Tenet finance director

25 October 2012

Graeham Sampson has been fined £17,850 for failing to ensure Montpelier met capital requirements.

E&Y: Providers' RDR strategies are 'highly risky'

24 Oct 2012

Ernst & Young says providers should be planning for earlier RDR readiness dates and do not have back-up plans if things go wrong.

FSA fines two firms over £250k for transaction reporting failures

24 Oct 2012

Regulator has issued fines to Plus500UK and James Sharp and Company

FOS upholds complaints on banks' swaps advice

24 Oct 2012

Ombudsman has provisionally upheld two complaints over unsuitable advice to take out interest rate swaps.

Aviva latest to reveal gender pipeline plans

22 Oct 2012

Insurer has set up a “gender task force” to help get pipeline cases on risk.

FSA fines ex-Montpelier and Tenet finance director

19 Oct 2012

Graeham Sampson has been fined £17,850 for failing to ensure Montpelier met capital requirements.

Whitechurch and In-Partnership toughen platform due dilgence

19 Oct 2012

New members will be required to run Capita’s synaptic comparator every time they want to move client assets onto a platform.

Aifa warns FSCS threshold hike will wipe out 40% of adviser profits

18 Oct 2012

Aifa says FSA plans to increase the FSCS levy threshold for investment advisers are “unaffordable” and based on “implausible” assumptions.

ASA upholds complaints against two claims firms

18 October 2012

Firms made misleading claims about the time it takes to complain and that using a CMC increases success.

FCA signals exit charges investigation

18 October 2012

Chief executive designate Martin Wheatley says thematic review on exit charges will look across the industry.

FSA bans and fines ex-MD of sub-prime lender £100k

18 October 2012

Former Welcome managing director has been banned for providing misleading statements about the company’s loan book.

Govt sees competition as FCA priority

18 October 2012

Treasury financial secretary Greg Clark strong regulatory action was needed to promote competition.

ASA upholds complaints against two claims firms

17 Oct 2012

Firms made misleading claims about the time it takes to complain and that using a CMC increases success.

HMRC backtracks on VAT for ongoing advice

17 Oct 2012

Revenue says periodic reviews will be exempt where they are a minor element of the overall supply.

Wheatley: No 'soapbox rhetoric' from tougher FCA

16 Oct 2012

FCA chief executive says regulatory staff will be bolder and focused on good consumer outcomes.

E&Y predicts return to growth next year buoyed by housing market

15 Oct 2012

Ernst & Young is optimistic the housing market is “primed for a recovery” early next year.

High Court rules against FSCS in landmark advice case

12 Oct 2012

Case could have wide implications for way scheme assesses claims of poor investment advice.

Lord Turner warns new policy 'innovations' may be required

12 Oct 2012

FSA chairman says there needs to be new policy interventions to boost lending if Funding for Lending fails.

VAT confusion over ongoing advice 'grey area'

11 Oct 2012

HMRC says industry view that ongoing services would be exempt from VAT if agreed at outset is incorrect.

Mark Polson warns on model portfolio risk-ratings

11 October 2012

The Lang Cat principal says it is up to advisers to ensure portfolio risk-ratings match outputs from risk profiling tools.

Transact says RDR has sparked distribution ‘war’

11 October 2012

Chief executive Ian Taylor says a provider scramble to buy distribution has probably already started.

Barclays follows Co-op in sales incentives reform

10 Oct 2012

Bank says customers will welcome reassurance that staff are not incentivised to sell them products.

PanaceaIFA rebrands to reflect membership

8 Oct 2012

Online adviser community becomes Panacea Adviser with effect from today.

FSA to strengthen absolute return disclosure rules

5 Oct 2012

Regulator says fund managers will have to inform investors their capital may be at risk.

Intelligent Pensions slams PFS VAT guidance

5 Oct 2012

Managing director Steve Patterson says the guidance on ongoing reviews is “nonsensical and impractical”.

Nick Cann: Networks and nationals face survival struggle

5 Oct 2012

IFP chief executive Nick Cann says the RDR will make advisers more powerful in their dealings with platforms and fund managers, but networks and nationals will struggle.

Adviser complaints rise 27%

4 October 2012

Personal investment firms upheld 39 per cent of the complaints against them and paid out almost £31m in redress.

Barclays tops investment complaint

4 October 2012

The bank received 2,730 new complaints in the first half of the year and upheld 37 per cent.

MM Profile: Rebecca Taylor

4 October 2012

Institute of Financial Planning president and Dunham Financial Services managing director Rebecca Taylor

Alan Lakey to stand for Aifa council as SJP considers membership

3 Oct 2012

Harry Katz is stepping down from the Aifa council and Adviser Alliance director Alan Lakey is standing for election.

IFP conf: Chamberlain attacks 'value destroying' networks

2 Oct 2012

Succession chief executive Simon Chamberlain has blasted “value destroying” networks and attacked the support service model.

IFP gets PI discount for members

2 Oct 2012

Broker IFA Solutions secures preferential terms for accredited financial planning firms.

FSA warns against payments which 'work around' RDR commission ban

1 Oct 2012

Regulator has sent Dear CEO letter to 24 providers and advisers warning against payments which go against spirit of RDR.

AFH Financial Group acquires Chartwell Associates

1 Oct 2012

The maximum consideration payable is £480,000 which is dependent on Chartwell’s future profitability.

Santander sets out RDR investment advice plans

28 Sep 2012

Bank will deliver investment advice to customers with at least £25,000.

Barclays receives most investment complaints

27 Sep 2012

The bank upheld 37 per cent of its investment complaints during the first half of the year.

Adviser complaints rise 27%

27 Sep 2012

Personal investment firms paid out a total of almost £31m in redress between January and June this year.

FSA: Fund groups should compete on fees, not future performance

27 September 2012

FCA chief executive designate Martin Wheatley says future performance claims cannot be compared by potential investors.

Advisers say Aifa and Zurich should not compromise on longstop

27 September 2012

Firms believe the lack of a long-stop is unfair and alternative proposals are a “fudge”.

FSA fines Pi Financial £58k over high-risk sales

27 September 2012

Of the 28 client files the FSA reviewed, 14 were deemed to be unsuitable.

Industry warns on adviser charging 'rush to the bottom'

27 September 2012

Providers and advisers discuss dangers around price competition on adviser charging.

MM Profile: Tim Dolan

27 September 2012

Moving from the New Zealand Securities Commission to the FSA almost 10 years ago was an eye-opener for Pinsent Masons partner Tim Dolan.

PFS says VAT rules do not fit with service-led models

27 September 2012

Fay Goddard says some firms have to “bite the bullet” and accept there will be potential VAT liabilities.

Providers struggle with legacy and distribution ahead of RDR

27 September 2012

Scottish Widows says RDR project has been like “nailing jelly to the wall”.

Towry agrees £47.3m refinancing deal

27 September 2012

Chief executive Andrew Fisher says the lending facilities will boost capital and drive business growth.

MeaningfulMoney celebrates 250th episode

26 Sep 2012

Consumer financial education website now represents second largest source of business for Jacksons Wealth Management.

FSA: Fund groups should compete on fees not future performance

25 Sep 2012

FCA chief executive designate Martin Wheatley says future performance claims cannot be compared by potential investors.

Vince Cable pledges £1bn for 'business bank'

24 Sep 2012

The business secretary will announce plans to boost business lending at the Lib Dem conference later today.

FSCS chief calls for 'fresh look' at pre-funding

21 Sep 2012

Mark Neale says while pre-funding has its drawbacks it would mean more predictable FSCS costs and reduce the need for cross-subsidy.

Towry agrees £47.3m refinancing deal

20 Sep 2012

Chief executive Andrew Fisher says the lending facilities will boost capital and drive business growth.

FSA fines Pi Financial £58k

20 Sep 2012

Network fined after it advised clients to invest £6m in Ucis and £20m in structured products.

Adviser struck off for falsifying reference

20 September 2012

Ian Orbart provided his prospective employer with a false description of why he left his former company.

Aegon unveils platform strategy in play for corporate market

20 September 2012

Arc allows employees to go from corporate saving to taking their retirement income on one platform.

FSA admits failure over PPI fines

20 September 2012

Martin Wheatley say the regulator failed to impose fines that reflected the profitability of PPI.

FSA: Claims firms are a 'cancer on the industry'

20 September 2012

Financial Conduct Authority chief says CMCs are bombarding consumers to encourage PPI claims.

Peter Cummings: The FSA is 'judge, jury and executioner'

20 September 2012

Ex-corporate division chief executive argues the FSA has a conflict of interest in judging its supervision of HBOS.

Advisers say Aifa and Zurich have 'fudged' long-stop issue

19 Sep 2012

Firms back the idea of limiting liability but say proposals only add complexity.

Wheatley: FSA's PPI failure allowed CMCs to become 'new industry cancer'

18 Sep 2012

Financial Conduct Authority chief admits PPI fines were not proportionate to profits.

European Commission opposes attempt to scrap VAT for DB schemes

18 Sep 2012

Grant Thornton says the chances of DB schemes winning a VAT exemption that would save £100m a year is looking less likely.

IFA Centre takes Arch cru redress concerns to APPG

17 Sep 2012

Gill Cardy will meet with Alun Cairns MP to discuss her opposition to the FSA’s proposed £110m Arch cru redress scheme.

Scrapping the Skandia brand: Was the right decision made?

14 Sep 2012

Firms express surprise at Old Mutual’s decision to scrap “one of the strongest brands in UK financial services”.

Banks and FSA failed to learn from Equitable Life collapse

13 September 2012

Parallels drawn between Equitable and banking crisis include arrogant executives, risky business models and regulatory failures.

FOS sees 30% drop in PPI complaints from claims firms

13 September 2012

Half of new PPI complaints to the FOS came directly from consumers in the first half of the year.

FSA to focus on firms' insolvency plans post-RDR

13 September 2012

The regulator will concentrate on how advisers plan to deal with pipeline business if their adviser charging model proves unprofitable.

Not just the banks: The FSA's smaller firm incentive concerns

13 September 2012

Advisers say firms will have ensure sales quality is as important as quantity following FSA investigation.

Qualifications provider hit by RDR delays

13 September 2012

One adviser has been waiting over three months to be issued with an exam certificate from Calibrand.

New regulators to get stronger s166 powers

12 Sep 2012

FSA admits ability to contract past business reviews could push up costs for firms.

UK to clash with Brussels on road to banking union

12 Sep 2012

Proposals would see European banking regulator have the power to make binding decisions on UK banks.

Bank of Scotland tops FOS mortgage complaints

11 Sep 2012

The FOS upheld 28 per cent of mortgage complaints against Bank of Scotland in the first half of the year.

FOS reveals shift away from PPI claims firms

11 Sep 2012

Half of PPI complaints over the last six months were referred directly by consumers compared to less than 20 per cent a year ago.

New firms face record wait for FSA approval

10 Sep 2012

Regulator takes 21.6 weeks to authorise new firms.

Statements of Professional Standing: The numbers issued so far

7 Sep 2012

Accredited bodies say “there is still a way to go” and have recommended advisers apply for their SPS as soon as possible.

IFAs raise concerns over indy wording in Bankhall mailout

6 Sep 2012

Email said firms need to advise on “every single product” to maintain IFA status.

Not just the banks: The FSA's smaller firm incentive concerns

6 Sep 2012

Advisers say firms will have ensure sales quality is as important as quantity following FSA investigation.

FSA warns firms on advice cost cross-subsidies

6 September 2012

Regulator is concerned firms are not factoring in business costs when setting adviser charges.

PFS appoints new president

5 Sep 2012

HK Wealth Managers managing director Garry Hale succeeds Jon Everill as PFS president.

Martin Lewis: Bank staff should not be 'dressed up' as advisers

5 Sep 2012

MoneySavingExpert.com founder says problems within banks go much further than incentive schemes.

Standard Life latest to launch RDR consumer guide

3 Sep 2012

Guide includes client case studies and a detailed explanation of the advice process.

Advisers raise concerns over Skandia rebrand

1 Sep 2012

Firms question whether retail investors will identify with the new Old Mutual Wealth name.

FSA warns firms on advice cost cross-subsidies

30 Aug 2012

Regulator is concerned firms are not factoring in business costs when setting adviser charges.

New FSA RDR consumer guide amends indy/restricted wording

30 Aug 2012

Industry bodies had attacked the FSA over an earlier guide which contradicted with industry guidance.

FOS handling 200 Ucis complaints

30 Aug 2012

Ombudsman says many complaints are brought against the adviser for downplaying the risks involved.

Advisers support FSA plans to ban Ucis promotion

30 August 2012

Regulator says consumers are being exposed to significant risk of detriment by firms not complying with current rules.

FSA set to clarify DFM adviser payment rules

30 August 2012

Regulator will consult on preventing payments from DFMs to advisers under the RDR.

Standard Life to provide Travis Perkins master trust scheme

30 August 2012

Scheme will be launched in September ahead of the company’s 2013 auto-enrolment staging date.

PRA and FCA to push up regulatory costs by 20%

29 Aug 2012

Compliance officers admit they are only starting to prepare for the new regulatory structure now.

Standard Life announces group restructure

28 Aug 2012

Move will see creation of an advisers and investments business unit in the UK.

ABI sets out plans for improved pension charges disclosure

23 Aug 2012

Director general Otto Thoresen has written to the FSA and The Pensions Regulator to start work on industry agreed protocol on pensions charges.

Advisers slam MAS over lack of referrals

23 August 2012

Advisers say they have been “sidestepped” by MAS.

Only 13% of consumers want to pay for ongoing advice

23 August 2012

JP Morgan found 40 per cent are prepared to pay for task-based advice.

Skandia sets out adviser charging plans for life products

23 August 2012

Skandia Life pensions from pre-April 2001 and the Skandia Life bond range will not facilitate adviser charging.

Ucis investment via wrappers to come under marketing ban

22 Aug 2012

Ucis as a proportion of underlying investments for a regulated fund will not come under the ban.

Standard Life to provide Travis Perkins master trust scheme

22 Aug 2012

Scheme will be launched in September ahead of the company’s 2013 auto-enrolment staging date.

Business leaders tell Osborne to act quicker to boost economy

22 Aug 2012

Company bosses criticise the chancellor for doing “too little, too slowly” to kickstart growth.

FSCS declares latest 21 firms in default

21 Aug 2012

Firms declared in default include SD Asset Management, which is linked to the marketing company behind Arch cru.

Tory peer attacks FSA over RDR access to advice

20 Aug 2012

Lord Howard Flight says advisers will not be interested in clients with less than £100,000.

Aviva RDR manager moves to L&G

17 Aug 2012

Ross Anderson will join L&G in October after 10 years with Aviva.

Openwork paid nothing for 2Plan

16 Aug 2012

Zurich’s half-year results say the total purchase price of the acquisition amounted to zero.

Corporate platform boosts Zurich life sales

16 Aug 2012

Zurich UK Life has seen business operating profit rise 7 per cent for the first half of the year.

Consumers hit out at FSA over life settlements

16 Aug 2012

FSA’s description of traded life settlements as “toxic” prompts 49 consumer complaints.

Advisers set to deselect providers based on service

16 August 2012

Focus on service could lead to commercial disputes for providers on restricted panels.

Barclays chair agrees 'in principle' with end of free banking

16 August 2012

Sir David Walker says PPI and interest rate swap misselling was “consequence of not charging for bank accounts”.

FSA appoints Tracey McDermott as head of enforcement

16 August 2012

McDermott has been at the regulator since 2001 and acting director of enforcement since last year.

Pru boosts face-to-face advice team by 50%

16 August 2012

Team will grow from the target 80 to 120 by the end of 2012.

MAS referred 0.3% of web visitors to advisers

15 Aug 2012

The Money Advice Service referred just 3,000 of its 1.1 million web users to regulated advisers in 2011/12.

Sifa's Ian Muirhead promoted to chairman

14 Aug 2012

Legal affairs director Stuart Bushell has become Sifa managing director.

Pritchard clients receive interim distribution of 50p in the pound

13 Aug 2012

Claims paid to date total £13.7m, as special administrators discuss the shortfall in client monies with the FSCS.

Barclays' chair agrees 'in principle' with end of free banking

13 Aug 2012

Sir David Walker says PPI and interest rate swap misselling was “the consequence of not charging for bank accounts”.

Pru UK profits flat: Annuity and bond sales rise as corp sales fall

10 Aug 2012

Pru sees slight uplift in sales from higher sales of individual annuities and with-profits bonds.

FSA bans adviser over Ucis sales

9 Aug 2012

Adviser wrongly concluded the scheme he was recommending was not a Ucis.

Research suggests many Arch cru firms don't have PI cover

9 Aug 2012

Research suggests over 77 per cent of Arch cru cases will not be covered by PI.

Govt urged to retain regulatory appeal committee under FCA

9 Aug 2012

FSA has not yet decided whether the Regulatory Decisions Committee will continue under the FCA.

HMRC won't appeal adviser VAT refund ruling

9 August 2012

Revenue & Customs had until 8 August to apply for permission to appeal.

Govt looks to create 'simple' income protection product

9 August 2012

Steering group keen to develop simple income replacement product but cannot agree on how it would work on a non-advised basis

Plans to develop simple products unveiled

9 August 2012

Treasury financial secretary Mark Hoban says products must be easy to understand and meet basic needs

HMRC won't appeal adviser VAT refund ruling

6 Aug 2012

Revenue & Customs had until 8 August to apply for permission to appeal.

The industry's Arch cru redress scheme fight back

3 Aug 2012

Money Marketing looks at industry submissions arguing against the FSA’s proposed £110m Arch cru redress scheme.

Can a 'simple' income protection product be created?

2 Aug 2012

Steering group keen to develop simple income replacement product but cannot agree how it would work on a non-advised basis.

Plans to develop simple products unveiled

2 Aug 2012

Treasury financial secretary Mark Hoban says products must be easy to understand and meet basic needs.

Friends Life unveils RDR plans

2 August 2012

Insurer sets out how it plans to facilitate adviser charging.

FSA bans and fines IFA £10,500

2 August 2012

Regulator took the action against Adrian Mosley for failing to have the necessary competence to provide financial advice.

FSA should consider consumer impact of Arch cru redress scheme

2 August 2012

Advisers react to FSA board minutes which reveal regulator’s uncertainty about implementing the scheme.

ifs School of Finance launches chartered level 6 qual

1 Aug 2012

The Advanced Diploma in Financial Advice will be available from October and costs £2,125.

Lloyds considers asset swap with Scottish Widows

31 Jul 2012

Reports suggests bank is holding talks with the FSA over plans to swap illiquid assets with higher quality bonds from Scottish Widows.

FSA appoints head of retail enforcement

30 Jul 2012

Bill Sillett has replaced Tom Spender in the role.

FSA bans and fines IFA £10,500

30 Jul 2012

Regulator took the action against Adrian Mosley for failing to have the necessary competence to provide financial advice.

Advisers urged to respond to Arch cru redress plans

27 Jul 2012

FSA is thought to be disappointed with the quality of responses so far.

FSA unveils packaged bank account crackdown

27 Jul 2012

Banks and building societies will be forced to check whether customers are eligible to claim under insurance sold with packaged accounts.

FSCS levies to remain unchanged despite MF Global returns

26 Jul 2012

£54m distribution plan to MF Global investors unlikely to have any impact on FSCS adviser levies.

Adviser wins £260k VAT appeal against HMRC

26 July 2012

Tax tribunal rules initial advice was ancillary to main exempt supply.

Sun Life Financial to axe future trail commission

26 July 2012

Advisers have been offered a non-negotiable lump sum in lieu of future commission payments.

FSA: Why we rejected an FSCS product levy

25 Jul 2012

Regulator says a product levy does not take into account the “significant” volume of claims related to advice.

Adviser costs could rise in FSCS funding overhaul

25 Jul 2012

Regulator has proposed increasing the investment adviser annual claims threshold from £100m to £150m.

FSA warns PI insurers over Arch cru exclusions

24 Jul 2012

Regulator says it is prepared to take action where insurers are seeking to breach or avoid their obligations.

Six members of insider dealing ring found guilty

23 Jul 2012

Conviction sees the conclusion of the FSA’s longest and most complex prosecution to date.

Treasury eyes adviser role in tax avoidance crackdown

23 Jul 2012

Reports suggest Treasury consultation will look at extending misselling rules.

FSA accused of ramping up fines

20 Jul 2012

Regulator’s claim it had only lost one Tribunal case shown to be disproved.

CII elects new president

19 Jul 2012

Axa commercial business chief executive Amanda Blanc takes over from Lockton Companies chief executive Julian James.

FSA secures High Court order to pay redress to boiler room victims

19 Jul 2012

FSA has secured a High Court against Sinaloa Gold and one of its directors.

Aegon latest to offer RDR commission guarantees

19 July 2012

Three-month commission guarantee will be offered on individual pension and onshore business.

Ivan Massow settles trail commission ad complaint

19 July 2012

Ad promised to return clients over £60,000 worth of trail commission.

Money Advice Service directors' pay totals £963k

19 July 2012

Pay package of outgoing chief executive Tony Hobman accounted for over a third of annual total paid to directors.

Research suggests only 3% of IFAs to quit by RDR

18 Jul 2012

Aviva research shows proportion of advisers planning to leave the industry has fallen significantly over the last three years.

Tenet offers 50% PI excess discount for risk-rated funds

16 Jul 2012

Network says the reduced risk posed by risk-rated multi-asset funds has meant it was able to secure preferential terms.

MGM Advantage seeks £200m cash injection from sale

16 Jul 2012

Mutual insurer has appointed Evercore to seek out potential buyers.

FSA freezes assets of suspected land banking firm

13 Jul 2012

Regulator has also obtained court orders preventing further plot sales pending further investigations.

Lord Turner 'lacks understanding' of FSCS plight

13 Jul 2012

Nick Bamford says FSA chairman Lord Turner does not understand the damage levies are causing to IFA firms.

Money Advice Service directors' pay totals £963k

12 Jul 2012

Pay package of outgoing chief executive Tony Hobman accounted for over a third of annual total paid to directors.

Advisers urged to spell out DFM relationship to clients

12 July 2012

FSA warns of 'expert' trap

12 July 2012

Ivan Massow settles trail commission ad complaint

11 Jul 2012

Ad promised to return clients over £60,000 worth of trail commission.

Guernsey cells launch third Arch cru legal claim worth £160m

10 Jul 2012

The total of all three legal actions against Arch Financial now stands at £330m.

Zurich announces UK life restructure

9 Jul 2012

Chief executive Gary Shaughnessy will become interim head of retail until a successor is appointed.

FSA warns over relying on outsourced fund research

6 Jul 2012

Regulator discusses upcoming IFA case yet to be made public.

FSA sets out DFM rules

5 Jul 2012

Regulator says advisers should clearly explain their relationship with DFMs where there is no direct contract between the client and the DFM.

'Too many costs in the financial sector are obscure. Clarity means consumers get a better outcome'

5 July 2012

'Most platforms are not remotely interested in the unit rebate model'

5 July 2012

FSA clampdown on distribution deals

5 July 2012

FSA applauds move to divert cash from fines

5 July 2012

Banks settle with SME firms over missold swaps

5 July 2012

L&G platform arm will lose 70 marketing and sales staff

5 July 2012

Widespread cynicism on cash rebate ban but FSA is unshakable

5 July 2012

FSA 'happy' with plans to divert fine money to Govt coffers

4 Jul 2012

The FSA says it is happy the Government intends to divert the proceeds from enforcement fines.

L&G to cut 70 jobs from platform and distribution arm

2 Jul 2012

Sales and marketing workforce will be cut from 160 to 90.

European parliament set to reject IFA commission ban

2 Jul 2012

The FT reports the econ committee favours better disclosure over a Europe-wide ban on commission.

Cofunds to rethink adviser terms after redress claim

29 Jun 2012

Cofunds is changing the terms of its adviser agreement following pressure to consider compensation claims that arise as a result of internal errors.

Big fall in IFA s166 reports ordered by the FSA

29 Jun 2012

The number of costly skilled persons reports the FSA ordered IFA firms to conduct fell by more than 50 per cent in 2011/12.

Intrinsic reveals RDR model and new management team

28 Jun 2012

Intrinsic says it is committed to IFA market but sees core growth area as restricted advice.

FSA rebate ban: The challenges of unit rebates

27 Jun 2012

The different platform industry perspectives on the practicalities of implementing the FSA’s proposed cash rebates ban.

Rebate ban to cost big execution-only firms £4m-£20m each

27 Jun 2012

Compliance costs for the largest execution-only platforms are estimated to be between £4m and £20m.

FSA censures Kaupthing Singer and Friedlander

26 Jun 2012

Bank assumed it could rely on up to £1bn in emergency funding from its Icelandic parent company.

PFS launches RDR transition website

25 Jun 2012

The Complete Business aims to help advisers to comply with the mandatory RDR standards but also develop a profitable post RDR model.

Cofunds settles out of court over IFA redress bill

25 Jun 2012

Cofunds has agreed to settle adviser compensation claim on a no fault basis.

US financial planner banned over £65m funds scheme

22 Jun 2012

CFP Board of Standards has taken action after an adviser received payments for recommending unregistered investment funds.

MM Profile: Bob Freeman

22 Jun 2012

MP urges FSA to force redress for missold interest rate swaps

21 Jun 2012

An MP is calling for the FSA to set up a compensation package for small and medium-sized businesses which have been missold interest rate swaps.

Comparison sites rejected as new model

21 June 2012

FSCS is accused of 'rewriting history on Keydata advice

21 June 2012

Regulator will scrutinise the quality of retirement planning advice

21 June 2012

SJP founder Wilson gets CBE in honours

21 June 2012

Shareholders to get pay vote once every three years

20 Jun 2012

Business Secretary Vince Cable is to announce plans on executive pay later today.

FSA reveals its latest executive pay and bonuses

19 Jun 2012

Annual report shows FCA chief executive designate Martin Wheatley has been paid £50,000 in performance related bonuses.

Sants warns of risk to City status as global financial centre

19 Jun 2012

Outgoing FSA chief executive speaks to the Financial Times about the need for management to adapt.

SJP co-founder Mike Wilson named in Queen's honours list

18 Jun 2012

Mike Wilson, Brian Pomeroy and June Mulroy are among the financial services names recognised in the Queen’s birthday honours list.

Banks may face FSA fines over sales incentive schemes

18 Jun 2012

Reports say the FSA is to due to publish a report into sales incentive schemes after a year long investigation.

Aviva: Social media can make providers 'natural choice' for advice

15 Jun 2012

Executive director of developed markets Trevor Matthews says providers could in future “mine” client data from Facebook and Twitter.

IFA takes Cofunds to small claims court over client redress bill

14 Jun 2012

Cofunds has refused to pay an adviser for time spent resolving a client complaint case, saying it is the platform’s policy not to pay adviser compensation.

FSA disrupted by changeover

14 June 2012

M&S adds mortgages with banking move

14 June 2012

FSA fines investment firm £56k over risk management failings

12 Jun 2012

Accendo Markets failed to gather adequate client information before providing advice.

Govt announces first chair of FCA

11 Jun 2012

KPMG UK chairman John Griffith-Jones will join the FSA board on September 1.

Rockingham clients rescued by Carey Pensions UK

8 Jun 2012

Provider has taken over the administration of Sipps held with collapsed IFA Rockingham.

CII member fined for being drunk and abusive at event

7 Jun 2012

Member fined for aggressive behaviour following “excessive alcohol consumption” at an event held by the professional bodies last year.

Regulator warns dual firms to beware of misleading clients

7 June 2012

Key points on FSA independent and restricted rules

6 Jun 2012

Key points from the regulator on the standard for independent advice and how it applies in different advice scenarios.

CII defends level four qualification after Ofqual criticism

25 May 2012

The CII has defended itself against Ofqual’s suggestions that its level four qualification is not robust enough.

MMR reality will bite deep

25 May 2012

Biofuel creditors' meeting sees clash over responsibility for £36m losses

23 May 2012

SGG chairman and founder Gregg Fryett clashes with administrators at meeting.

FSA faces tribunal battle in bid to ban 'broker poacher'

24 May 2012

FSA confirms insurance broker ban

22 May 2012

Regulator bans insurance broker on the grounds he lacks honesty and integrity.

FOS complaints against IFAs continue to fall

22 May 2012

Figures from the Financial Ombudsman Service show the number of complaints against IFAs has fallen again, but uphold rates remain the same.

Tribunal backs FSA over £1.3m fine for ex-UBS advisers

21 May 2012

Former UBS advisers have been banned and fined in connection with an unauthorised trading scheme.

Experts warn of wider implications of advice VAT statement

18 May 2012

Industry experts believe the ECJ’s recommendation could have much wider implications on the overall VAT treatment of financial advice.

ICO says FSCS law firm could have breached data rules on Keydata

17 May 2012

Advisers say RDR charging rules lack clarity

17 May 2012

Many firms believe the FSA has not listened to the industry over its concerns about adviser and consultancy charging requirements.

Prudential: IFAs to delay independent choice until after RDR

17 May 2012

Firm believes advisers will look to retain their independence immediately after December 31.

Broker gets ban and a £330k fine

17 May 2012

FSA flexes ABS regulation

17 May 2012

Standard lays out charging structure

17 May 2012

FSA looks to ban executive after High Court ruling

16 May 2012

Regulator has decided to ban BGC senior executive Anthony Verrier on the basis is not a fit and proper person.

FSA fines Swiss bank £525k over anti-money laundering failures

15 May 2012

Money laundering reporting officer has also been fined £17,500.

Lloyds and Co-op propose hybrid deal over branch sale

14 May 2012

Regulator has been presented with a deal which would see Co-op take over the 632 branches but with the network run by a Lloyds team.

FCA says banks must put customers before profit

11 May 2012

FSA bans and fines Scottish broker £335k for fraud

11 May 2012

Regulator has fined Donald McKee Morgan for deliberately keeping insurance premiums from paid to insurers.

Aifa warns FSA over Arch cru PI threat

11 May 2012

The FSA it has not properly thought through the consequences of its £110m Arch cru consumer redress scheme.

Wheatley warns building societies over risk

10 May 2012

FCA chief executive designate says N&P’s £1.4m fine over Keydata shows how mutuals can “take their eye off the ball”.

95% Of St James's Place advisers now at level 4

10 May 2012

MM Profile: James Dean

10 May 2012

Pru sees UK business fall but boosted by M&G

9 May 2012

UK new business profit has fallen 5 per cent, but group investment net inflows are up 12 per cent to £2.1bn.

Insider dealer ordered to repay over £570k

8 May 2012

Costs order was also made in favour of the FSA which brought the case.

FSA fines wholesale insurer £3.3m

8 May 2012

Regulator says ex-chairman failed to respond adequately to changing risks facing his business.

RBS posts £1.4bn loss but set to repay emergency loans

4 May 2012

Bank is restructuring its Coutts division ahead of the RDR with revised roles for its private bankers and wealth managers.

SJP increases funds under management to £31bn

3 May 2012

Growth in pension investments has jumped 27 per cent but new total new business has fallen slightly.

FSCS: Possible £33m extra Arch cru claims not factored into levy

3 May 2012

The FSCS has confirmed that extra claims of up to £33m which may be triggered by firms defaulting due to the FSA’s consumer redress scheme have not been factored into current levy estimates.

Christchurch fined for client cash failures

3 May 2012

FSCS defaults £9m Ucis seller Pave

3 May 2012

'RDR will only have short-term effect on access to advice'

3 May 2012

FSA fines adviser firm for client money failings

1 May 2012

Christchurch Investment Management has been fined £26,600 for failing to protect client money.

Ucis IFA declared in default

1 May 2012

The FSCS has received 48 claims against Pave Financial Management and paid out almost £56,000 in compensation so far.

Only 12% of Arch cru sales based on suitable advice

30 Apr 2012

FSA says most firms reviewed had missold at least half of their Arch cru sales.

Redress scheme could force 30% of Arch cru firms to default

30 Apr 2012

A total of of 795 firms sold Arch cru - FSA estimates 238 could go bust as a result of paying redress to consumers.

Turner: More balance needed on Euro regulation

27 Apr 2012

FSA chairman will say it is essential to have the right mix of financial integration and national powers.

Day of action FSCS campaign receives over 1,400 signatures

26 Apr 2012

Informed Choice’s day of action campaign for a fairer Financial Services Compensation Scheme received 1,421 signatures yesterday.

FSA enforcement verdict is overturned

26 April 2012

Sants says get tougher on senior staff

26 April 2012

Sants' final speech: Tougher action needed on senior management

24 Apr 2012

Hector Sants uses his last speech as FSA chief executive to call for greater individual accountability and higher fines.

Call for IFA day of action over FSCS levies

20 Apr 2012

FSCS Levy Action Group has set April 25 as its day of action to lobby for fairer FSCS levies.

IFP calls for new regulatory definitions for advice

20 Apr 2012

IFP calls for new regulatory definitions that differentiate firms offering wealth management, financial planning and financial advice services.

FSA staff exodus gathers pace

19 Apr 2012

The FSA has seen a 30 per cent surge in the number of staff leaving ahead of the new twin peaks regulatory model.

£20M damages claim against Arch chief exec Farrell

19 April 2012

IFAs search for ways to serve low-end clients

19 April 2012

Two Keydata cases upheld but only one has to pay out

19 April 2012

Guernsey funds launch £20m legal claim against Arch's Robin Farrell

17 Apr 2012

New claim alleges Arch chief executive Robin Farrell “dishonestly assisted” Arch in breaching its duties to the cell companies.

L&G replaces MPPI with short-term income protection

16 Apr 2012

Lifestyle cover will provide a monthly benefit linked to customer’s income rather than a mortgage or loan.

FOS upholds two Keydata complaints against IFAs

16 Apr 2012

Ombudsman publishes provisional decisions in Keydata complaint cases, but only awards compensation in one case.

Half of customers don't want to pay for advice

13 Apr 2012

Almost half of UK life and pension customers are not prepared to pay for advice, according to Ernst & Young.

Nationwide pilots fee-based advice service

12 Apr 2012

Nationwide Building Society is testing a fee-based advice service as it gears up to launch its RDR offering.

Europe ruling expected to recommend exempting DFMs from VAT

11 Apr 2012

Move would lower fees for investors but could push up costs for DFM providers.

Woodall spells out risks of 'shoehorning' clients into one-size-fits-all portfolios

11 April 2012

PFS: Equity release advisers should have investment qualification

5 Apr 2012

The Personal Finance Society says advisers recommending equity-release plans should have a QCF level four investment qualification.

MAS will spend £20m on brand and marketing

05 April 2012

PPI pushes Lloyds to top of complaint league

05 April 2012

Restricted row over Aviva 75% claim

4 Apr 2012

Industry experts are divided over the efficiencies and cost savings for clients through offering a restricted advice service rather than an independent one.

Advisers face extra £38m in FSCS Arch cru costs

3 Apr 2012

FSCS says it will be paying out more compensation and more claims than it initially expected in relation to Arch cru.

Consumer panel calls for new FSA rule to protect 'mortgage prisoners'

3 Apr 2012

Panel wants FSA to strengthen its transitional arrangements to protect borrowers whose mortgages may fall foul of proposed MMR rules.

Perspective acquires Financial Connection

3 Apr 2012

Consolidator says it has a strong pipeline to achieve further acquisitions throughout the year.

Cathi Harrison: Avoid blurring line between advice and paraplanning

2 Apr 2012

Advice firms that use paraplanners should be careful not to blur the line warns Para-Sols owner Cathi Harrison.

Aviva predicts over 75% of market could be restricted

30 Mar 2012

Insurer expects independent advice as a proportion of the market to fall from 70 per cent in 2009 to 13 per cent in 2015.

Peter Williams: HMRC VAT guidance not in line with tax laws

30 Mar 2012

Industry consultant says RDR VAT guidance is not in line with rules but overhauling VAT on adviser charging is not a priority.

FSA refuses to back down on simplified advice

29 Mar 2012

Regulator says simplified advice will have to meet the same regulatory requirements as full advice.

Aifa: FSCS shake-up will open door to spurious claims

29 Mar 2012

Aifa has warned the FSA’s proposed shake-up of the FSCS risks removing deterrents that prevent spurious compensation claims.

Providers told to make product terms clearer

29 March 2012

FSA bans and fines ex-Cattles directors £600k

28 Mar 2012

Regulator has taken action against Cattles and its subsidiary Welcome over publishing misleading information to investors.

FSCS shake-up likely to hike levy costs

27 Mar 2012

FSA wants FSCS to have power to pay out full compensation and without investigating whether a claim is valid.

FSA censures two Glasgow credit unions

26 Mar 2012

Loans by one credit union meant 88 per cent of its capital was tied up with a non-member.

Axa Wealth to launch restricted advice model

26 Mar 2012

Restricted model will run alongside existing independent advice model and is set to launch in Q2.

AIC: US govt must answer basic questions on Fatca

23 Mar 2012

The AIC says the US government has not yet answered basic questions about how firms will implement the foreign account tax compliance act.

Standard Life agrees redress after three-year Isa blunder

23 Mar 2012

Adviser slams ’derisory’ compensation offer of £250.

FSA warning over investment switching costs

22 Mar 2012

The FSA is concerned that advisers are not giving enough consideration to the additional costs clients face when moving them from one investment proposition to another.

Advisers face £60m levy as claims on MF Global reach £27m

22 March 2012

Turner wants radical shake-up of shadow banking regulation

22 March 2012

Budget 12: Tax for small firms set for 'radical change'

21 Mar 2012

Government considering basing small firms’ tax calculation to be based on the amount of cash that passes through the business.

Sants to be paid £500K plus benefits until end of year

16 Mar 2012

FSA chief executive will continue to be paid £500,000 salary plus further contractual benefits until end of December.

Wheatley: Simple plans to bridge advice gap

16 Mar 2012

FCA chief executive designate Martin Wheatley says he hopes simple products and simplified advice will bridge the advice gap for people with small pension pots after the RDR.

Why pension tax relief should not be tampered with

15 Mar 2012

Trade body joins industry in fight against possible changes to higher-rate pension tax relief.

Absolute funds confuse public and advisers

15 March 2012

Drawdown misselling fear at annuity rates and Solvency II

15 March 2012

FSA censures BoS for high-risk strategy

15 March 2012

Funding strain could see dual pricing return

15 March 2012

Tribunal backing for FSA broker ban

15 March 2012

FSA warns of B2L fraud to escape mortgage checks

13 Mar 2012

Regulator say buy-to-let is being used to circumvent tougher affordability checks for residential mortgages and in light of tighter self-cert controls.

Credit Suisse head of European credit sales fined £210k

13 Mar 2012

Nicholas Kyprios has been fined for improper market conduct and disclosing client confidential information.

FSA set to take action over direct salesforce incentives

13 Mar 2012

Regulator says it has found a number of incentive schemes that significantly increased the level of risk.

FSA censures Bank of Scotland

9 Mar 2012

Regulator says HBOS subsidiary is guilty of “very serious misconduct” in the run-up to the Government bailing out the bank.

Pritchard Stockbrokers enters special administration regime

9 Mar 2012

Mazars LLP has been appointed special administrator.

Soaring PI premiums may force firms to self-insure

8 Mar 2012

Sesame Bankhall Group has warned that hardening rates may prevent some firms from accessing PI cover.

FSA bans and fines ex-Royal Liver finance director

8 Mar 2012

George McGregor has been banned and fined for entering into contracts which benefited a former employee.

FSA yet to be notified on Rockingham liquidation

8 Mar 2012

The FSA says it is waiting for communication from Rockingham Independent to establish it has formally entered into liquidation.

HMRC issues final VAT rules for advisers

8 March 2012

Mortgage broker jailed for fraud after Met alerted to 'lavish lifestyle'

8 March 2012

FSA quizzes advisers on RDR progress

7 Mar 2012

The regulator is sending questionnaires to all advisers to gauge how ready they are for the RDR.

Co-op undertakes costly past business review of former IFA arm

7 Mar 2012

Co-operative Banking Group is carrying out a redress programme to compensate clients of its former IFA arm for unsuitable advice.

Long-stop judicial review rejected

5 Mar 2012

Application from Adviser Alliance to judicially review lack of a long-stop for advisers has been turned down.

Santander FSA fine: How other structured firms' wording compared

5 Mar 2012

Natalie Holt looks at FSA’s rejection of the bank’s FSCS cover claim

IFP announces five more accredited financial planning firms

2 Mar 2012

Five more firms have met the requirements to join the accredited financial planning firms register.

MAS stands by A4e service

2 Mar 2012

Three arrests in FSA insider dealing investigation

1 Mar 2012

Search warrants were carried out at premises in Northwich and Rossendale.

FSA admits extra legacy costs

1 March 2012

The FSA has admitted there will be additional costs for insurers to comply with the ban on legacy commission despite previously saying it was factored into earlier cost estimates.

Lloyds top of the FOS complaint list

1 March 2012

HMRC confirms VAT-exempt advice guidance

29 Feb 2012

Advice process will be exempt where clients are looking to take out a retail investment product.

E&Y: Concept of organisation owning clients is flawed

28 Feb 2012

Ernst & Young says the Towry/ Raymond James judgment supports its view that you cannot buy clients by acquisition.

FSA updates RDR FAQs

28 Feb 2012

Regulator updates guidance on the 10 most frequently asked questions at RDR roadshows following industry feedback.

FSA admits legacy ban will push up RDR cost

27 Feb 2012

Regulator had argued previously the legacy ban was priced into earlier RDR cost estimates.

Money Advice Service defends A4e relationship

24 Feb 2012

Police are investigating fraud allegations at A4e, which delivers face-to-face advice for the MAS.

FSA: Industry is not learning from past misselling scandals

24 Feb 2012

Regulator says industry only has itself to blame for low consumer confidence in financial services.

RJ adviser: More non-deal clauses would be tragedy

24 Feb 2012

Raymond James adviser Tom Spain says it would be a “tragedy” if more adviser firms look to impose non-dealing contract clauses in light of Towry’s failed court case.

Which? wants Santander 'safe' claims axed

23 Feb 2012

Which? wants Santander capital is “safe” claim axed after £1.5m FSA fine.

Adviser contracts to be scrutinised

23 February 2012

'Advisers could not carry out IIM diligence before signing Towry contract'

23 February 2012

ASA slams bank ads in open and shut case

23 February 2012

Broker hit with penalty for disclosing inside information

23 February 2012

Fall in Axa platform sales

23 February 2012

Uncertainty remains over compete clauses

23 February 2012

FSA UK banking head steps down

22 Feb 2012

Head of large complex UK banks Mandy Spink has decided to leave the regulator.

Santander fined £1.5m over structured product marketing

20 Feb 2012

Regulator has fined Santander over lack of clarity of how FSCS compensation would relate to its structured products.

Lifemark vote kick-starts liquidation process

17 Feb 2012

FSCS has also advanced a $10m loan to prop up the Lifemark portfolio.

Wide variations in CII pass rates

17 Feb 2012

Pass rates for the Chartered Insurance Institute’s diploma in financial planning modules range from just under 40% to almost 80% for last year.

Aegon ScotEq redress costs hit £171m

17 Feb 2012

Total redress paid to Scottish Equitable customers has hit £152m, with a further £19m in operating costs.

FSA fines ex-Merrill Lynch International director £350k

16 Feb 2012

Regulator has fined former MD in corporate broking for disclosing inside information.

FSCS offers Keydata advisers 50% discount deal

16 February 2012

Margaret Cole to leave FSA

15 Feb 2012

Managing director and FSA board member Margaret Cole will leave the regulator later this year.

Towry case will spark more non-dealing clauses in adviser contracts

15 Feb 2012

Law firm says more firms will look to impose non-dealing clauses in their adviser contracts in the wake of the Towry V Raymond James High Court case this week.

Judge dismisses 'unsustainable' Towry claims

15 Feb 2012

Full details of yesterday’s court verdict.

Towry agrees to pay over £930k in legal costs

14 Feb 2012

Towry has agreed to pay Raymond James legal costs in full plus VAT after it lost its case at the High Court earlier today.

Towry loses Raymond James court case

14 Feb 2012

All cases against Raymond James and the seven former Edward Jones advisers have been dismissed.

Standard Chartered chief risks FSA inquiry over share deal

14 Feb 2012

Standard Chartered Asia chief executive Jaspal Singh Bindra used 153,000 bank shares as security for a £2.1m loan.

Lloyds' buyout arm to bid for Bluefin

13 Feb 2012

LDC, private equity firm ECI Partners, Aon and JLT Group are all reported to be interested in acquiring the Axa-owned advisory business.

New VAT guide welcomed by professional bodies

10 Feb 2012

Professional bodies have welcomed HMRC’s latest draft RDR guidance on VAT liability.

FSA fees to fall for advisers

9 February 2012

FSA shuts down sale and rentback

9 February 2012

Public have double the faith in IFAs than banks

9 February 2012

Lloyds announces nearly 1,000 job cuts

7 Feb 2012

Bank is closing its Romford, Newcastle and Scunthorpe site, with its Leeds site also impacted.

Sants warns of 'tick box regulation' from Europe

6 Feb 2012

FSA chief executive believes European approach to regulation creates a ’bias to data’ which goes against individual risk assessment of firms.

New regulator to tighten financial promotion rules

3 Feb 2012

New regulatory powers will force financial services firms to make public instances where the regulator has intervened to stop a misleading promotion.

Senior Tory presses for UK final say on Euro regulation

3 Feb 2012

Peter Lilley is urging Michel Barnier to give the UK the final say on EU financial services regulation and directives.

Court rejects Arch cru judicial review for a second time

2 Feb 2012

Justice in Financial Services application for a judicial review of the Arch cru compensation package has been turned down for a second time.

Single point for credit

2 Feb 2012

Sants says he never wanted to head FSA

2 February 2012

Mortgage indemnity scheme for new-builds up to £500k

1 Feb 2012

The Government says the NewBuy guarantee scheme will be available to movers as well as first-time buyers.

Sants: 'I never wanted to be FSA chief'

31 Jan 2012

FSA chief executive Hector Sants tells MPs he “had no interest” in staying at the regulator for more than three years.

Turner: One page RBS report 'was a mistake'

31 Jan 2012

FSA chairman regrets not publishing a full report on its investigation into RBS at an earlier stage.

Claims firms submit three-quarters of FSCS PPI claims

28 Jan 2012

Claims firms accounted for over 16,300 PPI complaints over three years.

New legal service launched for IFAs

27 Jan 2012

Financial services barrister Peter Hamilton has launched a specialist legal advice service for advisers and financial services firms.

Aifa job: 'Clark Kent would be good'

26 Jan 2012

We run the rule over some of the candidates in the frame to take on the demanding role of Aifa director general.

FSA takes no action in 10% of probes

26 Jan 2012

FSA figures reveal over 10 per cent of enforcement cases in 2010/11 did not result in disciplinary action.

Clegg wants earlier rise in income tax threshold

26 Jan 2012

Deputy prime minister will call for a “further and faster” rise in the income tax threshold to £10,000.

Public value financial advice at £39 per hour

26 January 2012

SJP looks to recruit mature students

26 January 2012

FCA chief: We must protect irrational consumers

25 Jan 2012

Martin Wheatley says consumers are not rational and that the new regulator will protect them by getting involved earlier in product design.

Axa Wealth restructure puts 50 jobs at risk

23 Jan 2012

Provider is segmenting its adviser clients into four divisions and cutting the number of regional managers from nine to five.

FSA contests court ruling

20 Jan 2012

The FSA has lodged its appeal against a decision to reject a bid to quash a case brought by a retired IFA who is suing the regulator for harassment.

IFS offers level 4 exam for mortgages

20 Jan 2012

The Institute of Financial Services is offering a new level four qualification for mortgage brokers.

Aegon: FSA legacy ban wording will hit advice

19 Jan 2012

Aegon has warned that the current wording of the FSA’s ban on legacy commission will penalise advisers focused on providing ongoing advice

Cazenove opens up low-cost rates

19 January 2012

Research reveals what consumers expect to pay for advice

18 Jan 2012

Consumer research shows many clients who use an adviser currently believe there is no cost for financial advice.

Renewed surge in FOS PPI complaints

17 Jan 2012

PPI complaints referred to the FOS have shot up by nearly 60 per cent over the last three months.

Stephen Gay: Why I quit Aifa

13 Jan 2012

Gay says his departure to the ABI does not represent a switch “from one side to another” and says Aifa has made significant progress over the last year.

Ex-members of IFS can still use accreditation letters

13 Jan 2012

Aifa says FSCS product levy not viable

13 Jan 2012

Aifa is wary about the extra short-term costs of moving to other pre-funded models.

Half of FOS complaints come from claims firms

12 Jan 2012

Number of FOS cases from claims management companies has gone from 18 per cent in 2007 to 45 per cent last year.

FOS to add a third more staff as banks swoop to recruit adjudicators for PPI

12 January 2012

Cazenove sets out its RDR revamp

11 Jan 2012

Cazenove is waiving the £1m entry level to its wholesale share class for advised business through a platform.

FOS to boost staff by a third as costs soar

6 Jan 2012

Ombudsman has had difficulty retaining staff as banks lure adjudicators with higher pay packages.

Providers agree high-level adviser charging principles

5 Jan 2012

Aegon, Friends Life, Legal & General, Prudential and Scottish Life set out common approach on adviser charging.

FSCS to look at pre-funding and risk-based levies

5 Jan 2012

Chief executive Mark Neale says review of funding model should address unpredictability and fairness of current system.

Advisers will have to pick up legal bill for pursuing Keydata IFAs

5 January 2012

FSCS chairman Hall gets CBE in honours list

5 January 2012

New interim levy could reach £70m as costs rise

5 January 2012

FSCS begins claims process for MF Global UK

4 Jan 2012

Private customers of MF Global will receive a claim form for compensation within the next few days.

John Simmonds leaves Bluefin

4 Jan 2012

Bluefin Wealth Management and Bluefin Corporate Consulting chairman John Simmonds has left the Axa-owned advisory business to pursue other interests.

King warns over growing dependence on central banks

23 Dec 2011

Bank of England governor says European debt crisis is causing growing reliance on central banks after ECB provides £407bn in cheap loans to banks.

FSA freezes £850k paid to landbanking firms

21 Dec 2011

Regulator has secured interim injunctions from the High Court against suspected unauthorised landbanking firms.

Agreement close in public sector pension row

20 Dec 2011

The majority of unions representing public sector workers have agreed to consider new pension reform offers from the Government.

FSA fines insurer £2.8m over TCF failings

19 Dec 2011

Regulator has fined Combined Insurance Company of America over sales of accident and sickness policies.

Govt urged to rewrite new regulator's objective to focus on "fairness"

19 Dec 2011

Joint committee recommends amending the Financial Conduct Authority’s strategic objective from confidence to fairness and transparency.

FSA bans and fines ex-UBS adviser £150k

16 Dec 2011

Former UBS adviser has been sanctioned for failing to act with integrity and for not being fit and proper.

Management consultant jailed for two years for insider dealing

15 Dec 2011

Management consultant made £524,000 profit on placing spread bets based on insider information.

FSCS defends legal action against Keydata advisers

15 Dec 2011

Compensation scheme responds to Aifa’s demand for answers over the “perverse” way FSCS is pursuing Keydata distributors.

FSCS won't rule out IFAs paying claims of US MF Global clients

15 Dec 2011

IFAs may face MF Global claim levy under the FSCS.

FSA begins Arch cru adviser investigation

14 Dec 2011

Regulator has written advisers who recommended Arch cru funds as it examines sales between 2006 and 2009.

Aifa calls for review of FSA life settlements move

12 Dec 2011

Trade body says review should establish whether EEA would have closed without FSA intervention in life settlement market.

Martin Werth quits Ageas Protect

8 Dec 2011

Werth will step down from his role as managing director of Ageas Protect at the end of the year

Aifa demands FSCS answers over "perverse" Keydata recoveries

8 Dec 2011

Trade body demanding answers over the way scheme is pursuing recoveries from advisers who recommended Keydata products.

£40M bill for HSBC misselling

8 Decemeber 2011

Symponia says bonds have a place in long-term care

8 Decemeber 2011

Symponia defends investment bond LTC use following HSBC fine

6 Dec 2011

LTC specialist warns against “vilifying bonds” in the wake of HSBC fine.

Ex-law firm partner guilty of £19m loan scam

5 Dec 2011

Three men were involved in the scam which used false letters to convince a private bank to offer the loan.

Ned Cazalet: 2012 a year of 'sleepless nights' for life offices

2 Dec 2011

Industry experts warn regulator’s legacy commission ban is going to put a huge strain on product providers’ resources.

Barclays faces £70m lawsuit

2 Dec 2011

Claim has been filed in the High Court alleging that Barclays misused confidential information to pursue a takeover deal.

Money Advice Service moves to "advice-type" activity

1 Dec 2011

MAS says information and guidance is not enough.

Lighthouse 'drags its feet' on exam waiver for critically ill IFA

1 Dec 2011

Lighthouse is delaying applying for a QCF level four waiver for a terminally ill IFA as it assesses the compliance costs involved.

FSA set to ban death bond marketing

1 December 2011

Non-advised firm fined for bridging loan failures

1 December 2011

Lawyers urge advisers to unite to fight Keydata claims

30 Nov 2011

DAC Beachcroft says advisers being pursued by the FSCS should consider a group action.

S&P downgrades major high-street banks

30 Nov 2011

Barclays and HSBC have had their long-term credit ratings downgraded following changes to the rating agency’s criteria.

FSA: Firms should consider redress over traded life policies

28 Nov 2011

Total UK market in traded life policy investments is worth around £1bn, half of which is held in TPLIs that are already in difficulty.

Ivan Massow to back trail commission test case

28 Nov 2011

Trail commission reclaim service claims Barclays Wealth should have provided ongoing advice to receive trail commission.

Poor wording blamed for VAT contradictions

25 Nov 2011

Consultancy firm says concerns that HMRCs’ latest VAT guidance is contradictory are the result of poor wording rather than a change of position.

FSA fines non-advised mortgage firm £28k

24 Nov 2011

Owner and director of Fastmoney has also been banned and fined £17,500 following TCF failings.

£1Bn bill if year's plans go through

24 November 2011

Capita sees uncertainty in valuing 75% of Arch cru assets

24 November 2011

Half fear retirement shortfall

24 November 2011

Provider concerns fall on deaf ears as FSA vows to ban legacy commission

24 November 2011

Regulator to reassess legacy terms for non-advised business after RDR

24 November 2011

FSA appoints FOS chairman

23 Nov 2011

Sir Nicholas Montagu is currently chairman of the Aviva UK Life with-profits committee.

Boiler room fraudsters posed as FSA-regulated advisers

22 Nov 2011

Defendants have been sentenced to a combined nine years’ imprisonment over boiler room fraud which targeted UK investors.

Consumers fear inadequate retirement savings

21 Nov 2011

Research from the IFP finds almost half of consumers do not believe they have saved enough for a comfortable retirement.

'Avoid blurring restricted and independent advice'

18 Nov 2011

Skandia hits out at legacy commission ban

17 Nov 2011

Skandia UK chief executive Peter Mann says cost benefit analysis supporting the ban is “fundamentally flawed”.

FSA warns HMRC adviser charging guidance is contradictory

17 Nov 2011

The FSA says HM Revenue & Customs’ draft guidance on adviser-charging and VAT is contradictory and should be revisited.

Investor fined £6m for manipulating structured product

17 November 2011

FSA rejects concerns that legacy ban will create churn

16 Nov 2011

Regulator says it does not accept that providers will not be able to turn off commission on legacy products.

SimplyBiz signs distribution deal with Prudential

15 Nov 2011

SimplyBiz will have access to PruFunds range and Dynamic Portfolios as part of the deal.

FSA fines DFM £15k for client money breaches

15 Nov 2011

McInroy & Wood failed to obtain trust letters for offshore client accounts with an average balance of £666,000.

FSA says KFIs are too long and complex

11 Nov 2011

The FSA has criticised the industry for using what it says are lengthy and complex key features illustrations which confuse consumers.

Aifa £190k in deficit despite cutting costs

10 November 2011

KPMG Luxemburg postpones meeting to decide Lifemark fate

10 November 2011

Scottish Friendly to sell wrap business to Citi

9 Nov 2011

Scottish Friendly handles the back office administration for Nucleus and the Aviva Wrap.

Solvency II prompts rule changes for unit-linked policies

9 Nov 2011

FSA plans to expand list of assets that can back unit-linked and indexed-linked polices.

CII to launch specialist level four qualifications

9 Nov 2011

New qualifications available from next year include the certificate in paraplanning and the certificate in discretionary investment management.

FSA delays Sipp disclosure rules but sets out RDR KFI changes

8 Nov 2011

Widespread industry concern over the proposals has forced the FSA to reconsult.

Aifa posts deficit of nearly £200K

7 Nov 2011

Annual results show turnover at the trade body is down 12 per cent and annual subscriptions down 14 per cent.

FSA communications director quits

4 Nov 2011

Tom Kelly is leaving the regulator and will be replaced by DWP acting director of communications Zitah McMillan.

'Tough Euro rules will push investors into boring plans'

4 Nov 2011

A law firm has warned that Europe’s increasingly stringent regulations and focus on consumer protection will force investors into “boring” products

FSA rebuffs Arch cru investor consultation claims

3 Nov 2011

The FSA has rejected Arch cru investors’ claims that it should have consulted on the £54m compensation package.

Aifa and IFP want risk link

3 November 2011

Fee basis could shift from APs to firm's income

3 November 2011

The FSA wants to change the basis on which it calculates firms’ regulatory fees from the number of approved persons to a firm’s income.

FSA confident of securing commission ban for all advisers

2 Nov 2011

Regulator says there is scope for FSA to go further than rules prescribed under Mifid II.

FSA finds weaknesses in design of structured products

2 Nov 2011

Regulator has published guidance for structured product providers.

HMRC clarifies VAT stance for adviser charging

31 Oct 2011

Advice process will be VAT exempt if client agrees to take out an investment product following adviser recommendations.

BSA in plea to head off regulatory turf wars

28 Oct 2011

The BSA has stressed the importance of co-operation between the PRA and the FCA, saying the two bodies should not be fighting “turf wars”.

FSA to overhaul IFA regulatory fees

28 Oct 2011

Regulator plans to change the fee tariff for IFAs from being based on number of approved persons to a firm’s income.

Complaints Commissioner warns over FCA early warning powers

27 Oct 2011

Sir Anthony Holland has raised concerns about proposed new regulatory powers.

Chris Leslie: 'This scandal can only serve to undermine confidence people have in saving'

27 October 2011

'Cost of constant change is threat to small firms'

27 October 2011

FSA deal lacks transparency, say investors

27 October 2011

Holland wants single complaint system

27 October 2011

Treasury rejects calls for Arch cru inquiry but urges investors to pursue the action through the courts

27 October 2011

Friends Life unveils individual protection range

24 Oct 2011

Friends Life Protect+ brings together the individual protection businesses of Friends Provident, Axa and Bupa.

Turner: Low interest rates risk pushing consumers to structured products

21 Oct 2011

FSA chairman warns low returns make consumers vulnerable to the promise of complex structured products.

Woodall says act now on charging

21 Oct 2011

Positive Solutions among FSCS Keydata targets

20 Oct 2011

Positive Solutions is among the firms being pursued by the FSCS to recoup compensation paid to Keydata claimants.

ABI: Check providers can deliver on charging

20 Oct 2011

The ABI has urged advisers to check if providers’ systems will be able to deliver their chosen method of adviser-charging.

HMRC to rethink stance on Isa rebates after RDR

20 Oct 2011

HMRC is redrafting its guidance on the tax treatment of Isas following the RDR.

Consumer Panel calls for "fiduciary duty" on customer rights

20 Oct 2011

Financial Services Consumer Panel says there should be legislation requiring firms to put customer interests first.

ASA bans claim-chaser texting ad

20 October 2011

FSA workshops for small firms follow TCF format

20 October 2011

The FSA is running a programme of workshops and follow-up visits as part of its supervision of small firms.

FSCS and bondholders to vote on Lifemark loan deal

19 Oct 2011

KPMG Luxemburg has called a vote on whether it should accept the loan facility brokered by Stewart Ford or put Lifemark into liquidation.

FOS upholds 92% of PPI complaints

18 Oct 2011

Proportion of PPI complaints upheld by the FOS has gone from 55 per cent to 92 per cent over the last quarter.

FSA rolls out assessment programme for small firms

17 Oct 2011

Programme will be akin to the regulator’s TCF initiative and will focus on issues such as systems and controls and RDR-readiness.

IMA and ABI need a single voice to influence regulation

14 Oct 2011

The IMA and the ABI need to speak with one voice in order to bring about regulatory change, says financial services academic Professor Merlin Stone.

FSA says lack of Ucis sales won't hit independence

13 Oct 2011

Head of investment intermediaries Linda Woodall responds to IFA concerns that they will have to advise on Ucis to remain independent.

Advisers dismiss new body for global funds

13 Oct 2011

Antrum takes up board position

13 October 2011

FSA guide altered way Prestwood asks about risk

13 October 2011

Keydata's Ford wins court case against FSA

13 October 2011

MBO sees Unbiased move from provider funding

13 October 2011

'You can't make an investor out of a saver'

13 October 2011

FSA director calls on firms to step up risk management

12 Oct 2011

Ex-Bank of England director Andrew Bailey says it is not the regulator’s job to manage firms’ risks.

Ford wins judicial review against FSA

11 Oct 2011

Mr Justice Burnett has ruled that legally privileged emails used in the FSA’s investigation into Keydata cannot be used.

No regulatory action for BNY Mellon and HSBC over Arch cru

10 Oct 2011

FSA has not ruled on whether Capita should be held legally responsible for Arch cru investor losses.

Ex-FSA director Waters heads new trade body

10 Oct 2011

ICI Global will represent global investment funds and their managers.

Goddard: Level six needed for new entrants

7 Oct 2011

Fay Goddard says the FSA should consider introducing a level six minimum qualification requirement for new entrants in the adviser market.

PFS: 'Independence is not about products'

7 Oct 2011

The Personal Finance Society has criticised the regulator for focusing its definition of independence on products rather than client disclosure.

New PFS president warns Euro regulation will hike adviser costs

6 Oct 2011

Jon Everill gives his first interview as PFS president.

IFP offers accredited status for businesses

6 October 2011

Towry is fined £500,000 after FSA's Dear CEO letter

6 October 2011

IFP starts awarding accredited financial planning firm status

4 Oct 2011

At least half a firm’s advisers must be qualified as a certified financial planner, or as a professional or chartered financial planner.

Can FSA win the European RDR commission fight?

30 Sep 2011

Mifid II documents leaked to Money Marketing raise concerns over conflicts with aspects of the RDR.

'I am looking at what we need to do to attract the next generation of talent'

30 Sep 2011

Poor CI claims record for closed insurers

30 Sep 2011

Closed-life offices appear to have a poorer critical-illness claims paid record than insurers that are open to new business.

FSA fines Towry £494,000

29 Sep 2011

Towry has been fined £494,000 for providing misleading information to the FSA and for client money breaches.

FSCS scraps £4m advertising campaign

29 Sep 2011

Scheme admits campaign has failed to raise consumer awareness of the scheme.

Advisers brand FSA warning notice move 'dangerous'

29 September 2011

The FSA’s push for regulators to have the ability to publish warning notices without first notifying the firm could be “extremely damaging” to a firm’s reputation.

FSA accredits six bodies to process SPS applications

29 September 2011

'The issue of simplified advice is bigger than FSA regulation'

29 September 2011

FSA pushes for tougher early warning powers

23 Sep 2011

Regulator wants the requirement to notify firms ahead of publicising ongoing enforcement to be removed from draft financial services bill.

IFP attacks FSA's 'outrageous sweeping statements' on simplified advice

23 Sep 2011

Body questions whether the regime will be profitable for firms.

Claim firms go fishing around mortgages

23 Sep 2011

CMCs are looking to mortgages as a new boom area for misselling compensation but their tactics have been called into question.

Aifa considers higher fees for network members

22 Sep 2011

A working group of Aifa council members is negotiating how the trade body will be funded in future as part of its strategic review.

Friends Life launches direct-to-consumer financial planning service

22 Sep 2011

Planwise offers “professional financial advice” to customers who no longer have IFA relationship.

'Jumping to recommending a retail investment product is not going to be the right answer for every individual'

22 September 2011

ABI considers amazon-style website for protection

21 Sep 2011

Trade body is considering developing a non-advised Amazon-style protection website.

FSA fines three directors over Ucis and pension switching failings

21 Sep 2011

Two directors from Perspective Financial Management have been fined a total of £26,500 while another managing director has been fined £16,000.

LibDem conference: Cable to call for executive pay crackdown

19 Sep 2011

Proposals to be unveiled include a shareholder veto on pay and the ability to claw back parts of executive pay packages.

Friends Life client letter raises adviser fears

16 Sep 2011

An adviser has raised concerns about a Friends Life mailing to Axa Sun Life customers asking for confirmation of the status of their relationship with their IFA.

Santander to shelve UK flotation until 2013

16 Sep 2011

Vickers’ ringfence plans make a market listing for Santander UK more difficult, say reports.

Axa Wealth: Public needs more help to understand RDR

15 Sep 2011

Axa Wealth chief executive Mike Kellard has warned that not enough is being done to make consumers aware of how financial advice will change after the RDR.

FSA fines Rockingham £35,000

15 Sep 2011

Partial bans have been imposed on directors Stephen Hunt and Jonathan Edwards, and adviser Gary Forster.

Advertising Standards Authority rejects MAS "free advice" complaints

14 Sep 2011

ASA does not uphold complaints against the Money Advice Service.

Capco sets up skilled persons report service

9 Sep 2011

Massow firm 'not targeting IFAs'

8 Sep 2011

Former IFA Ivan Massow insists good advisers have nothing to fear from his new business.

Claim council hits out at creation of rival body

8 September 2011