Money Marketing
Natalie Holt Editorial

FSA fees to fall for advisers

9 February 2012

Most advisers will see their FSA fees fall by 3 per cent in 2012/13 despite an overall 16 per cent increase in FSA funding.The regulator published its consultation paper on fees and levies for 2012/13 last week.

FSA shuts down sale and rentback

9 February 2012

The FSA has temporarily closed the entire sale and rentback market after its review of the sector found most transactions were either unaffordable or unsuitable and should never have been sold.

Public have double the faith in IFAs than banks

9 February 2012

FSA research reveals IFAs’ clients are almost twice as likely to feel very confident about the advice they have received than those who see a bank adviser.

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

Consumer credit regulation is to be transferred from the Office of Fair Trading to the Financial Conduct Authority.

Sants says he never wanted to head FSA

2 February 2012

SA chief executive Hector Sants says he never wanted to head the regulator and is only in the role because he was persuaded to apply.

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

A gap is emerging between what consumers expect to pay for advice and what advisers need to charge to be profitable.

SJP looks to recruit mature students

26 January 2012

St James’s Place is targeting mature students wanting to make a career move into financial advice to boost its recruitment activity.

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

Cazenove has given advisers access to institutional rates on its multi-manager and equity funds as part of a raft of changes it is making ahead of the RDR.

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

The Institute of Financial Services, part of the ifs School of Finance, is the only accredited body that will allow advisers who are no longer members to continue using designatory letters gained from achieving qualifications when they leave.

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

Staff numbers at the Financial Ombudsman Service are to rise by a third and it is having to cope with banks poaching adjudicators to deal with their payment protection insurance complaints.

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

The adviser sub-class will foot the legal bill for pursuing IFAs who sold Keydata products while any recoveries will be paid back to fund management groups.

FSCS chairman Hall gets CBE in honours list

5 January 2012

Financial Services Compensation Scheme chairman David Hall has been awarded a CBE for services to the financial services industry in this year’s New Year’s Honours list.

New interim levy could reach £70m as costs rise

5 January 2012

The Financial Services Compensation Scheme has warned advisers may face an interim levy of up to £70m due to rising costs relating to Keydata, Arch cru, MF Global and failed stockbrokers.

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

The FSA has fined HSBC £10.5m for misselling investment products to elderly customers through its long-term care advice arm Nursing Homes Fees Agency.HSBC estimates a further £29.3m will be paid to NHFA customers in compensation.

Symponia says bonds have a place in long-term care

8 Decemeber 2011

Long-term care specialist Symponia has defended the use of investment bonds to fund LTC following the FSA fining HSBC £10.5m for misselling the products to elderly customers.

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

The FSA plans to ban all marketing of traded life policy investments to UK retail investors and says firms that have recommended these products should consider whether redress is due to investors.

Non-advised firm fined for bridging loan failures

1 December 2011

The FSA has fined non-advised mortgage firm Fastmoney £28,000 for failing to ensure customers understood the terms and costs of mortgages and bridging loans.

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

The FSA’s regulatory proposals from the last 12 months would cost the industry over £1bn a year to implement, according to Hargreaves Lansdown.

Capita sees uncertainty in valuing 75% of Arch cru assets

24 November 2011

Capita Financial Managers has admitted there is “significant difficulty and uncertainty” in assessing the value of up to 75 per cent of the £149m-worth of assets held in Arch cru funds.

Half fear retirement shortfall

24 November 2011

Almost half of consumers are not confident they have saved enough to live comfortably in retirement, according to research from the Institute of Financial Planning.

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

24 November 2011

The FSA has refused to relax its ban on legacy commission under the retail distribution review despite providers’ concerns that it will cause consumer detriment.The regulator published its consultation on the treatment of legacy assets after the RDR last week. It confirms that trail commission, defined as ongoing commission payable for advice provided before December 31, 2012, will continue.

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

24 November 2011

The regulator says it will revisit the issue of whether non-advised business should continue to pay legacy commission if problems emerge as a result of the retail distribution review.

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

Firms offering both an independent and restricted advice service will need to ensure there is “clear blue water” between the two models, according to regulatory compliance firm Resources Compliance.

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

The FSA has fined a Dubai-based investor £6.1m in the regulator’s biggest-ever fine on an individual for market abuse.

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

Aifa has reported an operating deficit of £194,419 for the year to June 30 compared with a small surplus the previous year as the trade body considers a restructure of its funding.

KPMG Luxemburg postpones meeting to decide Lifemark fate

10 November 2011

Lifemark provisional administrator KPMG Luxemburg has postponed a bondholder meeting set for this week which was to decide the fate of the life settlement vehicle.

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

Aifa and the Institute of Financial Planning have called on the FSA to link regulatory fees to risk as the two bodies hit out at plans to base fees on firms’ income.

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

Labour Shadow Treasury financial secretary Chris Leslie says the Government needs to consider the impact of the Arch cru debacle on consumer trust and confidence in financial services.

'Cost of constant change is threat to small firms'

27 October 2011

Aifa and the Institute of Financial Planning have raised concerns with MPs over the overall burden of regulatory costs on small firms.

FSA deal lacks transparency, say investors

27 October 2011

Arch cru investors have challenged the FSA on why it set up the £54m compensation package between Capita Financial Managers, BNY Mellon Trust & Depositary and HSBC without consultation.

Holland wants single complaint system

27 October 2011

The draft Financial Services Bill needs changes due to the Prudential Regulation Authority being subject to a less transparent and less independent complaint process than the present system, says Complaints Commissioner Sir Anthony Holland.

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

27 October 2011

Treasury financial secretary Mark Hoban has rejected MPs’ calls for an inquiry into Arch cru, while stressing that investors can pursue their IFA for compensation.

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

The FSA has warned advisers not to delay the move to adviser-charging, saying it could be the most challenging element of the RDR.

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

The Advertising Standards Authority has upheld a complaint against claim management firm PPI Careline, saying a text message sent by the company was misleading and in breach of the advertising code of practice.

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

Advisers have dismissed the launch of a new trade body for global fund managers led by ex-FSA director Dan Waters, saying it is irrelevant and will fail to have any impact.

Antrum takes up board position

13 October 2011

The Institute of Financial Planning has elected Richard Antrum to its board as an independent director.

FSA guide altered way Prestwood asks about risk

13 October 2011

Prestwood Group of Companies chairman Paul Etheridge says the firm has changed the way clients are questioned about their attitude to risk since the FSA published its consultation paper on assessing suitability.

Keydata's Ford wins court case against FSA

13 October 2011

Keydata founder Stewart Ford has won the judicial review he brought against the FSA which challenged the use of legally privileged information in its Keydata investigation.

MBO sees Unbiased move from provider funding

13 October 2011

Unbiased.co.uk chief executive Karen Barrett has completed a management buyout of the company which is moving away from product provider funding.

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

13 October 2011

Advisers should not waste their time trying to turn cautious savers into investors, according to industry speaker and author Nick Murray.

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

The Institute of Financial Planning has started awarding accredited financial planning firm status to businesses.

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

6 October 2011

The FSA has fined Towry Investment Management £494,900 for providing misleading information to the FSA and for client money breaches spanning over nine years.

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

The Chartered Insurance Institute’s newly elected president Julian James says he plans to focus his tenure on encouraging younger generations to consider a career in insurance.

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 regulator has formally approved the first six accredited bodies, which will be responsible for issuing advisers with their statements of professional standing.

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

29 September 2011

Lansons says the industry should have engaged with the Government on simplified advice rather than the FSA and insists it is not too late to have simplified advice considered under the draft Financial Services Bill.

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

FSA head of investment policy Peter Smith says the regulator expects firms planning a guided simplified advice proposition to tell the regulator how they are going to avoid inadvertently giving advice.

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

Financial services consultancy firm Capco has launched a skilled persons report service for firms that have been ordered to conduct an s166 review.

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

The Claims Standards Council has hit out at the creation of a rival trade body for claim management companies.

NAPF takes VAT battle to Europe court

8 September 2011

The National Association of Pension Funds is mounting a legal challenge against HM Revenue & Customs in the European Court of Justice to challenge whether defined-benefit pension funds should be charged VAT on investment management services.

Solicitors' requirement to refer clients to IFAs could end with the RDR

8 September 2011

The Personal Finance Society says rules requiring solicitors to refer clients to an IFA for investment advice may be amended due to the RDR.

Firms blame legacy business for poor complaint records

7 Sep 2011

Towry, Norwich & Peterborough Building Society and AWD Chase de Vere are blaming their poor complaint records on legacy business.

Lloyds tops FOS complaints data

6 Sep 2011

Number of new complaints about Lloyds is almost double that of Barclays, which had the second most complaints.

ABI lobbies FSA on delay to legacy commission ban

5 Sep 2011

Trade body says last minute changes to legacy business will mean customers will be disadvantaged.

Claims firm trade bodies clash over standards

2 Sep 2011

Claims Standards Council hits out at new rival trade body saying some firms cannot comply with its own stricter codes of practice.

Swiss Re calls for rethink on longevity forecasts

1 Sep 2011

Swiss Re has warned that the overall cost of increasing longevity has been underestimated.

Honister changes charging model due to increased costs

1 Sep 2011

Charging structure will be based on a model of fixed and variable fees from next year.

Brunel Franklin resigns from Claims Standards Council

31 Aug 2011

Claims firm is working on a voluntary code of practice for professional claims firms.

FSA to start issuing product warnings in hardline approach

31 Aug 2011

Regulator says it does not want to wait for Europe to move towards tougher product regulation.

Insurers pay out £1.9bn on life and CI claims

30 Aug 2011

ABI figures show average claims payment in 2010 was £47,166.

Hargreaves Lansdown broker payments face scrutiny

30 Aug 2011

FT reports regulator likely to look at commission deals on international share trades over conflict of interest concerns.

'Platform rule delays mean RDR deadline is irrelevant'

19 Aug 2011

The January 1, 2013 no longer holds significance in terms of removing remuneration bias, says Fowler Drew investment director Stuart Fowler.

Life Cover for All says tap into big market for women

18 Aug 2011

Advice firm believes insurers are failing to recognise that women are often the financial decision makers.

Direct Line quits life insurance

18 August 2011

Direct Line has pulled out of the life insurance market and is no longer accepting new applications for life cover, life cover with critical illness or over 50s life cover.The firm has offered insurance products from its parent company Royal Bank of Scotland since 1994.Existing policies will remain in force and existing customers can continue to contact Direct Line about their policy. Out of the 60 staff that worked for Direct Line Life, 37 have taken voluntary ...

Resolution can buy outside life project

18 August 2011

Resolution has agreed a deal that will allow senior management, including Resolution founder Clive Cowdery, to pursue other financial services acquisitions outside of its UK life project.

FSA scraps TCF workshops

17 Aug 2011

The FSA has cancelled its programme of regional workshops on TCF to concentrate its resources on the move to RDR.

Ford leads £91m attempt to take Lifemark out of administration

17 Aug 2011

Keydata founder has helped arrange a £91m loan through a US bank.

FSA fines Sir Ken Morrison £210k over share sales

16 Aug 2011

Former Morrisons chairman failed to disclose he cut his shareholding in the supermarket from over 6 per cent to 0.9 per cent.

Tribunal upholds FSA ban and fine of hedge fund pair

15 Aug 2011

Hedge fund Mercurius Capital chief executive and chief financial officer fined £2.1m for engaging in market abuse.

Ashcourt Rowan reports £16.8m loss

12 Aug 2011

Firm blames “exceptional headline loss items” for figures.

Ageas launches guaranteed life cover with Asda

11 Aug 2011

Instant Life Cover requires no underwriting and will be on offer through Asda’s 500 UK stores.

Broker banned and fined £106k

11 August 2011

A mortgage broker has been banned and fined £106,499 for inflating incomes and falsifying employment details on mortgage applications.

Ex-Mizuho banker charged with insider dealing

11 August 2011

The FSA has charged former Mizuho International investment banker Thomas Ammann and two associates with insider dealing.

IFP calls for Government to pay for simple advice

11 August 2011

The Institute of Financial Planning says simplified advice could be delivered through a NHS-style framework where the Government pays or contributes to the costs of mass market advice.

Santander bank advice concerns halt Aviva protection sales

10 Aug 2011

Bank stops selling and advising on Aviva protection policies in-branch due to concerns over adviser product knowledge.

Mortgage broker banned and fined £106k

9 Aug 2011

Gillingham-based Michael Lewis has been banned and fined for submitting mortgage applications with false and misleading information.

Court rejects Ford claim to block Lifemark policies sale

8 Aug 2011

Luxemburg court refuses application from Keydata founder Stewart Ford to prevent the sale of life settlements bought with a £10.5m loan.

Platforms face huge initial and annual costs

5 Aug 2011

The platform industry and associated firms face total one-off costs of £55.4m and £48.4m annually to comply with its platform policy statement.

Advisers claim that Defaqto guide risks IP and CI confusion

5 Aug 2011

Protection advisers have warned that Defaqto’s recommendation to sell cover with high sums assured in the absence of income protection risks promoting bad practice.

LV= appoints managing director of protection

4 Aug 2011

Iain Clark used to work as L&G sales director for IFA protection business.

Lack of clarity and delays set to hold back RDR

4 Aug 2011

Industry figures warn a lack of clarity over platform rules and legacy business is putting the RDR deadlines in doubt.

Zurich warns cap-ad and PI to soar unless advisers keep Mifid opt-out

4 Aug 2011

IFAs will face significantly higher capital adequacy and professional indemnity insurance requirements if the UK fails to maintain an exclusion for advisers from Mifid, according to Zurich.

Ad watchdog gets formal with probe into MAS TV claims

4 August 2011

The Advertising Standards Authority has launched a formal investigation into the controversial TV ad from the Money Advice Service following adviser complaints.

Protection teams to create needs model

4 August 2011

The Protection Review and the Income Protection Task Force are considering developing a protection hierarchy of needs which would set out what types of cover advisers and consumers should prioritise.

RGA UK managing director quits for MGM Advantage

3 Aug 2011

Olav Cuiper will replace David Gulland on an interim basis.

FOS receives over 900 PPI complaints a day

2 Aug 2011

Total complaints for April, May and June have more than doubled since same time last year.

FSA provides clarity on platforms and independence

1 Aug 2011

Regulator sets out good and bad practice examples of where advisers using platforms can call themselves independent

FSA rules to cost platform industry £55m in one-off costs

1 Aug 2011

Advisers are not expected to bear additional costs beyond those incurred to meet other RDR requirements.

Advertising Standards Authority investigates MAS "free advice" ad

29 Jul 2011

Investigation will focus on Money Advice Service name and claims that advice is independent and unbiased.

IFA warning after term renewal deal withdrawn

29 Jul 2011

IFAs warns his peers over offering renewable term policies after a client’s policy was sold and the renewable option withdrawn.

Best Advice duo banned over Ucis sales

28 July 2011

The FSA has warned advisers about the suitability of unregulated collective investment sch-emes after exposing the advice failings of the latest firm to be sanctioned over Ucis sales.

Unbiased will stick with independents only

28 July 2011

Unbiased.co.uk says it will continue to list only independent financial advisers after the RDR.

David Severn: Aifa move "understandable but regrettable"

27 Jul 2011

Former director general says the whole rationale for setting up Aifa was to give a voice to IFAs.

Aifa opens its doors to restricted advisers

27 Jul 2011

Trade body will be rebranded as part of a radical restructure.

Waller calls for more exclusions

22 Jul 2011

CWC Research managing director Clive Waller says protection policies should offer more exclusions so that people who are otherwise uninsurable have some level of cover.

The UCIS advice failings of a media IFA

21 Jul 2011

Best Advice advised clients, including an 87-year-old woman, to invest up to 80 per cent of their funds in UCIS.

ABI and CII reject year's delay plan

21 July 2011

The Chartered Insurance Institute and the Association of British Insurers have rejected the Treasury select committee’s call to delay the implementation of the RDR by a year.

No new Keydata levy but firms may see bills rise

21 July 2011

The Financial Services Compensation Scheme says it is unlikely to raise an additional industry levy to cover the cost of Keydata claims.

US holds off on Fatca with phased deadline

21 July 2011

The US Treasury and the Internal Revenue Service have delayed the deadline to comply with the foreign account tax compliance act.

Regulators urge caution on claims firms

19 Jul 2011

Guidance from FSA, Ministry of Justice, FOS, and FSCS says consumers should not be pressured into passing complaints to claims firms.

CII and ABI reject call for RDR delay

18 Jul 2011

CII says one year delay recommended by MPs will undermine the positive momentum behind the RDR.

Consultant backs Euro court ruling in ombudsman case

15 Jul 2011

Compliance consultant Adam Samuel says the European Court of Human Rights was right to reject the legal challenge brought by Heather Moor & Edgecomb over FOS failure to hold an oral hearing.

FSCS says additional Keydata levy is unlikely

14 Jul 2011

No further levy expected but FSCS says some firms’ share of the £326m interim levy may have to increase.

Advertising Standards Agency may probe "free advice" advert

14 Jul 2011

ASA may probe Money Advice Service after a flurry of complaints.

A2O duo fined £42,000 over compliance failures to take control of risky Ucis advice

14 July 2011

The FSA has fined two former Alpha to Omega directors a total of £42,000 for widespread compliance failings, including failing to adequately monitor unregulated collective investment scheme advice.

ICB's Woods joining FSA to oversee banks

14 July 2011

Independent Commission on Banking secretary Sam Woods is joining the FSA’s prudential business unit as head of department in banking supervision.

Zurich UK Life chief exec to step down

13 Jul 2011

Michael Brennan is retiring from the company and will leave on August 31.

Co-op FS staff to hear their fate

13 Jul 2011

Staff called to Manchester meeting to hear what the future holds for the group’s life and savings business.

PFS selects Chartered Champions

11 Jul 2011

Professional body has named its chartered champions as part of efforts to boost awareness of chartered status.

IFA firms are censured for failings

7 Jul 2011

The FSA has publicly censured an IFA firm and an individual IFA for failing to demonstrate the suitability of their advice.

Former FSA deputy chair calls for liability for providers

7 Jul 2011

Providers should be held responsible for the development of flawed products, says former FSA deputy chair Dame Deirdre Hutton.

Zurich to cut 243 jobs

7 Jul 2011

Job cuts form part of an ongoing restructure of Zurich’s general insurance business.

Gee says homes could be forced to cut costs

7 Jul 2011

IFA Philippa Gee says the Dilnot recommendations could put pressure on care homes to cut costs.

£30M earmarked to repay Keydata charges

7 July 2011

A total of £30m has been set aside by the Financial Services Compensation Scheme to repay firms who have been overcharged following the £326m interim levy raised to pay for Keydata claims.

Chief executive's pay falls but directors top £1m

7 July 2011

Financial Services Compensation Scheme directors were paid a total of over £1m for the year to the end of March, compared with £871,000 the previous year.

Land banker is ordered to pay back £920,000

7 July 2011

The FSA has secured a summary judgment in the High Court against Stephen Watkins, who traded as Consolidated Land UK, for illegally selling land to consumers.

ScotProv pulls twoyear earnings deal on protection range

7 July 2011

Scottish Provident is withdrawing the two-year earnings period from the commission terms on its protection product range from August 1.

Wombwell to run Brooks Macdonald fund venture

7 July 2011

Brooks Macdonald has launched a fund business headed by former Scottish Widows Investment Partnership head of sales and marketing Simon Wombwell.

PwC: UK needs pension age of 70 and £20bn in cuts

6 Jul 2011

PwC says a retirement age of 70 and a further £20bn austerity package is needed to reduce debt long-term.

Friends Life to close offices - jobs at risk

5 Jul 2011

Basingstoke office to close with consolidation of Manchester offices by the end of 2012.

Financial services jobs grow at fastest pace since 2007

5 Jul 2011

PwC/CBI survey shows hiring expectations at their highest since June 2007.

Dilnot: Govt should invest in LTC advice strategy

4 Jul 2011

Dilnot wants Government to invest in a major information and advice strategy to help people with long-term care needs.

FSCS sets aside £30m to repay firms over Keydata

1 Jul 2011

Firms overcharged as part of the £326m interim levy to cover Keydata claims could receive refunds over the next financial year.

FOS chief slams insurers for failing to stop PPI debacle

1 Jul 2011

The FOS has criticised insurers for not acting as soon as they became aware that payment protection insurance policies were being missold.

Euro regulator questions UK move to twin peaks

1 Jul 2011

A European Supervisory Authority has questioned the wisdom of moving to a twin peaks regulatory model, saying it would not work at a European level.

PRA to take over responsibility for with-profits

30 Jun 2011

The FSA says the PRA will be ultimately responsible for regulating the with-profits sector.

FSA keeps crimefighter role

30 Jun 2011

Treasury financial secretary Mark Hoban confirms criminal powers to investigate white collar crime will stay with the FSA.

FCA will act early to slap product ban on firms

30 Jun 2011

Firms could be banned from selling widely accepted products if their sales processes are found to be unacceptable by the Financial Conduct Authority.

Advisers find it hard to lobby Government

30 June 2011

Lifesearch believes that protection advisers and distributors struggle to access the Government when lobbying about protection issues.

'Dilnot proposals based on personal assets'

30 June 2011

The Dilnot Commission on long-term care is expected to include funding proposals based on consumers’ existing assets when it reports next week, according to the Association of British Insurers.

FSA's Cole hammers banks for hard-sell tactics

30 June 2011

The FSA has attacked banks and big financial services firms for basing their business models on aggressive sales tactics.

FSA continues crackdown on landbanking

29 Jun 2011

Landbanking company ordered to pay £920,000 to victims via the FSA.

FSA hints at restructure timetable delay

29 Jun 2011

Sants refers to completion deadline of early 2013 for move to PRA and FCA.

Extra supervision will not significantly reduce FSCS costs

28 Jun 2011

FSA chief executive says more supervisory visits unlikely to translate into a significant reduction in the FSCS levy.

FSA attacks banks over aggressive selling tactics

27 Jun 2011

FSA’s Margaret Cole says high risk of misselling will remain unless banks’ business models are changed.

Revenue slams FSA in split on platform role

24 Jun 2011

HMRC has criticised the FSA for its definition of platforms.

FSA could revisit IFA cap-ad deadline

23 Jun 2011

FSA chief executive Hector Sants says regulator is carefully considering whether 2013 cap-ad deadline for personal investment firms should be extended.

FOS chief executive says £25m levy boost was vital

23 Jun 2011

FOS chief executive Natalie Ceeney tells Natalie Holt that the regulator’s controversial decision to boost the ombudsman’s reserves with a £25m levy was vital

Sants: People will not be excluded from advice under RDR

23 Jun 2011

FSA chief executive says access to advice post-RDR is an “utterly understandable concern”.

Money Advice Service: IFAs will gain from our work

17 Jun 2011

The Money Advice Service says it is not designed to compete with IFAs but will drive demand for advisers and their services.

Ageas wants protection labels based on life cover

16 Jun 2011

Ageas Protect is calling on protection providers to label their products according to the percentage of life cover, critical-illness and income protection elements included.

Bank closure triggers FSCS payout

16 Jun 2011

FSA and Bank of England shut down a small Havant-based bank with retail deposits of £7.4m.

Another FSA director quits role

16 Jun 2011

Director of authorisations Graeme Ashley-Fenn has resigned for personal reasons.

BoE governor King awarded a knighthood

16 June 2011

Bank of England governor Mervyn King has been awarded a knighthood in the Queen’s birthday honours list.

Ex-Treasury ministers say it's wrong to scrap FSA

16 June 2011

Former Treasury insiders have criticised Chancellor George Osborne’s plans to scrap the FSA and replace it with a new regulatory structure.

Ferrans warns FSCS must be reformed or firms will flee UK

16 June 2011

The Investment Management Association has warned failure to reform the Financial Services Compensation Scheme could force fund management firms to move their operations outside the UK.

FSA pressing ahead with ban on non-advised sales

16 June 2011

The proposal to ban non-advised sales for complex products is going ahead despite industry opposition to the move.

Industry and the public could create standards

16 June 2011

The FSA is considering whether the industry and consumer groups should help develop minimum standards to ensure retail financial services products are fit for purpose.

Opinion split on axing products

16 June 2011

The regulator is committed to banning products or certain product features where it bel-ieves it is likely they will cause significant consumer detriment.

FSA warns on Exchange Traded Products

15 Jun 2011

Regulator concerned over marketing and promotional material.

FSA wealth manager warning: 80% of files show risk of unsuitable service

14 Jun 2011

The FSA has sent a Dear CEO letter to wealth managers after it reviewed 16 firms’ files.

Parmenion in Hargreaves Lansdown hire

13 Jun 2011

Platform has appointed Jeanette Cook as head of compliance.

Average gay sum assured increases by £10k

13 Jun 2011

Research from Compass puts average life cover for gay community at £228,524.

Aifa criticises late changes to adviser charging rules

10 Jun 2011

Aifa has criticised the FSA for introducing “significant” changes to its adviser-charging rules with only 18 months to go until the RDR deadline.

Sears: Firms who missold Keydata products are side-stepping liability

10 Jun 2011

Natalie Holt interviews the IMA’s Guy Sears who is pressing for a probe into adviser firms who sold Keydata products

Cable in court bid to shut land banking firms

9 June 2011

Authorities are continuing their crackdown on land banking firms as the Government calls for the closure of six land banking companies through the High Court.Business Secretary Vince Cable has presented petitions in the High Court to wind up six land banking companies.

Sponsor BDO censured over listing rule failures

9 June 2011

The FSA has censured accountancy group BDO for failing to liaise with the UK Listing Authority over a proposed merger deal.

Treasury looks for duo to head OTS

9 June 2011

The Treasury is recruiting a permanent chair and tax director to lead the Office of Tax Simplification.

Money Advice Service launches free online health check

8 Jun 2011

The MAS will start a £4m nationwide advertising campaign on June 9.

FSA to issue guidance on structured product terms

6 Jun 2011

Firms will have to explain to consumers what is meant by terms such as ’guaranteed’, ’protected’ and ’secured’.

Tenet disputes FOS award increase

6 Jun 2011

Increase in FOS award limit to £150k means IFAs are being unfairly treated, says Tenet.

IFAs warned of perils in adding execution-only services

3 Jun 2011

More IFA firms will start to offer execution-only services to some parts of their client bank, says Fidelity International head of UK fund partners Ed Dymott.

Taxbriefs: Sharp rise in cost of advice

3 Jun 2011

The cost of advice will increase as IFAs move to adviser-charging models, says Taxbriefs editorial director Danby Bloch.

FSA won’t back down over platform cash rebates

3 Jun 2011

Tisa says the FSA is unlikely to relent on banning cash rebates on platforms despite widespread industry opposition.

Legacy looms large in the RDR confusion

3 Jun 2011

Concerns over how legacy business should be treated after 2012 is the RDR “elephant in the room”, according to Fidelity International.

IFAs still in denial over move to RDR

2 Jun 2011

Industry experts have warned that many IFAs are still in denial about the difficult business model transition that is required under the RDR.

Treasury on lookout for tax body chiefs

1 Jun 2011

Government has invited applications for a permanent chair and tax director to lead the Office of Tax Simplification.

Don't be scared of restricted advice, says Goddard

27 May 2011

Goddard says duty of care and loyalty is still to the client with restricted advice.

Rennison: FSA must lean on HMRC to provide clear guide to VAT

26 May 2011

The FSA should put pressure on HMRC to produce a clear guide explaining when financial advice is liable for VAT, says The Ideas Lab director Roderic Rennison.

PFS warning over solicitor referrals

26 May 2011

Advisers will have to maintain their independent status if they gain clients through solicitor referrals, says the Personal Finance Society.

FSA notice lays bare Bank of Scotland's investment advice failings

25 May 2011

Advice failings centre on a risk profiling tool used by the bank which classified these clients as having a cautious approach to risk.

ABI issues guidance to speed up death claim payouts

23 May 2011

Claimants will have to complete a declaration agreeing to pay back any money they are not entitled to.

PIMS 2011: FSA concerned over RDR transition risks

20 May 2011

Regulator has told advisers it is concerned over the risk management practices of firms who transition too quickly towards RDR.

NPI drags feet on policy information requests

19 May 2011

NPI has failed to provide an IFA with retirement projections and requested policy information despite the original requests being made three months ago.

FSA fails on third of benchmarks

19 May 2011

The FSA has failed to meet over a third of the benchmarks it uses to measure its service levels.

Aegon UK earnings fall 60%

19 May 2011

Aegon UK pre-tax earnings fell by 60 per cent from £25m in the first quarter of 2010 to £10m for the first three months of this year, as distribution arms Origen and Positive Solutions reported continued losses.

Commission in move to simplify social care laws

19 May 2011

Local authorities will have a legal duty to produce a care and support plan and allocate an individual budget for those in need of social care as part of reforms recommended to the Government.

Lifemark thrown a lifeline of six more months to secure £18m rescue funding

19 May 2011

Lifemark administrator KPMG Luxemburg has been given an extra six months to resolve ongoing liquidity issues and prevent Lifemark from going into administration, Money Marketing understands.

IFA FOS complaints fall again- 1.5% share

18 May 2011

IFAs accounted for just 1.5 per cent of all FOS complaints in 2010/11 with a large number of claims relating to one business.

FSA bans ActivTrades ex-compliance officer

17 May 2011

ActivTrades’ former compliance officer banned and fined £3,000 after firm was fined £85,000 for breaching client money rules.

JP Morgan warns adviser charging could lead to products push

16 May 2011

Report says move to adviser charging could lead to firms encouraging more sales to avoid VAT.

Stewart Ford secures FSA judicial review over Keydata

13 May 2011

Keydata founder granted a judicial review at London’s High Court over the way the FSA investigated Keydata.

Australia adopts its own RDR

13 May 2011

Australia is the latest country to follow the UK in overhauling financial services regulation with plans to adopt retail distribution review-style reforms.

FSA probes Keydata advisers

12 May 2011

Regulator writes to Keydata distributors as part of supervisory investigation.

Aegon distribution arms continue to post losses

12 May 2011

Origen and Positive Solutions recorded a £2m combined loss, as UK earnings fall 60 per cent.

PruProtect caught in direct sales row

12 May 2011

Firm comes under fire from advisers after approaching IFAs’ clients directly to discuss linking their protection policies to inflation.

BBA drops its FOS action as support is withdrawn

12 May 2011

The British Bankers’ Association was forced to drop its judicial review against the FSA and Financial Ombudsman Service over payment protection insurance complaint measures after Lloyds and Barclays withdrew their support.

CII operating income rises 5% to £34m

12 May 2011

The Chartered Insurance Institute has reported an operating income of £34m for the year to December 31, 2010, up 5 per cent from £32.3m in 2009.

Howden gets IFA focus with PYV purchase

12 May 2011

Howden Insurance Brokers has bought the core broking activity of IFA professional indemnity insurance broker PYV. 

'Members wanted legal clarity'

12 May 2011

The British Bankers’ Association has defended its decision to bring the judicial review over payment protection insurance complaint measures, saying its members asked for legal clarity.

Richard freeman

12 May 2011

Intrinsic’s chief executive is focusing on growing the firm’s protection proposition, which he regards as one of the keystones of financial advice that will keep income flowing through the challenges of the retail distribution review Interview by Natalie Holt

S&P warns of buy-to-let negative equity risk

11 May 2011

Ratings agency predicts almost a third of buy-to-let homes could be in negative equity by end of 2012.

Data collection moves FSA towards economic regulation

10 May 2011

Aifa attacks FSA’s proposals on data collection.

BBA's Angela Knight faces calls to resign over PPI

10 May 2011

Banks have questioned the way the trade body handled the judicial review.

Dame Carol Black to speak at Protection Review

9 May 2011

Black is co-chairing the independent review into the UK’s sickness absence system.

BBA will not appeal PPI judicial review

9 May 2011

Trade body says decision not to appeal will provide certainty for bank customers.

Board battered by onslaught at N&P's AGM

6 May 2011

Angry Keydata investors voiced their fury at the Norwich & Peterborough Building Society’s annual general meeting last week over the board’s handling of the crisis.

Bank holds base rate at 0.5%

5 May 2011

Rate rise was thought to be unlikely given recent GDP figures.

ABI and CII reject non-advised ban

5 May 2011

The ABI and the CII say they are against the FSA’s proposal to ban non-advised sales of complex products.

IMA and FSCS look to £18m loan deal to rescue Lifemark

5 May 2011

The FSCS and the IMA are hammering out a deal to provide a loan facility to Lifemark to maximise the value of its life settlement portfolios.

Howden Insurance Brokers to acquire PI broker PYV

3 May 2011

PYV chief executive Neil Pointon will move to Howden as part of the acquisition.

Building societies lend FTBs a hand

28 Apr 2011

Building societies are explor- ing ways of helping first-time buyers, with several schemes expected to be launched by the end of the year.

N&P feels fury of Keydata investors at AGM

28 Apr 2011

Customers hit out at N&P board for delays in dealing with the problems over Keydata.

Advisers face further Keydata levy

28 Apr 2011

Advisers may face the prospect of another Financial Services Compensation Scheme levy in relation to Keydata claims.

Intrinsic could rebrand into IFA and restricted channels

28 Apr 2011

Intrinsic Financial Services is considering consolidating its brands into two distinct channels, separating its IFAs from its restricted advisers.

Fixed-rate mortgage take-up shows first signs of slowing

28 April 2011

The number of borrowers opting for fixed-rate deals has fallen for the first time in a year, according to John Charcol.

Intrinsic £1m scheme pays for RDR study until advisers pass

28 April 2011

Intrinsic Financial Services has made a £1m investment in its retail distribution review training programme, which will pay for members to take the ifs School of Finance diploma for financial advisers.

Long wait looms for customer compensation if ruling goes to appeal

28 April 2011

People who were missold payment protection insurance could be in for a long wait for compensation if the British Bankers’ Association chooses to appeal against the judicial review ruling on payment protection insurance measures.

Staff exodus doubles at regulator

28 April 2011

The number of staff who have left the FSA over the last year has almost doubled compared with the previous year ahead of the move to the new regulatory structure.

Holland to ban commission in RDR-style reform

27 Apr 2011

The Dutch government is to ban commission on products and force banks and independent advisers to be more transparent about costs, echoing the FSA’s retail distribution review.

FSA hit by staff exodus

26 Apr 2011

Move to new regulatory structure sees 352 staff leave the regulator over the last year.

IFA fined £35k for errors on Ucis promotion and advice

21 April 2011

The FSA has fined an IFA firm £35,000 for promoting unregulated collective investment schemes to clients without properly assessing suitability.

ABI sceptical on timetable

21 April 2011

The Association of British Insurers has questioned whether the proposed timetable for implementing the new regulatory structure is achievable, saying it is “ambitious” in the face of on-going initiatives such as the RDR.

Brokers banned and fined £450k

21 April 2011

The FSA has banned four mortgage brokers and imposed fines totalling £450,000 for mortgage fraud.

Early warning poses double jeopardy risk

21 April 2011

Proposed powers for the Financial Conduct Authority to publicise intended enforcement action risk exposing firms to “double jeopardy”, according to the Association of British Insurers.

Matrix publicly censured by FSA for Gtep failings

21 April 2011

The FSA has publicly censured The Matrix Model Group for failings relating to the sale of geared traded endowment policies.

Stability board warns of ETF contagion risk

21 April 2011

The Financial Stability Board has warned of the rapid growth and increasing complexity of the exchange traded fund market.

FOS spent £3,500 for stand at Gadget Show

20 Apr 2011

Advisers have slammed the Financial Ombudsman Service for spending over £3,000 on an exhibit at The Gadget Show Live.

Banks have to review every PPI complaint

20 Apr 2011

FSA says banks have a responsibility to assess whether every PPI complaint can be progressed, rather than simply delay cases.

High Court backs FSA and FOS over PPI

20 Apr 2011

Banks have 21 days to consider whether to appeal.

FSA bans four brokers for mortgage fraud

19 Apr 2011

FSA imposes fines totalling £450,000 on four advisers who used misleading and inaccurate information to secure mortgages.

FSA warns over Geneva-based 'St James Wealth'

18 Apr 2011

Regulator says firm has no connection with St James’s Place and is not authorised to carry out regulated activity in the UK.

'Blocking plans will make FSA a hostage to fortune'

18 Apr 2011

A law firm has warned the FSA’s plans for product intervention risk making the regulator “a hostage to fortune”.

FSA bans IFA for fraud and financial crime offences

15 Apr 2011

Adrian Bancroft has been convicted of 18 financial crime offences, including arranging clients’ policies to be surrendered without their knowledge.

Lloyds cuts another 325 jobs

14 Apr 2011

Latest announcement follows 570 job losses last month.

FSA fines IFA over UCIS failings

14 Apr 2011

Specialist Solutions fined £35k over UCIS failings, with another firm censured over failings related to geared traded endowment policy sales.

Gill Cardy joins software firm

14 Apr 2011

Cardy has joined Bluecoat software to develop its FinPlan practice management system.

Pink launches multi-tied protection panel

14 Apr 2011

Pink Home Loans has launched a multi-tied protection panel which it believes the majority of members will use ahead of its whole of market offering.

FCA must get behind promoting competition

14 April 2011

The Financial Conduct Authority should have a primary duty to promote effective competition in the banking sector, according to the Independent Commission on Banking.

IFAs resigned to missing out on Keydata cash

14 April 2011

Advisers say the Financial Services Compensation Scheme’s decision to award recovered Keydata money to fund companies ahead of IFAs was inevitable but they are still angry over the original decision to class Keydata as an intermediary.

Ringfencing plan for retail banking

14 April 2011

Banks will have to ringfence their UK retail banking activities under plans from the Independent Commission on Banking.

Financial Stability Board warns on ETFs

13 Apr 2011

World’s central banks and regulators say there are a number of “disquieting developments” in the ETF market.

F&TRC to examine commission and tele-underwriting

8 Apr 2011

Protection Forum says differences in commission options and tele-underwriting need to be addressed.

FOS will face audit and open up to FoI

7 Apr 2011

The FOS will be subject to a National Audit Office review and will come under the Freedom of Information Act by the end of 2011.

ABI hits out at FOS £25m levy to build up reserves

7 April 2011

The Association of British Insurers has criticised the Financial Ombudsman Service for its plans to levy the industry to fund a £25m boost to the FOS’s reserves.

Barclays tops regulator list with 276,000 complaints

7 April 2011

Barclays Bank received more complaints than any other financial institution during the second half of last year, with more than 276,000 new complaints.

Towry blames poor record on transfer delays

7 April 2011

Towry group chief executive Andrew Fisher has blamed the company’s poor complaint record on client asset transfer delays as the FSA reveals Towry upheld 97 per cent of complaints over six months.

FSCS adviser levies to be lower than predicted

6 Apr 2011

Investment intermediaries are expected to face a lower levy than the £40m previous estimate.

Veracity sets up forum to open dialogue with FSA

5 Apr 2011

Forum will aim for better communication between the FSA and consultancy firms helping advisers transitioning to the RDR.

Insurers slam Solvency II process

4 Apr 2011

Pan-European insurance bodies have written to the European Commissioner saying their concerns are being largely ignored.

Pru chief paid £4.7m for 2010

1 Apr 2011

Tidjane Thiam will get an annual bonus for last year of £1.57m, despite failed AIA bid.

Peter Jolly to leave the ABI

1 Apr 2011

ABI’s assistant director of consumers and distribution has decided to leave the trade body.

Finance Bill: Govt confirms annual £3,000 junior ISA limit

31 Mar 2011

Treasury says resulting funds could be up to £80,000 if the maximum is contributed over 18 years.

B&B and Northern Rock Asset Management in profit

31 Mar 2011

Northern Rock’s ’bad bank’ is in profit after Northern Rock plc reported a £232m pre-tax loss.

HMRC urged to clear up adviser-charging

31 Mar 2011

Aifa has called for HM Revenue & Customs to provide more clarity on the tax implications of adviser-charging by December after the Government admitted its guidance needs updating.

Aifa calls for consultation to calculate FSCS refunds

31 March 2011

Aifa has called for a Financial Services Compensation Scheme consultation on how money recouped from Norwich & Peterborough Building Society for Keydata investors should be refunded to levy-payers.

Data blunder saw Co-operative funeral customers' details revealed on internet

31 March 2011

A subsidiary of The Co-operative Group has been forced to apologise after personal data about 83,000 customers was published online.

Forecasters warn of threat from deflation

31 March 2011

Economists are forecasting that inflation will be pushed down sharply next year and have warned of the possibility of deflation, despite inflation being at its highest level for three years.

FSA guidelines to deal with chasers

31 March 2011

The FSA is to publish a joint statement with the claim management company regulator, setting out firms’ responsibilities when they get complaints from claim firms.

Hogg quits FSA to join reinsurer

31 March 2011

FSA insurance sector director Ken Hogg is leaving to join reinsurer RGA as chief actuary and financial officer for the UK.

Lloyds gets £15bn backing for branch sale

31 March 2011

JP Morgan and Citigroup are providing a £15bn loan to Lloyds Banking Group after being appointed as joint advisers on the sale of 600 Lloyds branches.

Review to recommend care cost cap

31 March 2011

The independent commission reviewing long-term care funding in England is expected to propose a cap on costs for individuals when it reports in July.The Commission on Funding of Care and Support, chaired by Andrew Dilnot, was set up in July last year.

Barclays tops complaints league table

30 Mar 2011

Over half of the bank’s closed complaints between July and December 2010 were upheld.

Towry receives over 2,000 complaints plus 97% upheld

30 Mar 2011

The bulk of Towry’s complaint figures relate to its takeover of Edward Jones.

Skipton returns to buy-to-let lending

29 Mar 2011

Building society launches two and three-year deals after withdrawing from buy-to-let two years ago.

Lloyds to get £15bn loan to help branch sale

29 Mar 2011

JP Morgan and Citigroup are to provide the loan, as they are announced as joint advisers to the sale.

HMRC admits clarity needed on adviser charging

28 Mar 2011

Revenue acknowledges VAT and tax implications of adviser charging need to be clearer.

Govt to unveil 50% tax relief for start-up investment

28 Mar 2011

The Start Up Britain initiative will be launched today by David Cameron, George Osborne, and Vince Cable.

Nick Clegg signals property tax to fund scrapping of 50p rate

28 Mar 2011

Deputy prime minister says scrapping top rate of tax will be achieved through levies on high-end properties.

Budget 2011: Economists tell MPs we may have deflation next year

24 Mar 2011

Capital Economics and NIESR say factors pushing up inflation now will largely disappear in 2012.

FSA considers QCF level four waiver for disabled or ill IFAs

24 Mar 2011

The FSA has clarified that severely ill or disabled IFAs who want to continue to give advice post-RDR may not have to pass QCF level four by the end of 2012.

Aviva settles death claims in half a day

24 March 2011

Aviva is piloting changes to its teleclaim process that aim to settle life cover claims without sight of a death certificate.

Buoyant Brooks Macdonald relaunches fund business

24 March 2011

Wealth management firm Brooks Macdonald Group is relaunching its fund business in the summer led by former Scottish Widows Investment Partnership sales and marketing director Simon Wombwell.

FOS award limit to rise

24 March 2011

The FSA will announce the Financial Ombudsman Service’s new award limit in May, which is expected to rise from £100,000 to £150,000.

Govt to introduce 10% IHT charity deal

24 March 2011

The Government will introduce a 10 per cent inheritance tax discount for estates leaving 10 per cent or more to charity.

No let-up for with-profits

24 March 2011

The regulator has pledged to continue its crackdown on with-profits and will publish final rules for providers later this year.

Budget 2011: Green investment bank gets £2bn extra funding

23 Mar 2011

Additional funding means the green investment bank can start investing a year earlier than planned.

Budget 2011: Osborne says 50% income tax rate is temporary

23 Mar 2011

HMRC has been asked to review the revenues raised from the top rate of tax.

Ageas to carry on paying indemnity after £5m hit

22 Mar 2011

Ageas Protect says the business will continue to pay indemnity commission despite suffering a £5.6m charge following the liquidation of a subsidiary of Click

FSA confirms 10% increase in budget

22 Mar 2011

The FSA has confirmed that overall regulatory funding will see a gross increase of 10.1 per cent over the next year, from £454.7m in 2010/11 to £500.5m for 2011/12.

Aifa calls for professional advice sub-class of FSCS

18 Mar 2011

Advisers could foot the bill if Treasury recalls FSCS loan

18 Mar 2011

Warning that whole industry could pay if the Treasury calls in an £18bn loan paid to cover the cost of the banking crisis.

Milton introduces client fee to offset rising FSCS costs

18 Mar 2011

Philip J Milton & Company is introducing a 2 per cent client fee to cover regulatory costs following the huge hike in FSCS costs.

Lloyds axes 570 jobs - C&G intermediary arm to close

17 Mar 2011

C&G for Intermediaries will no longer accept new and existing mortgage applications from March 31.

Which? fears PRA veto could benefit banks

17 Mar 2011

Which? is concerned that the Prudential Regulation Authority’s power of veto over the Financial Conduct Authority will see banks’ own interests prioritised over their treatment of customers.

Regulatory Legal gets discount on FSCS review costs

17 Mar 2011

Regulatory Legal has negotiated down the FSCS’s costs for fighting the Keydata judicial review from more than £300,000 to £210,000.

PPI misselling has increased FSCS levies 70-fold, says Biba

17 March 2011

Payment protection insurance misselling has caused a 70-fold increase in Financial Services Compensation Scheme levies for the insurance intermediary sub-class, according to the British Insurance Brokers’ Association.

Brooks Macdonald to launch new funds business

16 Mar 2011

Firm posts £3m profit and unveils plans to launch new funds business led by former SWIP sales and marketing director Simon Wombwell.

Forecast tool uses smiley face icons to explain risk

15 Mar 2011

Financial forecasting tool provider eValue FE is testing a visual tool that aims to help advisers explain investment risk to clients.

FSA fines foreign exchange broker £85k

15 Mar 2011

FSA has fined ActivTrades Plc for breaching client money rules.

Look beyond insurance for LTC, says thinktank

15 Mar 2011

A public-private partnership scheme to fund long-term care is the best way for the financial services industry to encourage people to save, according to the Strategic Society Centre.

Baigrie calls for fight against Euro gender rules

11 Mar 2011

Lifesearch managing director Tom Baigrie has called on the Treasury and the ABI to fight against the European Court of Justice’s ruling to ban the use of gender in pricing products.

ABI says it did all it could to oppose Euro gender ruling

11 Mar 2011

The Association of British Insurers has hit out at suggestions it did not do enough to influence the European Court of Justice’s ruling on the use of gender in pricing products.

Aifa proposes professional advice FSCS sub-class

10 Mar 2011

Trade body says professional advice sector could be separate from stockbrokers or firms where intermediation is a secondary activity.

British Friendly offers first IP deal via advisers

10 Mar 2011

British Friendly is offering an income protection plan through advisers for the first time.

British Friendly offers first IP deal via advisers

10 March 2011

British Friendly is offering an income protection plan thr-ough advisers for the first time.

Personal Touch will pay the FSCS levy for its members

10 March 2011

Personal Touch Financial Services is absorbing the cost of the Financial Services Compensation Scheme interim levy on behalf of its members.

Regulator's salaries leap by 22% over five years

10 March 2011

Average salaries for FSA staff have risen 22 per cent over the last five years from £41,975 to £51,232.

Click closure costs Ageas £5.6m

9 Mar 2011

Ageas Protect have factored in expected lapses in the one-off impairment charge.

CII launches its £2K exam alternative

7 Mar 2011

Advisers can use free diagnostic tool to see if alternative assessment is suitable for them.

SJP: 'Independence is not what we thought it was'

7 Mar 2011

The St James’s Place business model is no more restricted than most IFAs, says SJP chief executive David Bellamy.

PTFS absorbs FSCS levy cost

3 Mar 2011

Network will not be passing on FSCS levy costs to members.

Intervention looms due to concerns over Dif conflicts

3 Mar 2011

The FSA says it may need to intervene in the distributor-influenced funds market due to concerns over conflicts of interest and complex charges.

FSA wages rise 22% in five years

3 Mar 2011

Average senior management salaries have risen to £236,950.

Former IFA Defence Union chief Owen setting up as claim chaser

3 Mar 2011

Former IFA Defence Union chairman Evan Owen is moving into claim management.

ABI sets the standard with TPD definitions

3 March 2011

The Association of British Insurers’ updated statement of best practice for critical-illness cover marks the end of the long-running industry debate over how to resolve issues with total and permanent disability.

Claim companies should contribute to FOS, says ABI

3 March 2011

The Association of British Insurers has called on the Financial Ombudsman Service to look at ways for claim management firms to contribute to FOS funding.

Fund firms want Keydata inquiry

3 March 2011

Fund management chief executives have called for an independent inquiry into the failure of Keydata to avoid similar failures in the future.

N&P delay on 400 Keydata complaints

3 March 2011

Regulatory Legal says Norwich & Peterborough Building Society has failed to address a single complaint out of the 400 it has lodged on behalf of Keydata investors.

Third of MPC now backing bank rate rise

3 March 2011

Three members of the Bank of England’s monetary policy committee voted to increase interest rates in February, raising the likelihood of a rise this month.

ECJ ruling a "seismic event" which will reshape retirement

1 Mar 2011

Lifesearch says ECJ made a “horrible mistake” in ruling insurers cannot use gender to price products.

FSA could intervene in DIFs market

28 Feb 2011

Regulator warns on conflict of interest issues and complex charges.

FSA sends out network business model warning

28 Feb 2011

Regulator says systems and controls weaknesses and low profitability mean networks are an emerging risk.

FCA power to ban products will lead to pre-approval

28 Feb 2011

Law firm says new regulator’s powers to ban products and limit sales will effectively introduce product pre-approval despite Govt denials.

Fund management chiefs call for Keydata inquiry

25 Feb 2011

Investment industry says inquiry is needed to ensure lessons are learned.

Loaded premiums may have to be disclosed

25 Feb 2011

Protection advisers may have to tell clients if a premium has been loaded following the FSA’s review of oral disclosure requirements.

Royal London sees 26% rise in new business

24 Feb 2011

Scottish Life, Ascentric and Royal London Asset Management among the group’s strongest performers for 2010.

Legal fears on early warning

24 Feb 2011

Financial services lawyers and Aifa have raised strong concerns over Government proposals to allow the new financial regulator to publicise ongoing enforcement investigations.

Buoyant Leeds looks to lift lending by a quarter

24 February 2011

Leeds Building Society is targeting a 25 per cent increase in new mortgage lending this year after posting a 33 per cent rise in profit for 2010 to £42.2m from £31.7m in 2009.

Ex-Macquarie wrap head Nash to develop platform for Zurich

24 February 2011

Zurich Financial Services Group has recruited former Macquarie head of product and proposition for wraps and wealth management Adrian Nash to develop its platform.

Product power will bring big changes

24 February 2011

Granting the Financial Conduct Authority the power to ban or limit the distribution of products for up to a year will dramatically change the way products are sold, says PricewaterhouseCoopers.

First wave of ex-Clarkson Hill advisers gain investment permissions

23 Feb 2011

Former advisers who joined Merchant House and Money begin to be granted CF30 authorisation from the FSA.

Third MPC member joins call for rate rise

23 Feb 2011

Andrew Sentance, Martin Weale and Spencer Dale voted for a rise in interest rates of between 0.25 per cent and 0.5 per cent.

Resolution says no need for further acquisitions

23 Feb 2011

Company says targeted returns can be met without further acquisitions.

Leeds Building Society aims to boost mortgage lending

22 Feb 2011

The society plans to increase new mortgage lending by 25 per cent this year.

ABI publishes new standard TPD definitions

21 Feb 2011

Updated statement of best practice for critical illness cover follows lengthy industry consultation.

Protesters target Barclays over tax bill

21 Feb 2011

Campaigners descend on Barclays after the bank revealed it paid £113m in corporation tax on a profit of £11.6bn.

Aifa warns on 'guilty until proven innocent' approach

17 Feb 2011

Policy director Andrew Strange says plans to publicise details of ongoing enforcement investigations are worrying.

Apology over rate errors on NPI site

17 Feb 2011

The Phoenix Group and Henderson have apologised after 15 fund factsheets posted on NPI’s website listed incorrect annualised growth rates.

Govt announces external FPC members

17 Feb 2011

Sir Richard Lambert has been named as one of the external members of the interim Financial Policy Committee.

IFAs report growth in annual income

16 Feb 2011

NMG Consulting found that 41 per cent of advisers have seen their income go up over the past year.

Audit tools help advisers gauge RDR compliance

10 Feb 2011

Consultancy firm Engage Partnership is offering a suite of audit tools for advisers to measure how RDR-compliant their businesses are.

Paymentshield in indemnity commission deal

10 Feb 2011

Paymentshield is offering advisers an additional commission option which will pay 60 per cent indemnity commission over two years.

Keith Richards: Premium could pay for FSCS and FSA

10 Feb 2011

Tenet distribution and development director suggests the FSA and the compensation scheme could be funded by premium charged on investments.

Davy: Put a small levy on all products

10 Feb 2011

SimplyBiz chairman Ken Davy says a levy on all financial services products would be a simple, fair and cost-effective way of funding the FSCS.

Bankers press FSA for simple advice model

10 February 2011

The British Bankers’ Association has written to the FSA calling for a simplified advice model to allow mass market consumers to continue to have access to advice after the RDR.

FSA roadshows aim to help small IFAs with RDR

10 February 2011

The FSA is running a series of RDR roadshows throughout England to help firms prepare their businesses ahead of the January 2013 deadline.

BBA sets out case to FSA for simplified advice model

8 Feb 2011

BBA chief executive Angela Knight has written to the FSA over concerns about access to advice after 2012.

Tenet posts £1.6m pre-tax loss

7 Feb 2011

Losses are 60 per cent down on the £1m loss posted for 2009.

What do you want in the Budget?

4 Feb 2011

Government launches online portal for public to send in ideas on what should be included in the Budget.

Nest talks with FSA over RU64 rule

3 Feb 2011

Nest has spoken with the FSA over the possibility of applying the RU64 rule to the Nest auto-enrolment scheme.

Ernst & Young VAT warning over platform reform

3 Feb 2011

VAT may be applied to platform fees and rebates under the FSA’s rules on platform charging, according to Ernst & Young.

FSA announces RDR roadshows

3 Feb 2011

Places at the nationwide roadshows are limited to one person per firm.

Advisers slam huge FSCS levy variations

3 February 2011

Advisers have slammed the Financial Services Compensation Scheme’s “complex and opaque” funding system after being hit with massive variations in their annual bills.

FSA’s fine fund brings lower fees for IFAs

3 February 2011

FSA costs are to rise by 10 per cent from £454.7m to £500.5m but the total fees paid by advisers will reduce due to money collected through fines.

IFP aims to customise level 4 exam as gap-fill alternative

3 February 2011

The Institute of Financial Planning is in discussions with qualification provider Calibrand about developing a customised version of its QCF level four diploma as an alternative to gap-filling.

'Mass market will be under-served after RDR'

3 February 2011

Tenet and Aviva says Barclays’ decision to close its advice arm should prompt the Government and the FSA to think again about the retail distribution review’s impact on access to advice.

System aims to offer toolkit to cover front and back offices

3 February 2011

Tenet is developing a front and back-office system for its members which will be rolled out over the next year.

Treasury committee review is last chance to influence RDR

3 February 2011

Aifa director general Stephen Gay says the Treasury select committee inquiry into the retail distribution review could be the last opportunity to influence the final outcome.

Lloyds axes 900 brokers from its panel

2 Feb 2011

Lloyds Banking Group has struck 900 mortgage brokers off its panel over the last three years.

Towergate secures £200m private equity investment

31 Jan 2011

The £200m investment from Advent International is conditional on Towergate raising new debt facilities.

Man jailed after failing to comply with FSA court order

28 Jan 2011

Francois de Dietrich is believed to behind an illegal investment scheme.

Aifa: "pressure group" tactics only effective in short term

27 Jan 2011

Director general Stephen Gay says Aifa should be consistent in approach.

Aifa: Banks will struggle more than IFAs with RDR

27 Jan 2011

Aifa director general Stephen Gay says IFAs should be optimistic about the advice market.

Aifa questions role of accreditation

27 January 2011

Aifa has questioned the “value and role” of accredited bodies, saying the FSA’s professionalism rules will bring no consumer benefit for “substantial cost”.

Extension plea is rejected

27 January 2011

The FSA has resisted the Financial Services Skills Council’s calls for an extended transition period for advisers to obtain a QCF level four qualification.

FSA staff pay frozen for second year

27 January 2011

Most FSA staff have had their pay frozen for the second year in a row.

'Unjust and inequitable' - Aifa's verdict on £93m levy

27 January 2011

Aifa has slammed the Financial Services Compensation Scheme’s £93m interim levy on advisers, saying it is “unjust and inequitable”.

Govt tightens up on firms buying mortgage books

26 Jan 2011

Treasury announces new protection for homeowners whose mortgages are sold on by their lender.

FSA considers new specialist qualification for advisers

25 Jan 2011

Regulator seeks feedback on whether non-mainstream advice should be subject to additional specialist qualifications.

FSA: "We will not be a product gatekeeper"

25 Jan 2011

Regulator says it would be unjustified for it to authorise all products.

Aifa says professionalism rules offer no consumer benefit

21 Jan 2011

Policy director Andrew Strange fears rules will lead to substantial cost without benefiting consumers.

Severn slams FSA over consultation process for investment guidance

21 Jan 2011

Former FSA head of retail policy David Severn and PFS president Fay Goddard raise concerns over the consultation process for the FSA’s recent investment guidance.

Fidelity presses for platform cash rebate rethink

20 Jan 2011

Firm fears that ban could further complicate the platform market.

Firms must report advisers failing professionalism standards from July

20 Jan 2011

Firms will have to notify the FSA if an adviser shows poor competence or unethical behaviour.

Aviva Wrap cuts charges

20 January 2011

Aviva Wrap is cutting its maximum charges from 0.55 per cent to 0.25 per cent for new customers investing in Isas and collective investments through the platform.

Survey rates platforms for financial strength

20 January 2011

Axa Wealth, Transact, Skandia and Standard Life have been rated as the financially strongest platforms on the market by Defaqto.

Aviva launches hard-hitting TV ad campaign for life insurance

17 Jan 2011

The first advert will be aired tonight with the national campaign running for a month.

Lakey sets up CI website to compare provider cover

14 Jan 2011

Highclere Financial Services partner Alan Lakey has developed a critical-illness website which compares the cover available from different providers.

Alliance Trust aims for IFA boost

13 Jan 2011

Alliance Trust Savings is looking to boost the volume of business it takes from IFAs from 10 per cent of total sales to 50 per cent.

FSA fines ex-analyst £50,000 for instant messaging

13 Jan 2011

Christopher Gower sent an instant message to 14 clients giving the impression of inside information.

Another bank in line for fine as FSA hits RBS and NatWest with £2.8m penalty

13 January 2011

The FSA has fined Royal Bank of Scotland and NatWest £2.8m for poor complaint-handling procedures and hinted that another bank may be sanctioned.

FSA finds flaws in risk tools

13 January 2011

The FSA has warned advisers against relying on risk-profiling tools after identifying weaknesses in nine out of 11 tools it reviewed.

FSA may fine one more bank over complaints

11 Jan 2011

Two banks have been referred to FSA’s enforcement division over complaints handling, with one bank yet to be sanctioned.

Leadbay sells assets to Mitchell Farrar Group

10 Jan 2011

Parent of Debt Advisory Line has acquired Leadbay’s principal trading assets and brands.

FOS freezes case fee and industry levy

10 Jan 2011

FOS will freeze case fee at £500 for second year running.

Europe looks to clampdown on execution-only

7 Jan 2011

European Commission consults on banning execution-only services.

Voyant UK appoints director of sales

6 Jan 2011

Gary Shepherd joins the IFA technology firm Norland Technology.

Towergate in talks over £200m private equity deal

6 Jan 2011

Towergate is said to be close to securing a £200m cash injection from Advent International.

Ashcourt Rowan parent appoints group COO

6 Jan 2011

Director of planning Jeremy Rance has been promoted to group chief operating officer.

Heath teams up with Adviser Alliance

6 January 2011

Former IFA Association director-general Garry Heath has joined campaign group Adviser Alliance.

Sants tells MPs that misselling costs the public £600m a year

6 January 2011

The FSA has written to the Treasury select committee ahead of its formal submission of written evidence, claiming the RDR will help stamp out up to £600m of misselling each year.

Sharp rise in bankrupt pensioners

5 Jan 2011

The number of bankrupt individuals over 65 has shot up six-fold over the last decade.

Standard extends offer period for Focus shareholders

4 Jan 2011

Offer period for Standard Life’s £42m acquisition of Focus has been extended until January 14.

Nucleus completes £15m cash call

21 Dec 2010

One IFA firm provided a single investment of £780,000 to the rights issue.

FSA confirms 30-month qualification deadline for new advisers

17 Dec 2010

Final rules apply to advisers who joined the retail investment advice sector after June 30, 2009.

FSA to review exam standards for pension transfers and mortgages

17 Dec 2010

Standards for ’acting as a pensions transfer specialist’ to be reviewed in Q1 next year.

True Potential to launch wrap platform

16 Dec 2010

True Potential is launching a wrap platform, which could be operating as early as the first quarter of next year.

Stretched FSA to cut focus on small firms

16 December 2010

Govt calls on industry to develop simple products

14 Dec 2010

Treasury wants industry to develop simple savings and protection products as a priority.

Missing link in a Big Society

13 Dec 2010

Industry needs to tap into the Government’s Big Society idea to get political momentum behind boosting saving levels.

'Show us the promised land of regulatory divis'

13 Dec 2010

Aifa and PFS renew calls for the FSA to offer regulatory dividends for firms working to comply with the retail distribution review.

Mixed reaction over approved regime delay

10 Dec 2010

Trade bodies split on FSA decision to postpone introduction of approved person regime for mortgage brokers.

Comparison service launched for guaranteed retirement options

10 Dec 2010

Capita Financial Software service includes nine products from six providers.

Sesame Bankhall hosts virtual conference

10 Dec 2010

Last conference of the year will cover investment markets, tax planning, business transition and protection.

£1.25m cost of FSA Xmas parties

9 Dec 2010

Regulator spent £107,814 on 2009 Xmas party.

Click talks on self-employed deal for ex-staff

9 Dec 2010

Non-advised protection firm Click is looking at developing a self-employed business model for staff affected by the company’s restructure.

Aifa fears advisers being used as blank cheque for education

9 December 2010

Aifa is concerned that advisers will be viewed as a blank cheque to bankroll the Government’s plans for a national financial advice service.

Flexibility call to change rules to suit situation

9 December 2010

Bank of England deputy governor for financial stability Paul Tucker wants to reserve the right to change the rules on issues such as capital requirements at different stages in the credit cycle.

Gay leads strategic review at Aifa

9 December 2010

Aifa is launching a strategic review of the trade body following the arrival of new director general Stephen Gay.

Industry needs to make effort to influence policy

9 December 2010

Liberal Democrat Lord Newby says the financial services industry needs to work harder to try to influence regulatory policy at a European level.

Standard buying tech firm Focus for £42m

9 December 2010

Standard Life is to buy technology firm Focus Solutions Group in a £42m deal expected to complete by early January.

True Potential sets up valuation links

9 December 2010

IFA services provider True Potential has added valuation links with three new platform providers to allow clients access to asset valuations via their adviser’s website.

Nucleus advisers propose one page platform disclosure

8 Dec 2010

Nucleus advisers call for A4 document to be implemented across the platform industry.

Aifa launches strategic review to ensure it is fit for purpose

7 Dec 2010

First move of new director general Stephen Gay is to launch a strategic review of Aifa, Ami and the AFB.

FSA bans stockbroker for market abuse

6 Dec 2010

SP Bell director banned for his role in ramping up a company’s share price.

CBK rebrands as it adds simplified advice service

2 Dec 2010

CBK Colchester rebrands as Plan Money as part of a restructure which will see the firm offer clients different levels of advice.

Aifa doubts effectiveness of professional statements

2 December 2010

Aifa has questioned whether the FSA can justify the cost of the proposed statements of professional standing, saying they are unlikely to achieve their objective of restoring consumer confidence.

RDR standard-setter fears adviser exodus

2 December 2010

The Financial Services Skills Council has warned that the RDR will fall short of its objective of achieving good consumer outcomes if not enough advisers remain in the industry.

US couple charged with insider dealing

1 Dec 2010

Couple charged as a result of joint investigation by the FSA, the Securities and Exchange Commission and Department of Justice.

ABI appoints director of investment affairs

29 Nov 2010

Jonathan Davis will join in January, succeeding Peter Montagnon.

Senior manager found guilty of insider dealing and money laundering

26 Nov 2010

Neil Rollins traded on knowledge obtained through his senior role then laundered the proceeds.

ABI will keep TPD name

25 Nov 2010

The Association of British Insurers has agreed to keep the term “total permanent disability” ahead of the publication of its updated statement of best practice for critical-illness cover, due early next year.

Cap-ad scrutiny to continue

25 November 2010

The FSA is to carry out supervisory reviews of all platforms to ensure they meet its capital adequacy requirements.

FSA charges five individuals with insider dealing

25 Nov 2010

Charges relate to 17 counts of insider dealing for trading ahead of takeover announcements.

FSA retreats on plans for bundled platform charges

25 November 2010

The FSA has shied away from introducing a ban on rebates between fund managers and platforms and instead is calling for “improved disclosure” of the payments.

Mortgage Centre IFA links with developer to set up loan deals

25 November 2010

Mortgage Centre IFA has entered into a partnership with property developers the Candy Brothers to offer short-term loans and developer finance.

Waters to leave FSA

25 November 2010

FSA director of conduct risk and asset management sector leader Dan Waters is leaving the regulator.

Aifa doubts consumer benefit of practising certificates

24 Nov 2010

Trade body says certificates will be difficult to police and doubts whether they will improve consumer confidence.

Dan Waters to leave the FSA

23 Nov 2010

FSA director of conduct risk and asset management sector leader has decided to leave the regulator.

Click cuts jobs and scales back operations

22 Nov 2010

Non-advised protection firm Click has cut over 50 jobs in its Farnham and Manchester offices as it scales back its term assurance offering with immediate effect.

Mortgage Centre IFA launches short-term lender with Candy brothers

22 Nov 2010

Lender will offer short-term loans and finance for property developers.

MetLife won't move into IFA protection sector

19 Nov 2010

MetLife has ruled out extending its protection proposition to add an IFA arm in the UK.

Insurers say ABI's new TPD definitions are too complicated

19 Nov 2010

Insurers believe that the ABI’s’ new name and standard definitions for total permanent disability are too complicated for consumers to understand.

Income data deal up and running soon

18 Nov 2010

An income verification scheme allowing lenders and HM Revenue & Customs to share data with each other will be up and running by the end of the year.

Aviva platform poised to add phased drawdown

18 November 2010

Burton: ’We see an enormous opportunity for income drawdown on Sipps’

Look for a long-term link-up for protection sales

18 November 2010

Long-term investment and savings products such as pensions represent the ideal opportunity for a link-up with simple protection sales, says Pacific Life Re.

Poor LTC advice costs councils £1bn a year

18 November 2010

Local authorities in England face a long-term care bill of almost £1bn a year because many people funding their own care do not receive appropriate financial advice, says Partnership.

Pru sales steady as M&G slumps

18 November 2010

Prudential saw a 3 per cent rise in total UK annual premium equivalent sales for the first nine months of the year, up from £534m to £548m.

Skandia predicts bonds and pensions will rush to wraps

18 November 2010

The majority of IFAs are planning to increase the amount of pension and bond business they write via a platform in the run-up to the retail distribution review, according to Skandia.

FSA to carry out platform cap ad reviews

17 Nov 2010

Regulator to ensure that platforms have adequate resources under capital requirements directive.

FSA to monitor platform conflicts of interest

17 Nov 2010

Regulator says it will be closely monitoring how firms who own a stake in their platform manage conflict of interests.

Standard Life may acquire Focus Solutions

17 Nov 2010

Provider and IT firm Mastek are seen as frontrunners to acquire the software firm.

L&G seeks simpler solution to wraps

12 Nov 2010

Legal & General managing director of platform and distribution Geoff Towers says the provider is not ruling out any options as it looks to develop its wrap strategy.

L&G catching the new platform wave

12 Nov 2010

Geoff Towers, the man credited with building Standard Life’s platform business, is now exploring where Legal & General could fit into “the new wave” of the platform market.

Tisa updates on re-reg project

12 Nov 2010

Draft service level agreements are due for peer review at the end of the week.

Committee rules against FSA rejection of ex-Park Row adviser

11 Nov 2010

The FSA’s Regulatory Decisions Committee has overturned the regulator’s decision to deny reauthorisation to a former Park Row adviser.

1st Exchange appoints chief technical officer

11 Nov 2010

John Cunningham joins from Omnibus Systems.

Aviva Wrap scraps initial charges

11 Nov 2010

Aviva is permanently removing the 0.5 per initial charge for new and existing customers.

FSA and the Treasury fight Euro court gender verdict

11 November 2010

The FSA and the Treasury have challenged calls from the European Court of Justice to ban the use of gender to price products.

Lloyds risk chief linked to senior FSA post

11 Nov 2010

Bank’s chief risk officer is thought to be in line for senior role at the new regulator.

Resolution hints at smaller acquisition deals to come

11 Nov 2010

The company says its life consolidation project could include “a series of smaller bolt-on steps.”

Aegon individual protection head to leave

10 Nov 2010

Head of individual protection sales and distribution development Alun Beynon will leave on December 3.

Focus Solutions in takeover talks

10 Nov 2010

Discussions are in early stages over a possible takeover.

FSA director quits for Deloitte

9 Nov 2010

Director of financial stability David Strachan has been leading the transition to the new regulatory structure.

Profits at Barclays UK banking arm up 20%

9 Nov 2010

Barclays made a £100m gain on the acquisition of Standard Life Bank.

Bright Grey underwriting chief moves to Aviva

8 Nov 2010

Robert Morrison has joined Aviva after seven years at Bright Grey.

Towry prepares for stock market listing

8 Nov 2010

STJ Advisors has been hired to prepare the firm for a float.

Homeloan porting hit by interest-only clampdown

5 Nov 2010

Brokers have warned that the clampdown on interest-only deals is hitting borrowers’ ability to port their mortgage and risks stifling the market.

FSA can't pay regulatory divi

5 Nov 2010

It is impossible for the FSA to implement regulatory dividends for IFA firms under its current fee system, says Lansons’ Richard Hobbs.

There's life in the IFA species yet

5 Nov 2010

LibDem Treasury spokesman Lord Newby has amended his controversial position on the future of IFAs following outcry.

Protection quotes for loans

4 Nov 2010

Back-office system provider MortgageKeeper is offering an add-on facility that generates protection quotes based on data from live mortgage applicants.

Tribunal slams FSA on approval process

4 Nov 2010

Upper tribunal says CF1 application form is poorly designed and overturns FSA decision to refuse IFA application for director approval.

Aifa says grandfathering would cause confusion

4 November 2010

Aifa has argued against the FSA allowing grandfathering as part of the RDR, saying it would leave clients confused about the standards of advice.

First workshop will help public to plan

4 November 2010

Life planning venture Project Eve is hosting its inaugural consumer workshop this month to help consumers understand and improve their financial situation.

Northern Rock CEO steps down

4 Nov 2010

Hoffman is on gardening leave until next April when he moves to NBNK Investments.

Who will be first with Skype service?

4 November 2010

Advisers need to develop models which allow clients to transact face-to-face in an online environment, says Aifa.

Two arrests in FSA insider dealing investigation

2 Nov 2010

Two properties in London and one in Germany have also been searched as part of the investigation.

Advisers back Precise move into residential lending

29 Oct 2010

Brokers have welcomed Precise Mortgages’ move into residential lending which they say will plug the current gap in the credit-impaired market.

House of pain

29 Oct 2010

Homeowners are facing tough times after the cuts. Natalie Holt reports.

Aifa says adviser-charging creates "free distribution" for providers

28 Oct 2010

Trade body calls for sensible debate about how providers’ distribution costs should be assessed post-RDR.

ABI in call for framework on long-term care

28 October 2010

The Association of British Insurers has called for local authorities to work via a national framework in delivering long-term care to bring clarity on who qualifies for support.

Back-office spending to be reduced by £6bn

28 October 2010

Chancellor George Osborne has pledged to cut £6bn from Government back-office spending as part of the spending review, double the original savings pledge of £3bn.

'Fast-track would have developed into self-cert'

28 October 2010

The FSA says fast-track mortgages would have become “self-cert by another name” if the process was retained under the mortgage market review.

Gale wants IFAs to embrace inevitable change

28 October 2010

Aegon distribution board chairman Patrick Gale has urged advisers to embrace the RDR despite a growing momentum in Parliament to challenge the review and its impact.

Regulator says CML is jumping the gun over effects of MMR

28 October 2010

The FSA has criticised the Council of Mortgage Lenders for making “premature” assumptions about how proposals in the mortgage market review will affect the industry.

Scot Prov reprices life and CI cover

25 Oct 2010

Majority of rates have been reduced with some staying the same or increasing.

FSA concern over network wrap risk

22 Oct 2010

Regulator says networks may struggle to manage the risks posed by the different ways their ARs use platforms.

Towry says wrap firms own clients

22 Oct 2010

Clients with assets on a platform are owned by the wrap provider and not by the adviser, according to Towry group chief executive Andrew Fisher.

CII alternative to exam to launch in March

22 Oct 2010

The launch had been planned for Q4 this year.

FSA hits back at CML over MMR claims

22 Oct 2010

Regulator says trade body has made “premature” judgements about the mortgage market review.

Protection Review in talks on academy

21 Oct 2010

Protection Review is in talks with the Personal Finance Society to set up a national independent training academy to boost protection knowledge across the industry.

'£200bn in assets needed to survive'

21 October 2010

Platforms will need £200bn of assets under management to survive and will eventually charge just 10 basis points for their services, according to Towry group chief executive Andrew Fisher.

FSA joins McDonald's RDR row

21 Oct 2010

FSA director of conduct policy Sheila Nicoll says qualifications must reach QCF level four.

FSSC restructures to become charity

21 October 2010

Field: ‘A natural move for us’

PruProtect boosts its criticalillness cover

21 October 2010

PruProtect has improved its critical-illness cover by offering premium reductions where a cancer exclusion is applied.

CSR: £2bn allocated to universal benefit

20 Oct 2010

The Government has also outlined a package of welfare reforms worth £7bn, including a cap on benefits.

CSR: Govt extends SMI changes to 2012

20 Oct 2010

Changes to Support for Mortgage Interest payments were due to expire in 2011.

FSA wins market abuse case at tribunal

20 Oct 2010

The Financial Services and Markets Tribunal has ruled to increase a market abuse fine imposed by the FSA by £20,000.

Protection pact for Friends and Axa

15 Oct 2010

Pair agree on what elements of each protection business will be kept under combined brand.

21-Week wait as regulator tightens up

14 October 2010

The FSA is taking nearly three times longer to approve new authorisations than it did before the credit crunch, according to figures obtained under the Freedom of Information act.

Bright site targets advisers set to quit

14 October 2010

IFA consolidator Bright Financial Services has launched a website detailing its acquisition process for IFAs considering leaving the industry.

Check emails as well as social media comply with FSA rules

14 October 2010

Advisers are being warned to ensure their emails to clients comply with the FSA’s financial promotion rules.

EC and IMF back move for a tax on bank profits

14 October 2010

The European Commission and the International Monetary Fund have both backed the introduction of a tax on banking sector profits to stabilise the banks and curb risk-taking behaviour.

FSA must be told if there are concerns over adviser ability

14 October 2010

Firms must notify the FSA if they uncover issues with an adviser’s competence, including brea-ches of ethics rules.

Protection fears on letters of authority

14 October 2010

CBK Colchester director Peter Chadborn has warned that the blanket approach taken by some life offices in responding to letters of authority is seeping into the protection market.

Tisa testing out re-reg process

14 October 2010

The Tax Incentivised Savings Association will carry out a series of pilot exercises for its re-registration programme over the next three months.The aim of the programme is to streamline the process of transferring assets from one platform provider to another and make the process fully automated.

FSA fines two brokers £415k for mortgage fraud

12 Oct 2010

Three individuals have been banned for mortgage fraud with two fined almost £415,000.

PPI rules open door to retrospective regulation, says BBA

11 Oct 2010

BBA says PPI complaints measures could have implications for all product areas.

Staff feel 'railroaded' by Co-op IFA takeover transfer

8 Oct 2010

Employees of the Co-operative Bank’s IFA arm have hit out at the way the transfer to new owner Ashcourt Rowan Financial Planning has been handled.

Macquarie boosts adviser team with James Hay hires

8 Oct 2010

Macquarie Wrap has hired two business development managers and a training and relationship manager.

FOS fee rise will hit PI costs

7 Oct 2010

The FSA admits that its proposed increase to the Financial Ombudsman Service award limit from £100,000 to £150,000 may increase professional indemnity insurance costs for adviser firms.

Ashcourt Rowan swoops for Co-op IFA in trail cash deal

7 October 2010

Ashcourt Rowan Financial Planning has bought the Co-operative Bank’s IFA arm and is paying £450,000 for the firm’s trail commission receipts.

Complaints about banks rise to over 1.25 million

7 October 2010

Complaints about adviser firms fell by 9 per cent in the first half of this year compared with the same period last year while complaints about banks and building societies rose by 5 per cent.

Graham to be L&G individual protection MD

7 October 2010

Peter Graham has taken over from Bernie Hickman as managing director of Legal & General’s individual protection business.

Profit rethink for networks

7 October 2010

Networks are going to have to find new ways to stay profitable once firms make the transition to adviser-charging, according to technology firm SSP.

Regulatory creep warning over rise in FOS award limit

7 October 2010

Advisers and lawyers have war-ned of regulatory creep following the FSA’s proposal to raise the Financial Ombudsman Service compensation limit from £100,000 to £150,000.

Taskforce on the road to promote IP benefits

7 October 2010

The Income Protection Task Force is about to embark on a series of adviser roadshows aimed at boosting the take-up of income protection products.

Firms forced to report competence concerns

6 Oct 2010

Firms will have to inform the FSA where there are issues with their advisers’ competence or ethics.

Canada Life launches group CI policy

5 Oct 2010

Features include access to the Red Arc and Best Doctors services and a claims helpline.

Bosses that ignore FSA warnings will be replaced

4 Oct 2010

FSA chief executive Hector Sants says the regulator reserves the right to change boards or force management out altogether.

Govt unlikely to sell bank stakes soon

4 Oct 2010

Launch of the Banking Commission means Government will be forced to hold on to RBS and Lloyds stakes.

Ex-FSA chair Davies in talks to join Pru

1 Oct 2010

Sir Howard Davies is expected to become a non-executive director of Prudential.

Nucleus in £15m cash call

1 Oct 2010

Nucleus to restructure its debt with Sanlam with £15m rights issue.

Sir Alan Budd returns to Credit Suisse

1 Oct 2010

Credit Suisse has also appointed former MPC member Kate Barker.

Row over FSA changes for quitting companies

30 Sep 2010

FSA denies changing regulatory requirements for firms leaving the industry despite significant changes to its cancellation of the part IV permissions form.

Aegon retains protection business

30 September 2010

Aegon UK chief executive Otto Thoresen has stressed his commitment to distributing through intermediaries after revealing that the provider will retain its life insurance and protection offering.

'Certify schemes to cut the prospect of levelling down'

30 September 2010

Legal & General wants the Government to rubber-stamp existing corporate pension schemes to reduce the likelihood of employers cutting their pension contributions in line with Nest.

Commission rethink on protection sales

30 September 2010

The FSA says advisers will not have to disclose commission on protection sales where an adviser charge has been agreed more than a year before the sale.

FSA calls for firms to appoint complaints manager

30 Sep 2010

Measure is part of the FSA’s efforts to boost industry standards of complaints handling.

Pensions are much cheaper than pay rises, says Boulding

30 September 2010

Boulding: ‘Employer should spend on paying advisers to promote pension scheme

Royal Liver closes IFA arm to new business

30 Sep 2010

Progress is closed to new business with immediate effect.

Ashcourt Rowan acquires Co-op IFA

29 Sep 2010

Ashcourt Rowan will pay The Co-operative Bank an undisclosed sum for the IFA business and £450,000 for all trail commission receipts.

Equities broker banned and fined £250k for paying kickbacks

28 Sep 2010

Former cash equities broker paid £131,000 in kickbacks to a hedge fund trader in return for broking business.

Tenet gains CII accreditation to mark exams

28 Sep 2010

Tenet gains accreditation to develop, administer and mark the JO5 exam module.

JC Flowers hires ex-Skipton boss

27 Sep 2010

Former Skipton chief executive John Goodfellow has denied the move is part of a takeover bid for the building society.

Milibands split over tackling the deficit

27 Sep 2010

David Miliband tipped for shadow chancellor role under brother Ed’s shadow cabinet.

IFAs told to bill providers for fixing blunders

24 Sep 2010

IFAs have been told to charge providers and platforms if they spend time resolving errors.

FSA revises draft rules on pure protection sales

24 Sep 2010

The FSA clarifies when firms should disclose commission on pure protection sales associated with investment advice.

'Chartered brand to gain dominance'

23 Sep 2010

PFS president Eddie Grant says the chartered brand will replace the independent label as the premium level of financial advice in the eyes of consumers.

Axa Wealth announces executive management team

23 Sep 2010

Axa Wealth unveils its executive management team following the completed Resolution deal.

FSA: Media ban only applies to insider information

23 Sep 2010

FSA says its recommendations on handling media enquiries do not apply to conversations between journalists and regulated firms.

UK will lose regulatory power to EU, says Myners

23 September 2010

Myners: The new Prudential Regulation Authority ‘will be subservient to the Basel committee and the European directives’

PFS Conference: Suitability letters are failing to meet standards

21 Sep 2010

Law firm CMS Cameron McKenna has warned advisers that their suitability reports are failing to meet FSA standards, which could open firms up to the risk of regulatory action.

PFS Conference: Retainers work for younger clients

20 Sep 2010

Former PFS president Carole Nicholls says monthly charges work best for young clients who will need more detailed advice in the future.

FSA cancels five firms' permissions over RMAR

17 Sep 2010

Five firms have been stripped of their regulatory permissions for failing to submit their retail mediation activities return.

Aifa could vote on restricted advice firms

16 Sep 2010

Aifa says it will consider holding a member vote on whether to allow restricted advisers to join after the RDR deadline.

Ascentric predicts networks will set up own platforms

16 September 2010

Networks and distribution firms are likely to follow in Sesame Bankhall Group’s footsteps in developing their own platforms, according to Ascentric.

Chote calls for clarity on OBR remit

16 Sep 2010

Robert Chote asks whether the Office for Budget Responsibility should respond to requests from opposition parties.

FSA looks at increasing data collection for RDR

16 September 2010

FSA: Focus on advisercharging, costs of products and platform use

IFP will have tough task getting cap-ad rethink

16 September 2010

Institute of Financial Planning chief executive Nick Cann bel-ieves the IFP faces a big task in getting the FSA to ease its new capital adequacy requirements for financial planning firms.

Osborne makes Chote choice to oversee budget responsibility

16 September 2010

Institute for Fiscal Studies director Robert Chote has been announced as Chancellor George Osborne’s preferred candidate to chair the Office for Budget Responsibility.

Wills & Co FSCS bill hits £650k after 80 cases with 1,300 to come

16 September 2010

The Financial Ombudsman Service upheld 99 per cent of complaints against failed stockbroker Wills & Co in the first half of this year and claims to the FSCS have reached £650,000 after just 80 cases.

Lloyds complaints more than Santander, RBS and Barclays combined

14 Sep 2010

Complaints made about Lloyds Banking Group for the first half of 2010 outweigh the total complaint numbers for Santander, Royal Bank of Scotland and Barclays put together.

Chinese investors eye Pru's Asian arm

13 Sep 2010

A consortium of Chinese investors is considering a takeover deal of Prudential’s Asian business.

Mark Polson to leave Standard Life

13 Sep 2010

Head of trading Polson is leaving Standard Life on September 15.

'Six-week PMI options need health warning'

10 Sep 2010

Association of Medical Insurance Intermediaries expresses concerns about the plans.

Sesame Bankhall calls on Osborne to give savers a boost

10 Sep 2010

Executive chairman Ivan Martin calls on Government and the FSA to boost the UK savings market.

Advisers hope navigator Gay will steer them on right course

9 Sep 2010

Gay: ‘He is a navigator of issues’

Coury quits as dual roles lead to conflict of interest

9 September 2010

Malcolm Coury, a director of Moneywise IFA and a non-executive director of Ascentric, stepped down from his role at the platform after the FSA highlighted the conflict of interest.

FSA says all firms failed platform test

9 September 2010

The FSA has expressed concern at the inadequate systems and controls of firms using platforms in the wake of the regulator’s platform thematic review.

Regulator aiming to block misselling

9 September 2010

Aifa director general Chris Cummings (right) makes a point to the FSA’s Rory Percival as Standard Life’s Mark Polson looks on

Standard Life slashing 500 jobs in shake-up

9 September 2010

Nish: ‘Necessary change’

Law firm launches regulation update service

6 Sep 2010

CMS Cameron McKenna launches free online service to help firms assess the impact of regulatory reforms.

Tough line on client poaching

2 Sep 2010

Advisers say broker firm Oval’s out of court settlement following a dispute with two former employees is another sign of the tougher line firms are taking regarding client ownership.

FSA fines IFA over platform advice

2 Sep 2010

The FSA has fined Moneywise IFA £19,600 over platform advice compliance failings.

Protection sales fall for Royal London firms

2 September 2010

Royal London fell to a loss of £2m for the first six months of this year under international financial reporting standards after an £18m profit in the same period in 2009.

FOS calls rise over mortgage underfunding

1 Sep 2010

Ombudsman waits to see case numbers.

Standard Life to cut up to 500 jobs

1 Sep 2010

Standard Life is cutting 600 existing jobs while creating up to 100 new jobs across the business.

Royal London reports £2m loss

31 Aug 2010

Royal London says Scottish Life has performed well but protection continues to be very challenging.

Brokers expect premium tax to double

27 Aug 2010

Insurance premium tax will hit 10 per cent within the next five years, according to the Association of Medical Insurance Intermediaries.

Profits at Fortis UK fall 68%

25 Aug 2010

Protection business makes a loss of £2m for the first half of the year.

Bupa offers free health check with IP sales

23 Aug 2010

New customers who buy a Bupa income protection plan and their introducing intermediaries will receive a free health assessment.

Prestwood launches financial planner mentoring programme

23 Aug 2010

Programme led by team of eight mentors to help lifestyle financial planners prepare for the retail distribution review.

Critical war switches to ABI+ battle

20 Aug 2010

The race among insurers to offer the biggest number of critical-illness conditions has been replaced by increasing competition to offer the most ABI+ definitions, according to Defaqto.

Intrinsic's Higginson could join Carby venture

19 Aug 2010

Group marketing director is leaving the network and is thought to be planning to take up a role with Keith Carby’s new venture, Wilmslow Wealth.

CML slashes its forecasts for lending

19 August 2010

The Council of Mortgage Lenders has reduced its gross lending forecast for 2010, predicting it will remain relatively flat this year at £140bn, compared with £143bn in gross advances lent last year.

FSA's failure to clarify RDR is wasting time and effort

19 August 2010

The FSA has been accused of wasting the protection industry’s time due to lack of clarity about how much of the RDR will apply to protection.

Macquarie wrap rethink

19 August 2010

Macquarie is offering a range of new features for its wrap, including improved uploading of client assets and the ability to monitor and manage clients’ model portfolios.

Deficit denial would wreck economy, says Osborne

17 Aug 2010

Osborne: “Denial about the scale of the deficit is the surest way to disaster.”

Macquarie unveils new features for wrap

16 Aug 2010

Improvements include the way client assets are uploaded to the platform and the ability to add, edit or delete model portfolios.

Platforms in 'land grab' as advisers make up their minds

13 Aug 2010

Nucleus says that platforms are chasing market share in a bid to bolster their adviser numbers ahead of the RDR.

FSA blunder "fines" 400 firms for overdue returns

13 Aug 2010

The FSA has apologised for the mistake which saw 400 firms issued with a £250 fine.

Rise in DA directors facing clawback liability

12 Aug 2010

Protection providers are asking more directors of DA firms to sign agreements that accept personal liability for commission clawback.

Co-op IFA staff fear job losses

12 August 2010

Employees of Co-operative Financial Services’ IFA arm are concerned over their job security if talks with a potential buyer lead to a takeover.

MEP hits out at RDR plans

11 Aug 2010

MEP Godfrey Bloom: “Most of middle England will be left with no advice whatsoever.”

Canada Life boosts adviser commission for group risk

9 Aug 2010

Advisers can select up to 30 per cent commission on all group risk sales.

Providers reward IFAs for quality

6 Aug 2010

Product providers are measuring and rewarding factors such as levels of disclosure on business submitted to them by IFAs, according to Pacific Life Re.

Loading premiums row splits industry

5 Aug 2010

Advisers and providers hit out at practice of inflating premium rates in order to take a higher commission.

Skandia pulls out of multi-bonds and CI in RDR move

5 August 2010

Skandia is to stop offering multi-bond and critical-illness policies from the end of September.

Zurich marketing manager moves to 1st Exchange

5 Aug 2010

Sally Davies joins 1st Exchange as head of marketing.

Aviva signs exclusive protection deal with Santander UK

3 Aug 2010

Santander agrees five-year life insurance distribution agreement with Aviva from June 2011.

Discovery completes Standard Life Healthcare deal

2 Aug 2010

Acquisition takes PruHealth’s market share to 11 per cent.

Calls for adviser protection body

30 Jul 2010

Kevin Carr Consulting managing director Kevin Carr has called for a protection trade body to be set up purely for protection advisers.

FSA creates long stop for redress schemes

29 Jul 2010

Aifa says 15-year rule is a first for the industry.

Clarkson Hill FSA talks continue despite loan

29 July 2010

Clarkson Hill is still in talks with the FSA over its regulatory capital, despite the directors loaning the company £588,000.

Ex-Rock chief fined £320k for misreporting arrears

29 July 2010

The FSA has fined former Northern Rock finance director David Jones £320,000 for misreporting arrears for almost a year.

Towergate in talks to acquire four firms

29 Jul 2010

Four deals are in the pipeline for Towergate as the firm continues on its acquisition trail.

Wiltshire Friendly offers top-up group IP

29 July 2010

McLoughlin: ‘Innovation’

FSA fines Northern Rock director £320,000 for misreporting arrears

26 Jul 2010

Ex-Norther Rock finance director David Jones has been fined £320,000 and banned from performing regulated activities.

ABI accused of treating protection as side issue

23 Jul 2010

ABI is accused of acting like a regulator and focusing too heavily on pensions.

Wilson predicts RDR will mean power shift to IFAs

23 Jul 2010

Helm Godfrey has amassed a £2m war chest to fund acquisitions.

No-claims discounts act as deterrent for private medical policyholders

22 Jul 2010

Private medical insurers that offer no-claims bonuses have been accused of deterring people from claiming when they are ill, which could hinder their recovery.

Ombudsman's GP report plea rejected

22 Jul 2010

An FOS ombudsman told the Protection Review conference that insurers should gather more medical evidence from doctors to improve the application process.

'FSA nearly axed RDR but feared losing face'

22 July 2010

Advisers are outraged at the suggestion that the FSA decided to press on with the retail distribution review, despite coming close to scrapping it in March, for fear of “losing face”.

'Set aside indemnity cash to reduce fear of clawback'

22 July 2010

Fortis Life UK managing director Martin Werth says advisers need to learn to survive on 80 per cent of their indemnity commission as he warns that the threat of clawback may be holding advisers back from writing new business.

Wiltshire Friendly offers top-up facility for group IP

22 Jul 2010

Hybrid product allows individuals to top up their group scheme cover.

Lenders could lean towards direct sales

16 Jul 2010

The FSA has admitted its mortgage plans could mean lenders are likely to restrict the number of advisers they work with and rely more heavily on direct sales.

Fortis Life poaches Bupa's head of sales

16 Jul 2010

Fortis Life UK has appointed Mark Anders as head of sales.

Goldman Sachs hit with record £357m fine

16 Jul 2010

Securities and Exchange Commission says fine is the biggest for a bank in its history.

Ascentric tool shows how charges affect rates

15 July 2010

Ascentric is offering a key features tool that demonstrates how platform charges affect portfolio growth rates.

Ascentric launches key features builder tool

14 Jul 2010

Tool shows how portfolio is affected by platform charges.

Budd 'regrets misunderstanding' over OBR role

13 Jul 2010

Sir Alan Budd says he didn’t mean to mislead anyone about how long he would stay as OBR chairman.

FSA to bring in affordability tests for all mortgages

13 Jul 2010

New proposals will see affordability tests for all mortgages and lenders ultimately responsible for whether borrowers can afford a mortgage or not.

Fidelity to launch free buying and switching option for advised clients

12 Jul 2010

Advisers will have the option of paying an annual £45 fee for clients with over £50,000 on FundsNetwork in order to buy and switch without incurring initial or switching charges.

Sir Alan Budd sets out to restore faith in OBR

12 Jul 2010

The interim chairman of the Office for Budget Responsibility will give evidence to MPs in an attempt to calm fears about the new body’s independence.

Assureweb launches quote tool for adviser websites

9 Jul 2010

The plug-in can be added to advisers’ websites to allow customers to generate their own quotes online.

Protection Forum to tackle business retention

9 Jul 2010

Forum is to draft a good practice statement on business retention by September.

Brett Williams quits Cofunds

8 Jul 2010

Williams has stepped down as CEO with immediate effect with Charlie Eppinger assuming the role until a permanent replacement is found.

PruProtect launches over 50s life insurance for Saga

8 Jul 2010

Policy offers guaranteed acceptance and fixed cover and premiums for life.

Cofunds appoints senior sales staff

5 Jul 2010

Four appointments have been made to Cofunds senior sales team.

Unum creates master trust for group life cover

5 Jul 2010

The creation of the master trust means employers offering their employees group life cover through Unum can pay claims tax-free.

Fidelity sees shift towards post-retirement market

2 Jul 2010

The platform market is set to become increasingly polarised and more geared towards the post-retirement market, according to Fidelity International.

Canada Life Group Insurance reshuffles sales management team

2 Jul 2010

Dan Crook will transfer back to group insurance from Canada Life Wealth Management as part of the restructure.

Munich Re says make it easier to reinstate insurance plans

1 Jul 2010

Munich Re says providers should make it easier for clients to reinstate insurance policies.

FSCS cross-subsidies remain crucial, says Aifa

1 Jul 2010

Aifa: Cross subsidisation of providers gives a “safety net for consumers.”

Hicks switches to UK equity director role

1 July 2010

Peter Hicks is moving from his post as head of UK retail sales at Fidelity International and heading the FundsNetwork platform to become product director for UK equities.

Lloyds scraps PPI sales

1 Jul 2010

Lloyds stopped selling PPI across all brands last Friday.

Pain quits FSA after shake-up

1 July 2010

FSA managing director of supervision Jon Pain has resigned due to the regulatory shake-up.

Novia launches portfolio review tool

30 Jun 2010

Tool allows advisers to benchmark the rate of return on a client’s total portfolio or on individual wrappers.

IFDS buys outsourcing provider

29 Jun 2010

International Financial Data Services has purchased global life and pensions outsourcing provider Percana Group.

Pru set for boardroom shake-up

28 Jun 2010

Prudential is to hire two non-executive directors to strengthen the board following the collapse of the AIA bid.

Life plans escape IPT as PMI is hit

25 Jun 2010

Insurers expressed relief that the Chancellor did not decide to apply insurance premium tax to life insurance products but concerns remain as the tax rate increases will affect private medical insurance.

Intrinsic picks IFDL to power their wrap

25 Jun 2010

Intrinsic will pilot their wrap this year with plans for a full rollout at the start of 2011.

IFAs get tax cut but capital allowances slashed

24 Jun 2010

The reduction in the rate of corporation tax to 24 per cent by 2014 has been welcomed as a boost for IFA firms.

Protection sector may follow the shift to escalation in line with CPI

24 Jun 2010

The move to increase state benefits in line with the consumer prices index may see the protection market follow suit on their policies.

1st-The Exchange buys software firm

24 June 2010

1st-The Exchange has acquired financial services software firm N4 Solutions.

Google offers help for IFAs

24 June 2010

Google is offering free training and support to help IFAs boost their online presence and capitalise on the growing demand for financial advice on the internet.

Sants and King get the power

24 June 2010

Sweeping reforms to the regulatory system will see the FSA abolished and the creation of a Consumer Protection and Markets Authority to regulate all authorised firms.

Mortgage approvals rise in May

23 Jun 2010

The number of house purchase approvals by high street banks rose in May to the highest level seen this year, figures from the British Bankers’ Association reveal.

Regulation will not hit banks' financial strength, says Moody's

23 Jun 2010

Moody’s says global banking reforms should lead to stronger balance sheets despite lower profits.

BUDGET: Corporation tax to fall to 24%

22 Jun 2010

Current rate of corporation tax will fall on an annual basis over the next four years.

BUDGET: Income tax threshold increased by £1,000

22 Jun 2010

Income tax allowance will increase to £7,475 next April.

Google launches free website training for IFAs

21 Jun 2010

Research from Google shows many IFAs are lacking a strong internet presence despite a rise in online enquiries.

Chadborn calls on advisers to move to non-indemnity

18 Jun 2010

CBK Colchester director Peter Chadborn has called on protection advisers to move away from commission on an indemnity basis towards a non-indemnity model.

Advisers wary of Friends' deal

17 Jun 2010

Advisers are worried that Resolution’s proposed acquisition of the bulk of Axa UK’s life insurance arm could lead to lower service levels.

Fund firms paying to be on preferred lists

17 Jun 2010

At least two platforms are believed to be receiving inducements from fund firms in exchange for making it on to their preferred fund lists, say experts.

Nucleus offers to reveal payments

17 Jun 2010

Nucleus has committed to allowing Skandia access to its rebate information after initially refusing to disclose the payments it gets from fund firms.

Concern at jointlife cover selling

17 Jun 2010

Kevin Carr Consulting managing director Kevin Carr has raised concerns regarding the high level of joint-life protection policies sold to couples.

Consumer Protection and Markets Authority to regulate all authorised firms

17 Jun 2010

Consumer Protection and Markets Authority will regulate conduct of every authorised financial firm providing services to consumers.

IFAs grab a bigger slice of protection market

17 June 2010

Independent advisers increased their share of individual protection sales across all product lines last year, taking business from the tied channel.

Bank of England to limit mortgage lending

16 Jun 2010

Bank’s new powers likely to include loan-to-value caps.

Platform reforms inconsistent with RDR, says Cofunds

16 Jun 2010

Cofunds CEO says banning rebates is like “using a sledgehammer to crack a nut”.

Tisa platform committee appoints head of re-reg

15 Jun 2010

Alistair Reid will head up the re-reg programme with immediate effect.

Baigrie call for action on non-advised firms

11 Jun 2010

Lifesearch managing director says advisers should refuse to give business to providers who work with certain non-advised sales firms.

ABI has new name for TPD

10 June 2010

The ABI is looking to replace the term total permanent disability with the name irreversible life-changing disability’ in a bid to reduce the number of TPD-related disputes.

Nucleus hits profitability after three years

9 Jun 2010

Nucleus has broken into profitability within three and a half years of the platform’s launch.

Novia announces True Potential partnership

7 Jun 2010

Advisers using True Potential will have access to investment commission from Novia