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FCA warns advisers over auto-enrolment commission ban dodge

30 October 2014 3:43 pm | By Tom Selby

Regulator believes some firms are looking to replace commission payments with other forms of remuneration, such as adviser charging.

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Sesame: We’re still using 'pay to play' providers

30 October 2014 3:43 pm | By Tessa Norman

Network has not yet broken five-year deals which saw providers pay £250k to be on its panel.  

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How Sesame structured its £16m ‘pay to play’ deals

30 October 2014 3:43 pm | By Tessa Norman

Network expected providers to pay for adviser training and a new IT system under five-year deals. 

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FCA fines Sesame £1.6m over 'pay to play' distribution deals

30 October 2014 12:09 pm | By Tessa Norman

The FCA has fined Sesame £1.6m for arranging “pay to play” distribution deals. 

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TSC still has 'concerns' over FCA overcharging advice fee block

30 October 2014 11:45 am | By Samuel Dale

FCA chairman John Griffith-Jones says there will always be “winners and losers” to fee changes.

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Amps divided over FCA Sipp cap ad judicial review

30 October 2014 10:00 am | By Sam Brodbeck

Over 70 per cent of members backed action against the regulator.

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Ad hoc payments and harassing calls: Why Yorkshire BS was fined £4.1m

29 October 2014 12:09 pm | By Tessa Norman

Mutual prioritised ad hoc payments from borrowers over sustainable payment plans, FCA finds. 

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FCA hits out at lenders over 'baffling' mortgage porting stance

29 October 2014 12:00 pm | By Devraj Ray

FCA director of mortgages and consumer lending Linda Woodall discusses the first six months of MMR implementation.

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Yorkshire Building Society

FCA fines Yorkshire BS £4.1m for mortgage arrears failings

29 October 2014 10:18 am | By Tessa Norman

Failings meant customers in difficulty risked falling further into arrears. 

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FCA to restrict sales of CoCos and mutual shares

29 October 2014 8:35 am | By Tom Selby

Regulator plans to restrict the distribution of Cocos and mutual shares to sophisticated or high net worth investors.

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Wheatley: Regulated firms not subsidising Project Innovate

28 October 2014 4:34 pm | By Tessa Norman

FCA refutes criticism that Project Innovate is unfair on regulated firms. 

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Employers hit with first penalties for auto-enrol non-compliance

28 October 2014 3:23 pm | By Sam Brodbeck

Three firms fined £400 each by The Pensions Regulator.

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FCA launches Project Innovate hub to support firms

28 October 2014 10:35 am | By Tessa Norman

‘Innovation hub’ aims to support firms developing new products. 

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Amps launches judicial review into FCA Sipp cap ad rules

27 October 2014 12:35 pm | By Sam Brodbeck

Sipp and Ssas trade body challenges regulator over ‘unlawful’ consultation.

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Ex-PosSol adviser ordered to repay £55k

27 October 2014 12:31 pm | By Devraj Ray

Angela Lauder was jailed for 16 months in November 2013 after she stole £158,666 from clients.

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Wonga

Leaked letter reveals Wonga thought it was worth £15bn

27 October 2014 8:53 am | By Sam Brodbeck

Payday lender told staff it would be valued at £15bn by next year.

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24 European banks fail financial 'stress test'

27 October 2014 8:50 am | By Natalie Holt

No UK banks failed, but Lloyds Banking Group only passed by a narrow margin.

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Fund groups evading FCA dealing commission/corporate access rules

27 October 2014 8:31 am | By Sam Macdonald

FCA rules which came into force in June have banned the use of dealing commission money to gain face time with company management.

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FCA drops Partnership inducements investigation

27 October 2014 8:00 am | By Natalie Holt

No further action will be taken against Partnership following the regulator’s review into distribution deals between providers and advice firms.

Comments (3)

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FOS rejects pension transfer complaint on time barring rules

24 October 2014 11:00 am | By Tessa Norman

Rejected decision could help advisers defend other complaints.

Comments (8)

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'Test case' goes to FSCS over Reyker charges

24 October 2014 9:30 am | By Tessa Norman

Clients argue FSCS should pay out for Reyker charges after Merchant Capital’s collapse.

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How do advisers sort the good risk-profiling tools from the bad?

24 October 2014 8:30 am | By Tessa Norman

Advisers must understand the limitations of risk-profiling tools to avoid compliance risks.

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Forged signatures and false fact finds: How an adviser sold Ucis to clients on £3k a year

23 October 2014 12:16 pm | By Tessa Norman

FCA seeking to fine and ban adviser who forged client signatures and created retrospective documents. 

Comments (3)

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FCA seeks to ban and fine adviser £290k for 'lack of integrity'

23 October 2014 10:19 am | By Samuel Dale

Paul Reynolds is accused of not being a fit and proper person to be a regulated adviser.

Comments (12)

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Fading away: Is the MAS being erased from Treasury thinking?

23 October 2014 8:30 am | By Samuel Dale

Now the Treasury has excluded the Money Advice Service from its pensions guidance plans, is there any point in the quango carrying on?

Comments (14)

Andrew Tyrie

TSC presses Govt to abolish approved persons regime for advisers

23 October 2014 8:00 am | By Samuel Dale

The FCA says it would have preferred to extend the scheme to all regulated firms.

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Caroline Wayman

FOS chief hits out at 'outrageous' insurer complaint stats

23 October 2014 | By Samuel Dale

Financial Ombudsman Service chief executive Caroline Wayman says she is worried about adviser perceptions

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Tyrie slams 'appalling' EU behaviour in bank bonus row

22 October 2014 5:00 pm | By Samuel Dale

The EBA wrongly claimed the UK voted to criticise gaming of the bank bonus cap.

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PRA warns big regulatory fines put firms at risk of failure

22 October 2014 3:26 pm | By Samuel Dale

PRA chief excutive Andrew Bailey says US fines are posing a risk to financial stability.

Comments (2)

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ASA acts against IFA leads firm over unwanted texts

22 October 2014 12:30 pm | By Samuel Dale

Lead generation firm TAB Finance has been asked to stop communications 19 times this year.

Comments (2)

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Over half of auto-enrol investigations uncover breaches

22 October 2014 12:30 pm | By Sam Brodbeck

The Pensions Regulator has found that 58 per cent of non-compliance investigations found potential or actual breaches.

Comments (2)

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FSCS pays out £21m for failed network Alpha 2 Omega

22 October 2014 10:33 am | By Tessa Norman

Network was placed into administration in 2010 after regulatory action. 

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MPC holds off rate rise due to eurozone risks

22 October 2014 10:27 am | By Devraj Ray

Ian McCafferty and Martin Weale again voted to increase the benchmark rate by 0.25 per cent.

Comments (1)

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RBS avoids £90m fine for whistleblowing on financial 'cartel'

22 October 2014 10:01 am | By Michael Berry

Bank was given immunity by the European Commission after it admitted to colluding with JP Morgan over interest rates.

Comments (3)

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Police investigate advice firm over investment fraud

22 October 2014 8:48 am | By Devraj Ray

Aberdeen-based Midas Financial Solutions is being investigated for offering unregulated short-term investments.

Comments (4)

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FOS complaints down 39% year-on-year as PPI claims drop

21 October 2014 8:40 am | By Tessa Norman

Number of complaints to FOS about PPI halved in Q3. 

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EU threatens Bank of England with legal action over bankers’ bonuses

20 October 2014 8:46 am | By Devraj Ray

UK banks are continuing to pay “allowances” to bankers, despite calls from the EU to include such payments in the bonus cap.

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FCA to issue record number of private warnings

20 October 2014 8:40 am | By Tessa Norman

Lawyers say warnings could amount to “enforcement by the back door”. 

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FSCS compensation for Pritchard Stockbrokers hits £8.5m

17 October 2014 11:00 am | By Tessa Norman

Compensation scheme has paid out 2,600 claims against failed firm

Comments (1)

BoE

Bank of England signals delayed interest rate rise

17 October 2014 9:42 am | By Samuel Dale

Bank of England chief economist Andrew Haldane is “gloomier” on UK economic prospects.

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