Money Marketing
Nicole Blackmore Editorial

Nicole has been a reporter at Money Marketing since May 2007, initially covering the offshore patch before switching to regulation in January 2008. She was formerly a journalist for Life Gold Coast magazine in Australia before moving to Tokyo where she worked on lifestyle magazine, Metropolis.

Ami and Aifa to split

10 Feb 2012

Ami will become an independent organisation run by Robert Sinclair.
FSA may block Lloyds branch sale

9 Feb 2012

Reports suggest the FSA is nervous about the Co-op’s IT capabilities.
HMRC extends Liechtenstein Disclosure Facility

8 Feb 2012

2,000 UK taxpayers have come clean under the agreement.
Webb floats proposals for "defined aspiration" pensions

8 Feb 2012

Pensions minister Steve Webb says the hybrid scheme would have more flexibility than DB schemes and more certainty than DC schemes.
Bright Grey and Scot Prov record 17% new business increase

7 Feb 2012

Asset management new business falls, but Royal London’s total life and pension business up 6 per cent.
Further £50bn QE likely

6 Feb 2012

The Bank of England is expected to announce a further round of QE on Thursday.
Greenlight fined for market abuse

2 February 2012

The FSA has fined US hedge fund Greenlight Capital, owner David Einhorn and trader and compliance officer Alexander Ten-Holter a total of £7.4m for market abuse.
FSA fines US hedge fund and its owner £7.2m

25 Jan 2012

Greenlight Capital owner David Einhorn has been fined for market abuse.
FSA loses bid to stop IFA's harassment court case

5 Jan 2012

A county court has rejected the FSA’s bid to quash a case brought by a retired IFA who is suing the regulator for harassment.
UK left isolated in Europe over intergovernmental treaty

9 Dec 2011

All other member states are in negotiations or will consider signing a new mini-treaty while Britain alone refuses.
Govt offers pension concession to lower-paid NHS staff

8 Dec 2011

Reports suggest NHS staff earning less than £26,500 will not face increased contributions in 2012.
Key Retirement Solutions in takeover talks

7 Dec 2011

The equity release specialist is in talks with a number of private equity groups.
Cameron to insist on safeguards for Britain in new EU treaty

7 Dec 2011

The Prime Minister says he wants protections for key industries such as financial services.
S&P warns 15 eurozone countries risk downgrades

6 Dec 2011

Standard and Poor’s says the EU’s six AAA countries, including France and Germany, could see their ratings downgraded.
Aviva considers annuity back book sell-off

5 Dec 2011

Reports suggest the insurer is looking at a number of options to boost its capital reserves.
MAS says it spent £250k on rebranding websites

1 December 2011

The Money Advice Service spent more than £250,000 rebranding the Money Made Clear and Consumer Financial Education Body websites before its launch in April.
Paradigm's Honister bid is only for advice arms

30 Nov 2011

Bid does not include direct-to-consumer business.
FSA fines network head £49,000

30 Nov 2011

FSA fines and bans Julian Harris from acting as a compliance officer.
AS 2011: Government to increase bank levy

29 Nov 2011

Chancellor George Osborne raises bank levy to ensure £2.5bn revenue target is reached.
Money Advice Service spent over £250,000 rebranding website

25 Nov 2011

The MAS forced to reveal website spend by Labour peer Baroness McDonagh.
Money Advice Service refuses to reveal expenditure details

24 Nov 2011

MAS has refused to answer questions about how much it is spending on redundancy packages, directors’ remuneration and overseas trips for senior staff.
FSA will allow flexibility over claiming charges

17 November 2011

The FSA says where adviser charges are paid through a product, providers will be able to deduct the charge before or after the client’s money is invested.
FSA clarifies adviser charging rules

10 Nov 2011

The FSA has proposed a flexible approach to facilitating adviser charges.
Mark Hoban's letter of dismay over Money Advice Service cuts

10 Nov 2011

Treasury financial secretary Mark Hoban has written to the MAS over concerns it may drop its work on financial education for young people.
Coutts fined £6.5m over £1.4bn sales of AIG fund

10 November 2011

The FSA has fined Coutts & Company £6.3m for a string of failings in connection with the sale of the AIG enhanced variable rate fund.
FSA fines Coutts £6.3m for misselling enhanced fund

8 Nov 2011

Coutts sold the fund to 427 high net worth customers, with investments totaling £1.45bn.
Up to half of Money Advice Service staff to lose their jobs

4 Nov 2011

The MAS told staff yesterday of organisational changes following an internal review.
FSA fines Credit Suisse £5.95m over structured product sales

25 Oct 2011

Credit Suisse UK failed to properly assess clients’ attitudes to risk and the suitability of Scarp sales.
Equitable action group claims Treasury refused policyholder database

18 Oct 2011

The Equitable Members Action Group says Treasury cited data protection issues.
NBNK to bid for Northern Rock

17 Oct 2011

New banking venture gets green light to bid for the state-owned bank.
FSA faces Europe commission challenge - reaction

6 Oct 2011

The FSA may face a European battle to ensure it can ban all advisers from receiving commission.
Barclays leads league as Lloyds is hit by GI and protection problems

6 October 2011

Barclays had the most complaints of all banks in the first half of this year, with 251,563 new complaints.
Mifid II looks set to relent on execution-only ban

6 October 2011

A leaked draft of Mifid II suggests that execution-only sales will be allowed to continue under the directive.
Mifid leak suggests commission could stay for non-independents

29 Sep 2011

European regulators shy away from execution-only ban.
TPR appoints Capita Group for auto-enrolment admin

29 Sep 2011

The Pensions Regulator has awarded Capita the 7-year, £105m contract.
Kleinwort Benson appoints new CIO

28 Sep 2011

Mouhammed Choukeir will join in October.
Barclays tops complaints table

28 Sep 2011

FSA data shows Barclays Bank received 251,563 new complaints in H1.
Hornbuckle sees perfect storm for drawdown

22 September 2011

Falling gilt yields are squeezing the income of thousands of retirees who are taking income directly from their pension funds, says Hornbuckle Mitchell.
FSA: Simplified advice must consider protection needs before investments

15 Sep 2011

The regulator says simplified advice processes must ensure basic protection needs are met.
Small Sipp providers face FSA visits

14 Sep 2011

The FSA is investigating the risks posed by unregulated collective investment schemes.
FSA fines lender £630,000

8 Sep 2011

Swift 1st Limited was fined for treating customers in arrears unfairly and must pay compensation of up to £2.35m.
Ageas Protect first-half losses down to £1m

1 September 2011

Ageas Protect made a loss of £1.1m in the first half of this year compared with a £2m loss in the same period in 2010.
'Tax evasion days over' as UK signs deal with Swiss'

1 September 2011

The Government has signed an agreement with Switzerland that will see UK taxpayers with funds in Swiss bank accounts pay 48 per cent tax on investment income, 40 per cent on dividends and 27 per cent on gains.
Andrew Strange wins plaudits for Aifa role

26 Aug 2011

Advisers praise Aifa policy director’s contribution to the IFA market.
UK signs tax deal with Switzerland

25 Aug 2011

UK taxpayers with funds in Swiss bank accounts to pay 48 per cent tax on investment income and 27 per cent on gains.
FSA takes tough line on misleading advertising

25 August 2011

The FSA has increased its focus on misleading advertising, resulting in a 32 per cent rise in the number of promotions that have been withdrawn by financial services firms.
MPs call for Payments Council to be more accountable

24 Aug 2011

TSC welcomes Council’s decision to retain cheques, but says it should be brought within the financial regulatory system.
Ageas Protect cuts losses as IFA market share grows

24 Aug 2011

Gross written premiums almost double to £19.2m in H1, 2011.
Andrew Strange quits Aifa

23 Aug 2011

Strange will leave in October after four years at the trade body.
N&P members approve Yorkshire merger

23 Aug 2011

FSA approval for the deal is expected by November 1.
FSA clamps down on misleading advertising

22 Aug 2011

The number of promotions withdrawn by financial services firms rose 32 per cent in 2010.
10-year battle saw FSCS 'bullying' and FOS 'solicit complaints'

11 Aug 2011

Full details of long saga involving FSA, FOS and FSCS ahead of court case in September.
Retired IFA suing FSA for harassment

11 Aug 2011

Move follows a 10-year battle which has seen FSCS reprimanded for bullying and the FOS reproached for soliciting complaints.
Skandia proportion of sales on platform rises

11 August 2011

Skandia UK profits slumped by 29 per cent to £53m in the first half of this year from £75m in the first half of 2010.
James takes over as president of CII

4 August 2011

The Chartered Insurance Institute has elected Julian James as president.
FSA delays cap ad requirements by two years

1 Aug 2011

FSA announces second delay for higher capital adequacy requirements.
Julian James appointed CII president

28 Jul 2011

Lockton Companies International chief executive James replaces Allianz UK general manager Chris Hanks.
PI warning over FOS limit rise to £150,000

22 Jul 2011

PI broker warns advisers to check that policies will cover claims up to the new £150,000 limit.
FSA to publish report on HBOS failure, but not B&B

21 Jul 2011

FSA chairman Lord Turner says publishing a report on HBOS is in the public interest.
Andrew Tyrie letter slams FSA RDR dismissal

21 Jul 2011

Treasury select committee chairman Andrew Tyrie has written to FSA chief executive Hector Sants describing the regulator’s rapid dismissal of the committee’s recommendation to delay the RDR “unacceptable”.
FSA bans and fines IFAs for UCIS advice

20 Jul 2011

FSA bans former Best Advice Financial Planning directors Paul Banfield and Anthony Moss from holding any significant influence functions.
Govt reveals £1.13trn public sector pension liabilities

13 Jul 2011

Public sector pensions account for nearly half of Governmnet liabilities.
TSC chairman Tyrie warns FCA will stifle competition

12 Jul 2011

Treasury select committee chairman Andrew Tyrie calls for “value for money” regulation.
EU changes stance on Greece default

11 Jul 2011

Eurozone finance ministers may accept Greece should default on some of its bonds.
Lighthouse signs exclusive deal with head teachers' union

4 Jul 2011

Lighthouse will provide financial advice to members of the Association of Heads and Deputes for three years.
Paragon considering Northern Rock bid

4 Jul 2011

Reports suggest the buy-to-let lender is making enquiries into the purchase of the nationalised bank.
Swiss Re buys Alico policies

9 June 2011

Swiss Re has acquired 300,000 life insurance policies and £1.6bn of assets from Alico.
FSA secures winding-up order against land bank

8 Jun 2011

FSA continues its crackdown on land banks in the High Court.
Honister advice firms make £710k loss

8 Jun 2011

Alan Easter has left the firm to pursue “other business opportunities”.
Swiss Re acquires 300,000 Alico policies

1 Jun 2011

Admin Re takes on £1.6bn of assets under the deal.
Bancassurers may get EU capital adequacy break

27 May 2011

EU banks with insurance arms may avoid the 10 per cent cap on insurance capital under Basel III.
Francis McGee joins Money Advice Service

26 May 2011

Former Aegon head of corporate affairs Francis McGee has joined the Money Advice Service’s corporate policy and external affairs team.
Over 200 more jobs go in Aegon shake-up

26 May 2011

Aegon UK is slashing another 213 job across its marketing, IT and personal assistant support departments.
Goodwin affair did not compromise RBS, say reports

24 May 2011

Internal investigation finds employee was not involved in key decision making.
MPC member Dale presses for immediate rate rise

23 May 2011

Bank of England chief economist warns of economic dangers of letting inflation persist.
Aegon announces more job losses

19 May 2011

213 further jobs will be cut, plus 106 staff will be transferred.
FSA reveals details of advisers awaiting tribunal under new powers of publicity

19 May 2011

The FSA has published two notices for enforcement decisions that have been referred to the Upper Tribunal.
FSA publishes adviser Tribunal cases

12 May 2011

FSA published first decision notices for enforcement that have been refered to Tribunal.
Barristers want oral hearings in FOS overhaul

21 Apr 2011

Leading barristers have put forward radical proposals for reform of the Financial Ombuds- man Service, calling for an app-eal tribunal to hold oral hearings for disputed adjudications.
Jelley joins St James's Place

14 April 2011

Former Skandia head of tax and financial planning Colin Jelley has joined St James’s Place as divisional director of private clients.
Lloyds attacks Vickers and stresses role of IFAs in helping competition

12 Apr 2011

Lloyds claims Vickers’ proposals are based on “limited evidence”.
Colin Jelley joins St James's Place

6 Apr 2011

Former Skandia tax guru Colin Jelley will start at the firm in May.
Andy Curran joins Aviva

31 Mar 2011

Curran joins as UK life retail and partnerships director.
Budget 2011: Annual growth forecast downgraded to 1.7%

23 Mar 2011

Osborne says annual growth in 2011 will not reach 2.1 per cent as predicted.
UK banks have £136bn exposure to Japan

18 Mar 2011

FSA says it is too early to predict losses for insurers.
Bogus callers claiming to be from FSCS trying to con Lifemark victims

17 March 2011

A member of the Keydata Victims Group is warning Lifemark investors not to give out their bank details to bogus callers claiming to be from the Financial Services Compensation Scheme.
Bogus FSCS callers targeting Keydata victims

10 Mar 2011

Investors pushed for bank details by scammers claiming to be from the FSCS.
Sants: No "formal plan" to raise RDR qualification to level 6

9 Mar 2011

FSA chief executive Hector Sants told the Treasury select committee qualifications will be kept “under review”.
Pension switch advice failings cost two firms £143k in fines

24 February 2011

The FSA has fined two firms, Perspective Financial Management and Cricket Hill Financial Planning, a total of £143,500 for failing to check the suitability of the pension switching advice they gave their clients.
FSA fines DB Mortgages £840,000

22 Feb 2011

DB Mortgages must pay £1.5m redress to customers for irresponsible lending practices and unfair treatment of customers in arrears.
CPMA will have power to ban products

17 Feb 2011

The CPMA will be renamed the Financial Conduct Authority.
Banks strike deal to lend £76bn to small firms

17 February 2011

The UK’s biggest banks have signed an agreement with the Government that will see £190bn made available in gross new lending to businesses in 2011, including £76bn to SMEs.
Investment and retail bank link needs radical surgery

17 February 2011

Business Secretary Vince Cable says banks still face “fundamental surgery” in terms of the link between investment and retail banking and the lack of competition in the sector.
Merchant Securities buys GT Independent for £2m

17 February 2011

Merchant Securities has acquired wealth management firm GT Independent Financial Advisers Limited for an initial consideration of £2m, payable in cash and shares.
FSA fines two firms £143,500 for pension switching failings

16 Feb 2011

Perspective Financial Management and Cricket Hill Financial Planning failed to check the suitablility of the tranfers.
Pru distribution director Andy Curran leaves

16 Feb 2011

Pru says Curran will not be replaced.
Mervyn King hints at May interest rate rise

16 Feb 2011

Bank of England governor Mervyn King says inflation will fall assuming the bank rate rises “with market expectations”.
Cofunds powers moneysupermarket.com execution-only service

15 Feb 2011

Cofunds says it is not moving towards the direct to consumer market.
Barclays UK pre-tax profits up 39%

15 Feb 2011

The UK retail bank has seen pre-tax profits increase to £989m, up from £710m.
Cable says banks still face "fundamental surgery"

14 Feb 2011

Business secretary Vince Cable says retail and investment banking will be “radically” reformed.
Sesame offers interest-free FSCS interim levy payment plan

11 Feb 2011

Sesame members will be able to spread the cost of the levy over two years.
Merchant Securities acquires GT Independent Financial Advisers

10 Feb 2011

Merchant Securities paid £2m for the wealth management firm.
Banks agree to hike business lending 6% in 2011

9 Feb 2011

Government publishes details of Project Merlin.
LV= will launch flexible drawdown product in April

4 Feb 2011

Scottish Widows, Friends Provident, Royal London, Prudential and Aegon will not make the April 6 deadline.
Tisa sets 11 day limit for platform re-reg process

3 February 2011

The Tax Incentivised Savings Association has issued an industrywide service-level agreement for the re-registration of assets between platforms and says the the process should take prov-iders no more than 11 days.
Lifemark investors form £50K+ action group

1 Feb 2011

Victims of the Lifemark collapse with more than £50,000 invested ready themselves for “alternative action”.
Positive Solutions to offer choice of national or network model

28 Jan 2011

Firm also announces it will offer its advisers a wealth management solution in a wrap deal with True Potential.
Sesame may offer discretionary service to advisers

28 Jan 2011

In his first interview since being appointed chief operating officer of Sesame Bankhall, George Higginson sets out his plans for the UK’s biggest distributor.
Providers agree 11 day re-reg timescale

27 Jan 2011

Tisa is encouraging platforms to base their re-reg pilot procedures on its standards.
Advice under RDR too costly for banks

27 Jan 2011

Ernst & Young research predicts it will not be financially viable for banks to offer advice to the mass market under the RDR.
Resolution and Phoenix look at Co-op FS

27 Jan 2011

Resolution and Phoenix Group are circling the insurance arm of Co-operative Financial Services, Money Marketing understands.
Baxter completes buyout for Veracity

27 January 2011

John Baxter has lead a management buyout of Veracity Asset Transformation Service from Macquarie Group for an undisclosed sum.
FSA stands by its £225m cost estimate

27 January 2011

The professionalism requirements will cost advisers up to £225m by the end of 2012 and up to £12m in ongoing annual costs from 2013.
FSA fines Barclays Capital £1.12m

26 Jan 2011

Barclays Capital failed to protect and segregate client money held in sterling money market deposits.
Barclays to close advice arm

26 Jan 2011

1,000 jobs at risk as the bank looks to develop an online execution-only service for mass market clients.
John Baxter leads MBO of Veracity

25 Jan 2011

Management has completed a buy-out of Veracity Asset Transformation Service from Macquarie Group, MM understands.
Senior manager sent to prison for insider dealing and money laundering

21 Jan 2011

Neil Rollins was today sentenced to 27 months in prison and ordered to pay £197,000.66 in confiscation.
Professionalism rules will cost advisers up to £225m by 2013

20 Jan 2011

The FSA says advisers face £225m in initial costs and up to £12m annually from 2013.
FSA confirms advisers will need statement of professional standing

20 Jan 2011

The FSA confirms independent and restricted advisers will need an SPS, plus 35 hours of CPD a year.
Cameron to lead combined team as Vahey and Williams leave in Aegon shake-up

20 January 2011

Vahey: Shaped pension policy
FSA bans and fines IFAs £28,000 for Ucis failings

19 Jan 2011

The firm failed to make suitable recommendations to its customers regarding Ucis.
FSA fines Barclays £7.7m for advice failings

18 Jan 2011

Barclays fined for misselling the Aviva global balanced income fund and the global cautious income fund.
More senior departures at Aegon

14 Jan 2011

Peter Williams and Rachel Vahey are leaving the provider, Steven Cameron is to take over new regulatory team.
Govt to scrap default retirement age from April

13 Jan 2011

Hargreaves Lansdown says the move will boost pension savings.
Trio admit insider dealing

13 January 2011

An investment banker, his wife and a family friend have pleaded guilty to insider dealing at Southwark Crown Court.
Investment banker pleads guilty to insider dealing

10 Jan 2011

Trio are alleged to have made approximately £590,000 profit from insider trades.
Perspective acquires 20th IFA firm

6 Jan 2011

Perspective says it is planning a further 10 acquisitions in 2011.
Admin blunders see ScotEq fined £2.8m

6 January 2011

The FSA has fined Scottish Equitable £2.8m for causing “significant” consumer detriment through poor administrative procedures.
Consumer Panel member Nick Lord to retire

20 Dec 2010

FSCP appoints four new members.
FSA appoints new Cfeb board members

20 Dec 2010

Five new non-executive directors are joining the Consumer Financial Education Body board.
FOS asks IFAs if they will pay over £100k before judging case

16 Dec 2010

FOS makes move to allow complainants to decide whether to sue for compensation in court instead.
FSA fines Scottish Equitable £2.8m plus £60m redress

16 Dec 2010

Scottish Equitable fined for causing “significant consumer detriment”.
FSA delays RDR paper due to TSC consultation

15 Dec 2010

Regulator warns any dilution of the RDR proposals will result in increased consumer costs due to misselling.
CII adding hundreds of sittings for exam

9 December 2010

The Chartered Insurance Institute is introducing 400 additional exam sittings following high demand for its diploma in regulated financial planning in the lead-up to the RDR.
Jeynes quits Direct Life for PruProtect

9 December 2010

Jeynes: Account development
DLP's Phil Jeynes to join PruProtect

8 Dec 2010

Jeynes is joining PruProtect next month as head of account development.
CII to add 400 extra exam sittings

1 Dec 2010

The CII says high demand has lead it to increase sittings across the UK.
Concern CPMA will lack independent appeal process

25 Nov 2010

Concerns are growing that the new Consumer Protection and Markets Authority will not have an independent appeals committee.
Life offices make bulk claims on KSF

25 Nov 2010

Skandia and Clerical Medical among those making bulk claims on behalf of bondholders.
One platform OK for most clients

25 November 2010

The FSA has confirmed that IFAs can use a single platform to service “the majority” of their clients as long as it is in line with clients’ best interests and leads to suitable advice.
Templeton strengthens in UK with Rensburg buy

25 November 2010

Franklin Templeton Investments has bought Rensburg Fund Management for £45m from Investec.
Aegon enhances unit-linked guarantee

24 Nov 2010

New customers in the Aegon Secure Lifetime Income product will see a guaranteed minimum annual increase of 3.25 per cent to their income base.
Ireland resists corporate tax rise

19 Nov 2010

The EU wants Ireland to up corporate taxes in exchange for aid.
Ex-watchdog challenges Manx KSF IoM bond move

18 Nov 2010

Former FOS adjudicator Jane Sanders is challenging the Isle of Man Depositor Compensation Scheme over its decision to exclude bondholders from compensation.
Franklin Templeton buys Rensburg Fund Management

18 Nov 2010

RFM sells for £45m.
FSA says advisers can use single platform to service clients

17 Nov 2010

Adviser can use one platform to service “the majority” of clients as long as it leads to suitable advice.
IFAs make up 40% of FSA authorisations in Q3

17 Nov 2010

129 new IFA authorisations were granted in Q3.
EU pressures Portugal and Ireland for debt plans

16 Nov 2010

Portugal blames contagion in EU financial markets.
Ireland resists bail-out pressure

15 Nov 2010

Ministers in Dublin reject EU aid package.
Man Group attacks plans to shut FSA

15 Nov 2010

Man Group chief executive Peter Clarke says the UK has lost clout in the EU.
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.
Court cuts the cash chain of compensation

11 Nov 2010

The High Court has ruled that a complainant cannot accept a Financial Ombudsman Service award and pursue the firm in court for additional redress over the same complaint.
Firm had 'disregard' for loan customers

11 November 2010

The FSA has fined mortgage lender Bridging Loans £42,000 and its director Joseph Cummings £70,000 for serious failures relating to lending practices and for failing to treat customers in arrears fairly.
Britannia axes capped tracker deals

10 Nov 2010

Britannia says there was a lack of customer demand for the products.
Landmark ruling means complainants cannot sue in addition to FOS award

4 Nov 2010

The High Court rules complainants that accept a FOS award cannot sue a firm in court for the same complaint.
FSA fines mortgage lender £42,000

4 Nov 2010

FSA fines Bridging Loans and its director Joseph Cummings £112,000.
Govt axes £12.5m grant for consumer education body

3 Nov 2010

The Consumer Financial Education Body’s funding has fallen from £45.4m to £32.9m.
Ex-compliance officer of firm fined for structured product failings works for FSA

21 Oct 2010

Former compliance officer at Thornton’s Law, fined £35,000 for compliance failings over structured product sales, is now working at the regulator.
Warning of breaching ex-employer contracts

21 October 2010

Financial services employees moving to a rival firm must be aware that they may face legal action if they breach contractual obligations to their former employer, according to law firm Beachcroft.
CSR: Social housing cuts may cause “carnage” in private rental sector

20 Oct 2010

Precise Mortgages is calling for a Government-backed safety net for the private rental sector.
Hoban rejects Aim for Isas

8 Oct 2010

Hoban warns move could undermine the Isa brand.
'Regulatory regime is like Little Britain'

7 Oct 2010

The Financial Services and Markets Act has been a “complete failure”, according to Treasury select committee member Mark Garnier.
Which? wants bigger fines for banks

7 Oct 2010

Which? also calls from increased naming and shaming of banks that fail to treat customers fairly.
Lilley warns of means-test advice trap

7 Oct 2010

Former Social Secretary says IFAs could face future complaints from individuals whose pension savings make them ineligible for means-tested benefits.
TSC Tory calls for RDR grandfathering

7 Oct 2010

Treasury select committee member Mark Garnier calls on FSA to allow grandfathering and reconsider commission rules.
Hoban says Isas don't face cuts

7 October 2010

Treasury financial secretary Mark Hoban has rejected claims that the Government is considering reducing tax incentives on Isas in the forthcoming comprehensive spending review.
Hoban says saving not CPMA role

7 October 2010

Treasury financial secretary Mark Hoban says the Consumer Protection and Markets Authority should not be given an objective of increasing saving and protection levels.
'Lend or lose your bonuses'

7 October 2010

Chancellor George Osborne says he will take a tough line on bank bonuses if lending to small businesses does not increase.
McGee is to leave Aegon in shake-up

7 October 2010

Aegon head of corporate affairs Francis McGee is leaving the company as part of the firm’s restructure.
Prime opens PI division for intermediaries

7 October 2010

Professional indemnity insurance broker Prime has launched a new division focused on the insurance needs of advisers.
Government minister says Isas will not face cuts

6 Oct 2010

Mark Hoban rejects claims the Government is considering cutting tax incentives on Isas.
Francis McGee to leave Aegon after restructure

5 Oct 2010

Aegon head of corporate affairs Francis McGee is leaving the company as part of the provider’s restructure.
Mark Hoban rules out giving CPMA savings objective

4 Oct 2010

Treasury financial secretary suggests Money Marketing campaign would set up the regulator to fail.
ScotLife wants regulator to emphasise value of advice

1 Oct 2010

Scottish Life has urged the Government and the regulator to communicate the value of financial advice to consumers.
Keep CTF systems so parents can carry on saving

1 Oct 2010

Shadow Treasury minister David Hanson is calling for the coalition Government to retain the IT systems that enable parents to save for their children through child trust funds.
'Don't leave small firms out of auto-enrolment'

30 Sep 2010

Eagle: ‘Labour market will simply restructure itself to avoid paying Nest contributions’
Love plea for plan to boost saving

30 Sep 2010

Treasury select committee member criticises Government for not having a plan to increase the rate of saving among the public.
Origen launches annuity service for IFAs

30 Sep 2010

Annuitãs will support small to medium sized IFA businesses.
Prime launches specialist IFA arm for PII

30 Sep 2010

Professional indemnity insurance broker Prime is focussing on the IFA market.
Labour's Andy Love warns of Isa cuts

29 Sep 2010

Treasury select committee member warns Govt may reduce Isa tax incentives in next month’s comprehensive spending review.
Independent Commission on Banking calls for evidence

24 Sep 2010

The commission wants input on its focus and approach to improving the banking sector.
Technical failures delay ifs exams

24 Sep 2010

The ifs School of Finance has delayed exam sittings after technical problems at its test centres.
Standard Life raises Sipp charges by 4%

23 September 2010

Standard Life is increasing its self-invested personal pension charges for all existing customers by 4 per cent and introducing a £750 charge for new Sipp customers who transfer out within 12 months.
DWP may allow low earners to work and claim pension

22 Sep 2010

Older workers on low and medium wages could continue working and keep their pension credit entitlements.
Jon King appointed MD of More 2 Life

22 Sep 2010

Former Ship chairman Jon King takes over as managing director of Key Retirement Solutions’ lending arm.
Aegon urges Govt to drop Labour's "piecemeal" approach to pension reforms

20 Sep 2010

Aegon UK chief executive Otto Thoresen will today urge the Government to re-examine saving incentives.
'Life offices will raise margins at expense of advisers'

17 Sep 2010

Allium Capital has warned advisers that life companies are trying to “dramatically increase” their margins at the expense of advice firms.
Nest set to escape the spending axe

16 Sep 2010

Pension experts say Nest looks likely to survive the Government’s comprehensive spending review despite earlier speculation that the Treasury wanted to scrap it in favour of a cheaper alternative.
IFA who aided multi-millionpound loan fraud is jailed

16 September 2010

An IFA was sentenced to five and a half years in jail at Birmingham Crown Court last week for falsifying mortgage applications on behalf of a client.
Ascentric assets grow to £2bn

15 Sep 2010

The platform’s assets under management have grown 75 per cent since January 2010.
MP questions whether FSA withdrew pensions from Equitable Life

15 Sep 2010

Liberal Democrat MP Stephen Lloyd asks if FSA withdrew pensions before the firm’s collapse.
Munich Re appoints new CEO

15 Sep 2010

Andrew Rear will succeed Jonathan Ludbrook as Munich Re chief executive.
Resolution completes acquisition of Axa UK Life business

15 Sep 2010

Resolution’s acquisition of Axa UK Life business, under Friends Provident, has been completed.
Standard Life hikes Sipp charges by 4%

15 Sep 2010

All existing customer charges will increase by 4 per cent; new customers will be charged £750 if they transfer out within 12 months.
Aifa is without a director general as Cummings starts new role at TheCityUK

13 Sep 2010

Aifa and Aviva are still negotiating a start date for incoming director general Stephen Gay.
RICS says house prices continue to fall

13 Sep 2010

The August RICS Housing Market Survey shows surveyor sentiment at lowest level since May 2009
SimplyBiz: Less than 4% of IFAs will consider restricted channel

13 Sep 2010

SimplyBiz chairman Ken Davy says restricted advice is a “road to nowhere”.
IFA jailed for mortgage fraud

8 Sep 2010

IFA Mark Campbell was today sentenced for his part in a multi-million pound mortgage fraud racket in the Midlands.
Shalton to take over as IFP president

8 Sep 2010

Bluefin Wealth Management financial planner Marlene Shalton will succeed Barry Horner.
FOS refuses to reveal level of staff qualifications

27 Aug 2010

The FOS says financial qualifications do not necessarily make people good adjudicators.
IFP to host RDR conference

27 Aug 2010

The Institute of Financial Planning is offering help on the RDR in London next month.
Royal London group CEO quits

27 Aug 2010

Mike Yardley is stepping down after 12 years in the job.
'Keep Govt out of annuity advice'

26 Aug 2010

Annuity Direct calls for Government to steer clear of annuity advice unless it employs diploma-qualified advisers.
Co-op may sell life arm in Britannia integration

26 Aug 2010

Co-operative Financial Services could look to sell off its life insurance arm as part of its integration with Britannia Building Society.
Banks fear new regulators won't be accountable

26 August 2010

The British Bankers’ Association is lobbying the Government over fears that the new Consumer Protection and Markets Authority and Prudential Regulation Authority will lack accountability.
Zurich hit with £2.3m fine for data loss

26 August 2010

The FSA has fined the UK branch of Zurich Insurance £2.3m for failing to have adequate systems and controls in place to prevent the loss of customers’ confidential information.
ABI to amend VAT guidance

25 Aug 2010

ABI removes implication that advice fees must be paid upfront to be eligible for a VAT exemption.
Pension Protection Fund to unveil new funding plan

25 Aug 2010

The Pension Protection Fund hopes to be self-sufficient by 2030.
FSA fines Zurich Insurance £2.3m

24 Aug 2010

Zurich’s systems and controls failed to prevent the loss of 46,000 customers’ confidential information.
FSCS judicial review court date set

24 Aug 2010

Regulatory Legal has secured a court date for its judicial review of the FSCS levy.
Jupiter reports £14.6m profit for H1

24 Aug 2010

Jupiter’s assets under management grew 28 per cent to £19.8m.
Banks fear new regulators will lack accountability

23 Aug 2010

The British Bankers’ Association says scrapping the FSA will give too much power to the BoE.
Govt responds to IFA petition

23 Aug 2010

Government says new regulator will ensure firms are “responsibly managed and regulated”.
Interest rates could rise to 8% by 2012

23 Aug 2010

The Policy Exchange says inflation may hit 10 per cent, forcing interest rates to rise.
New banking venture raises £50m

20 Aug 2010

John McFall and Lord Levene have raised £50m for their new high street bank, NBNK.
'Watchdog has no grasp of pension-sharing rules'

19 Aug 2010

Pensions adviser Richard Jacobs has accused the Pensions Ombudsman of having a “complete lack of understanding” of the rules governing pension sharing.
Paradigm halves loss and aims to double advisers

19 Aug 2010

Paradigm Partners is planning to double the size of its IFA network, Paradigm Financial Advisers, from 200 to 400 by the end of the year.
FSA cost of RDR set to pass £3m

19 Aug 2010

The FSA has spent £2.95m so far on development of the retail distribution review.
Low level of advice skills at the FSA

19 Aug 2010

Less than half the small firms division have a full financial or mortgage advice qualification at QCF Level three and only 17 have QCF level four.
FSA fines and bans insurance brokers for fraud

17 Aug 2010

The FSA has issued fines totalling £200,000 to two brokers involved in insurance fraud.
Skills council tests IFA intern scheme

12 Aug 2010

The Financial Services Skills Council is piloting a six week IFA internship programme for university students in September.
Foreign fund firms plan swoop for UK IFAs

12 Aug 2010

Non-UK-domiciled fund managers are looking to buy up to 15 per cent of IFA firms in the UK, says Allium Capital.
'Be very afraid' of Euro-wide regulation

12 August 2010

Former Conservative Shadow pensions minister Nigel Waterson has called on the Government to resist regulatory creep from the European Commission over proposals for EU-wide pension regulation that could cost UK companies £500bn.
FSA encouraged by progress

12 August 2010

The FSA says it is encouraged by the progress firms are making in the RDR transition.
Providers waking up to the earning potential of advice

12 August 2010

Banks and insurers have realised the potential earning power of advice propositions and are reviewing their direct-to consumer models, says Ernst & Young.
Restricted advice will bring back bias

12 August 2010

Ernst & Young believes that product bias will increase as a result of the FSA’s restricted advice channel.
Sign up to advise on small funds

12 August 2010

The Retirement Partnership has called for the creation of a register of IFAs willing to give retirement advice to clients with small pension pots.
VAT guidance contradicts RDR aim for advice

12 August 2010

Financial advice will be cheaper if clients pay for it up-front rather than over the life of the product because they will not have to pay VAT, according to Skandia.
Five years to profit from fees

11 Aug 2010

Yellowtail Financial Planning managing director Dennis Hall says it has taken him five years to move to a fee-based model and start earning a profit.
FSA PPI rules to cost up to £3.2bn

10 Aug 2010

FSA says moves to improve complaint handling processes could cost the industry £3.2bn.
Recruiters call for six-month qualifying period for auto-enrolment

10 Aug 2010

The Recruitment and Employment Confederation wants greater flexibility for temporary staff.
VAT guidance contradicts RDR aim for advice

10 Aug 2010

Skandia says advice will be cheaper if clients pay for it up-front with the sale of a product.
Tory horror at IFA in-fighting

6 Aug 2010

Senior Conservative MPs ’appalled at inconsistency, lack of clarity and lack of real focus’.
Treasury getting cold feet over the tax costs of Nest

5 Aug 2010

Altmann warns that the Treasury is concerned that Nest may lose money in the short term because of the increased cost of tax relief.
Waterson warns that pensions could lose focus

5 Aug 2010

Waterson says pension reform may stall as Work and Pensions Secretary Iain Duncan Smith and pensions minister Steve Webb are focused on other issues.
CII's alternative to exam will cost advisers £2,000

5 Aug 2010

The Chartered Insurance Institute’s QCF level four alternative assessment is likely to cost advisers almost £2,000 - nearly four times the cost of its written exams.
Cummings calls for IFA unity

5 Aug 2010

Outgoing Aifa director general wants IFAs to show that they are a “core part” of the future of financial services.
10 firms could quit Openwork to join Carby

5 Aug 2010

Openwork says only 10 more firms are looking to join former chief executive Keith Carby’s new venture.
Long-stop appeal is rejected

5 Aug 2010

The Information Tribunal has dismissed an appeal challenging the FSA’s refusal to disclose the legal advice it received against allowing IFAs to have a 15-year long stop.
Talks on private sector replacing Nest

5 Aug 2010

The Government is talking to providers about the possibility of scrapping Nest and asking the private sector to fill the gap.
Towergate Financial appoints new director

5 Aug 2010

Dan Russell joins as director of client proposition.
Towry Law charging clients to quit

5 August 2010

’Appalled at inconsistency, lack of clarity and lack of real focus’
Towry Law charging clients to quit

5 August 2010

Towry Law has started applying transfer charges for clients leaving the firm but insists that the charges were always written into Edward Jones’ terms and conditions.
Ernst & Young warns RDR will increase product bias

4 Aug 2010

The accountancy firm says nine out of ten wealth managers will choose the restricted advice channel.
David Miliband calls for mansion tax

3 Aug 2010

Labour leadership candidate David Miliband calls for a tax on homes worth more than £2m.
FSA fines RBS £5.6m

3 Aug 2010

The FSA imposes its biggest fine to date on RBS Group.
Former Edward Jones clients hit out at Towry transfer charges

2 Aug 2010

Former Edward Jones clients complain about transfer charges they say were introduced in July.
'Barclays has made me a poor pensioner'

30 Jul 2010

Barclays agrees to fast-track backlog of complaints after pensioners march on Parliament.
Altmann sees case for legal action against FSA over annuities

29 Jul 2010

Regulator accused of being “asleep at the wheel”.
FSA creates long stop for redress schemes

29 Jul 2010

Aifa says 15-year rule is a first for the industry.
Axa piloting new variable annuity range

29 July 2010

Axa has unveiled a new range of variable annuity products it is piloting with a small group of specialist IFAs.
Barclays to fast-track the backlog of Aviva income complaints

29 July 2010

Barclays has agreed to fast-track the backlog of complaints currently with the Financial Omb-udsman Service over its sale of the Aviva global balanced inc-ome fund and has promised to accept all adjudications.
FSCS sets date for decision on Lifemark compensation

29 July 2010

The Financial Services Compensation Scheme will ann-ounce in September whether Lifemark clients will be able to claim for compensation.
IFAP could drop its not-for-profit status

29 July 2010

Barrett: Self-funding objective
Keydata collapse leads to a 483% increase in FSCS claims

29 July 2010

The Financial Services Compensation Scheme saw a 483 per cent increase in claims against the investment intermediation sub-class in 2009/10, mainly due to the collapse of Keydata.
KPMG recruits former FSA Solvency II manager

29 Jul 2010

Paul Brenchley joins KPMG as a director in its insurance risk team.
New FSA suspension powers

29 July 2010

The FSA is implementing new enforcement rules allowing the regulator to suspend or restrict authorised and app-roved persons and impose fin-ancial penalties on people who perform controlled functions without approval.
PPI complaints set to rise in 2010/11

29 Jul 2010

The Financial Ombudsman Service reveals it received 13,520 new PPI complaints in Q1.
Some IFAs to fall under FSA's new Remuneration Code

29 Jul 2010

The FSA plans to extend the scope of its pay rules to include advisers that handle client money.
UK levy payers may have to pick up the tab for FSCS expenses

29 July 2010

The FSA has hinted that the Financial Services Compensation Scheme may be allowed to recoup management expenses it incurs when acting on behalf of schemes from UK levy payers.
Barclays bows to pressure to pay out on Aviva fund

23 Jul 2010

Barclays to compensate all complainants within three weeks.
FSA gets new enforcement powers

23 Jul 2010

The FSA is implementing its powers to suspend or restrict authorised and approved persons.
FSA hints at extra costs for FSCS levy payers

23 Jul 2010

UK levy payers look likely to have to pay the FSCS’s management expenses when it acts of behalf of other compensation schemes.
IFAP may move away from not-for-profit model

23 Jul 2010

IFA Promotion says half its funding now comes from IFAs, rather than product providers.
Edward Jones clients in row over Towry dividend payments

22 Jul 2010

Ex-clients says they are no longer recieving dividends from Towry Law after requesting their funds to be transferred away from the firm.
MEP asks for Euro probe on validity of RDR

22 Jul 2010

Conservative MEP Ashley Fox writes to European Commission to query whether RDR breaches Mifid.
Barclays protestors get MPs' backing

22 Jul 2010

MPs have pledged to help scores of elderly Barclays clients who have lost hundreds of thousands of pounds which they blame on poor advice from the bank.
Aegon launches new guaranteed option

22 July 2010

Aegon has launched a new guaranteed income option which secures an income of 5 per cent of the original investment for 20 years.
Axa unveils variable annuity products

22 Jul 2010

Axa is piloting its new Secure Advantage range with specialist IFAs.
Ed Jones' clients set up Towry protest website

22 July 2010

Disgruntled Towry clients have launched a website and a petition calling on the regulator to take action against the firm for delays in transferring their funds away from the company.
'Ex-Labour ministers ideal for ABI'

22 July 2010

Former Labour ministers such as John Hutton, James Purnell and Charles Clarke are ideal candidates to take over as director general of the Association of British Insurers, according to Lansons.
FSCS reports 483% increase in investment intermediary claims

22 Jul 2010

The collapse of Keydata has seen claims falling on the investment intermediary sector skyrocket.
FSCS will announce Keydata Lifemark findings in September

22 Jul 2010

Around 23,000 Keydata clients will find out if they are liable for compensation for Lifemark investments in September.
Government to create simple products

22 July 2010

Hoban: ‘Encourage saving’
Moret says advisers need to boost knowledge

22 July 2010

Advisers and investment managers lack knowledge of the risks associated with drawdown and will have to raise their game in time for the Government’s new regime, warns Suffolk Life.
Osborne offers MPs veto on picking OBR chief

22 July 2010

Chancellor George Osborne has offered the Treasury select committee the power to veto whoever he appoints as the head of the Office for Budget Responsibility.
Skills Council appoints two new directors

22 Jul 2010

FSSC appoints Sarah Thwaites as director of products and services and Dean Cassar as director of client services and engagement.
Tenet picks MD for Connect and Select

22 July 2010

Tenet Group has appointed Mike O’Brien as managing director of its Tenet Connect and Tenet Select brands.
Treasury to axe Asp for drawdown options

22 July 2010

The Treasury has set out plans to replace alternatively secured pensions with capped and flexible drawdown options from April 2011.
FSCS judicial review put back to December

21 Jul 2010

Court clash may coincide with FSA review of the compensation scheme.
Parliament protest and BBC pile pressure on Barclays advice

21 Jul 2010

Parliamentary protest from aggrieved clients comes in the same week as BBC probe.
Consider avoiding taking tax free cash, says Intelligent Pensions

20 Jul 2010

David Trenner says under the Government’s new proposals, if the lump sum is not needed it should not be taken.
65% of investors want adviser charging, says NMG

19 Jul 2010

Research shows investors want more transparent charging that will help them shop around for advice.
Aegon launches new guaranteed at-retirement product

19 Jul 2010

New option guarantees income of 5 per cent of the original investment over 20 years.
FSA fines father and son £180,000 for market abuse

19 Jul 2010

Jeffery and Jeremy Burley used inside information about oil and gas exploration company Tower Resources.
Tenet appoints new MD of TenetConnect and TenetSelect

19 Jul 2010

Mike O’Brien has been appointed to lead TenetConnect and TenetSelect.
Vince Cable slams banks for "ripping off" customers

19 Jul 2010

Business Secretary attacks banks’ overdraft charges and “unacceptable” bonus culture.
Fears over EU plan to raise payout limit

15 Jul 2010

Zurich warns that advisers may be forced to pay higher levies to the FSCS following a bank collapse if new EU proposals are approved.
FSA says that digital photocopiers pose security risk

15 Jul 2010

FSA says firms must properly erase stored information when the machines are replaced.
Lakey would join Aifa if Owen gets top job

15 Jul 2010

Adviser Alliance director Alan Lakey says he may close his lobby group and join Aifa if Evan Owen becomes director general.
ABI director general leaves after 6 months for "personal reasons"

15 Jul 2010

Maggie Craig takes over as acting director general.
IFA firm is fined £21k for pension switch advice risk

15 July 2010

The FSA has fined Gateshead IFA firm N-Hanced £21,000 for exposing customers to the risk of receiving poor advice about switching their pension.
Osborne offers TSC power to veto OBR appointments

15 Jul 2010

Chancellor offers Treasury select committee power to veto appointments to the Office for Budget Responsibility.
Osborne says CGT taper would not have worked

15 Jul 2010

Chancellor George Osborne told the Treasury select committee that taper relief has been abused in the past.
Pru warns 55% tax on death benefits will hit low earners

15 Jul 2010

Prudential warns new tax regime will hit basic rate tax payers; welcomes abolition on ASPs.
Treasury to introduce new flexible and capped drawdown regime

15 Jul 2010

Treasury financial secretary Mark Hoban announces ASP will be scrapped.
Turner asks if CPMA remit could include competition

15 July 2010

FSA chairman Adair Turner has questioned whether the new Consumer Protection and Markets Authority should consider competition issues as part of its remit.
Angry Towry clients launch website and petition

14 Jul 2010

Ex-Edward Jones clients launch a petition claiming the firm is failing to treat its customers fairly.
Govt to launch consultation on "simple products"

14 Jul 2010

Financial Secretary to the Treasury Mark Hoban says simple products will be developed with consumer groups and the industry.
Consumer Panel calls for 5-a-day message

13 Jul 2010

FSCP chairman Adam Philips calls for the Consumer Financial Education Body to create a savings campaign.
Sifa doubts judicial review of FSCS will be successful

13 Jul 2010

Sifa warns that contributions to RL may be “money down the drain”.
Turner: FSA's intrusive approach risks "disproportionate" costs

13 Jul 2010

FSA chairman Adair Turner calls for debate about the balance between regulation, consumer responsibility, consumer capability and the state.
Turner: Should CPMA remit include competition policy?

13 Jul 2010

The FSA chairman has questioned if the CPMA should take on competition issues as part of its remit.
European Commission to increase bank depositor protection to €100,000

12 Jul 2010

The Commission proposes to hike the bank deposit limit and investor compensation limit in a bid to protect consumers.
Evan Owen applies for Aifa top job

9 Jul 2010

Former IFA Defence Union chairman Evan Owen applies to replace Chris Cummings as Aifa director general.
EC to propose EU-wide consumer protection schemes

9 Jul 2010

The European Commission will announce proposals on Monday to boost consumer confidence in financial services.
FSA fines network head £10,500

9 Jul 2010

FSA fines FT Compliance Services director David Head for failing to properly supervise staff.
Complaint watchdog slams FSA searches

8 Jul 2010

Complaints Commissioner says FSA enforcement staff have shown a lack of understanding of the procedures used when searching premises.
Advisers won't face extra legal costs for FSCS judicial review

8 Jul 2010

Regulatory Legal assures IFAs making donations to help fund FSCS judicial review that they will not face any additional legal costs.
£130K fine and six banned by FSA for mortgage fraud

8 July 2010

The FSA has banned six individuals and fined one over £130,000 for failings in relation to mortgage fraud.
Duncan Smith calls for talks on dealing with rises in state pension age

8 July 2010

Work and Pensions Secretary Iain Duncan Smith is calling for a debate on how quickly society is prepared to accept rises in the state pension age.
FSA bans three insurance professionals for £2m fraud

8 Jul 2010

FSA bans Timothy Higgins, Clifford Felstead and Ralph Brunswick.
FSA fines IFA firm £21,000 for pension switching failings

8 Jul 2010

The FSA has fined a Gateshead-based IFA firm for failings relating to pension switching advice.
Osborne calls for public views on spending cuts

8 Jul 2010

The Government has launched a website for people to post their ideas on tackling the deficit.
Titcomb takes on COO role as Norris quits FSA

8 July 2010

Titcomb: Small firms director
FSA fines three advisers £31,500

7 Jul 2010

FSA fines Pace Financial Management partners for failings that led to financial crime.
FSA proposes new FSCS exit levy

7 Jul 2010

FSA proposals could see the FSCS impose an exit levy on firms that leave a particular deposit class.
Peter Sprung gets CII fine and five-year ban

7 Jul 2010

The Chartered Insurance Institute disciplinary committee has fined Peter Sprung an undisclosed sum.
WKFS launches offshore compliance tool

7 Jul 2010

Wolters Kluwer Financial Services has launched Compliance Passport which helps firms comply with jurisdiction-specific regulation.
Andrew Tyrie: Budd departure a "great loss"

6 Jul 2010

Treasury select committee chair says Budd’s departure emphasises the importance of getting the structure of the watchdog right.
FSA fines former energy chief £350,000

6 Jul 2010

Former CEO of energy company Sibir, Henry Cameron, is fined for market abuse.
Adviser Alliance donates money to FSCS legal fight

5 Jul 2010

Adviser Alliance is donating money to support the judicial review of the FSCS’s £80m interim levy.
FSA bans six mortgage brokers, fines one

5 Jul 2010

FSA issues £130,000 fine and bans six brokers for mortgage fraud.
Sifa will not apply for FSA accreditation

5 Jul 2010

Sifa says it will not apply for accreditation to award statements of professional standing to advisers.
New regulators will be tougher than FSA

2 Jul 2010

Law firm warns new financial regulators will be tougher to prove their worth ahead of the next election.
FSA appoints Linda Woodall as director of small firms

2 Jul 2010

Linda Woodall has replaced Lesley Titcomb as the acting director of the small firms and contact division.
Groundhog day

2 Jul 2010

Is Barclays learning from its mistakes?
Networks look to award adviser statements of professional standing

1 Jul 2010

Networks are considering using a non-authorised set-up to apply for FSA accreditation to award statements of professional standing to advisers.
Barclays told to pay £17k redress after risk error

1 Jul 2010

FOS tells Barclays to pay out to a cautious client it placed in a high-risk fund and the bank has apologised for its handling of the complaint.
Ifs reveals £1.6m deficit

1 Jul 2010

The ifs School of Finance posted a deficit of £1.6m in the seven months to July 31, 2009.
Advisers will need statement on standards

1 July 2010

Advisers will be forced to get a statement of professional standing from 2013 to give independent verification that they are meeting new professional standards under the RDR.
FSA appoints Titcomb as acting COO

1 Jul 2010

Mark Norris quits the FSA, Titcomb takes over as acting chief operating officer.
FSA staff who move to new body won't get bank pensions

1 July 2010

FSA chairman Adair Turner has confirmed that FSA staff moving across to the new prudential authority will not be included in the Bank of England’s pension scheme.
FSA to probe sole adviser sales data

1 July 2010

The FSA is proposing to ramp up its scrutiny of individual advisers by capturing information about their transactional activity.
Industry looks likely to fund CPMA

1 July 2010

Turner: ‘Keeping momentum’
It was my duty to stay on, says Sants

1 July 2010

Sants: Continuing approach
High Court orders three individuals to repay FSA £115m

29 Jun 2010

John Anderson, Kenneth Peacock and Kautilya Nandan Pruthi must repay deposits they took from UK consumers without FSA authorisation.
RDR: Adviser costs for professionalism may exceed £225m by 2012

28 Jun 2010

Advisers are facing costs of £225m by the end of 2012, plus additional expense for the FSA’s new statements of professional standing.
RDR: Advisers may face more data scrutiny

28 Jun 2010

The regulator is keen to build a “profile” of individual advisers, including transactional activity.
RDR: Advisers must hold statement of professional standing

28 Jun 2010

Membership of professional bodies will not be mandatory for IFAs.
RDR: Aifa questions FSA's drop in adviser numbers

28 Jun 2010

Aifa says the FSA has reduced its estimate of investment advisers from 85,000 to 48,000.
RDR: FSA publishes final list of approved qualifications

28 Jun 2010

Advisers on the path to higher qualifications can now check if their qualification has been approved.
Take care of the margins in move to fee business

25 Jun 2010

Macquarie says advisers moving to a fee-based model must ensure they build a profit margin into their charges to make a successful transition.
Pick out a niche and double your profits

25 Jun 2010

FP Advance chief executive Brett Davidson says IFA firms that segment their clients and identify a niche within their client base can more than double their profits.
Dewar and Pain tipped for CPMA job

24 Jun 2010

Sally Dewar and Jon Pain are two of the names being touted for the top job at the CPMA.
Cann claims Cummings quit due to lack of Aifa direction

24 June 2010

Institute of Financial Planning chief executive Nick Cann says he believes Chris Cummings quit Aifa due to frustrations over the direction of the trade body.
Cummings wins praise for his contribution to IFA cause

24 June 2010

Aifa director general Chris Cummings has won wide-ranging praise for his role in lobbying on IFAs’ behalf.
FOS appoints new independent assessor

24 Jun 2010

Linda Costelloe Baker replaces Michael Barnes at the FOS.
FSA staff will not join BoE pension scheme

24 Jun 2010

FSA chairman Adair Turner says staff at the new prudential authority will not receive the BoE pension scheme.
Harman hammers stifling strategy

24 June 2010

Labour acting leader Harriet Harman slammed the emergency Budget, saying it will stifle growth and make it harder to cut the deficit.
Industry likely to fund CPMA, says Turner

24 Jun 2010

FSA chairman Adair Turner says the Treasury is likely to levy the financial industry for the Consumer Protection and Markets Authority.
Sants stresses RDR will go ahead under new structure

24 Jun 2010

FSA chief executive Hector Sants says the regulator will not be deflected from the RDR.
VAT rise will put IFAs more out of reach

24 June 2010

Experts warn that the Budget’s VAT rise could put independent financial advice further out of reach of the mass market as IFA clients will pay 20 per cent VAT on the fees for advice they receive.
Who will follow Cummings at Aifa?

23 Jun 2010

IFA Amanda Davidson and IFP chief executive and Nick Cann have ruled themselves out of the running to replace Chris Cummings as director general of Aifa.
Aifa says IFAs will get a Budget "boost"

22 Jun 2010

Aifa says corporation tax cuts will provide a timely boost for IFA firms.
BUDGET: Harman hits out at "reckless Budget"

22 Jun 2010

Labour says the Budget will stifle growth, making it harder to cut the deficit.
Ex-trader given suspended jail sentence for insider dealing

22 Jun 2010

Former AKO Capital trader admits to conspiracy to commit insider dealing.
FSA warns Facebook and Twitter pages must be compliant

22 Jun 2010

The FSA warns firms they must comply with financial promotion rules when using new media.
Govt backs EU treaty changes

22 Jun 2010

PM David Cameron supports moves to give Brussels more control over Eurozone economies.
FSA fines firm £500,000 for not disclosing inside information

21 Jun 2010

The FSA today fined Photo-Me International £500,000.
FSA fines Vantage £700,000

21 Jun 2010

The FSA has fined Vantage Capital Markets for allowing Daniel Hassell to perform a significant influence function without FSA approval.
Integrity chief says FSA probe was misguided

18 Jun 2010

Iain Stamp defends the firm’s geared traded endowment policies and says FSA caused firm’s liquidation due to “misguided” investigation.
PIMS 2010: Time is running out for fee transition

18 Jun 2010

Macquarie says advisers need 36 months to transition to a fee-based model.
Campaign for fair USP deal

17 Jun 2010

Annuity Direct is running a Fair USP campaign, calling on the FSA to ensure providers give consumers full details of critical yields on unsecured pensions, based on the best annuity rates on the open market.
Look at merging FOS and FSCS with FSA, says Aifa

17 Jun 2010

Chris Cummings says Government should consider merger when FSA becomes part of the Bank of England.
Applications withdrawn after interviews

17 June 2010

The FSA says 27 applications for a significant influence function were withdrawn in 2009/10, following the introduction of its new interview process.
'Axe commission for bank sales staff'

17 June 2010

The Which? Future of Banking Commission has called for the complete removal of commission for front-line bank staff and enforcement action against senior management in firms putting excessive sales pressure on workers.
Crackdown brings broker bans and record fines

17 June 2010

The FSA took a record £33.6m in fines during 2009/10 and banned more than 30 mortgage brokers under its new intensive supervision regime.
Equitable victims fear Government's compensation pledge may be slashed

17 June 2010

The Equitable Members’ Action Group has questioned the Government’s promises of fair compensation after reports that the Treasury may cut compensation levels to £1bn.
New body to enforce code of conduct

17 June 2010

The Government should introduce a formal code of conduct for the banking sector to be enforced by a new professional standards body.
PIMS 2010: IFAs should help lawyers change models

17 Jun 2010

Sifa says advisers can help lawyers move away from transactional relationships.
Plan calls for FSCS deposit class

17 June 2010

The Financial Services Compensation Scheme could introduce a new deposit class carrying a 100 per cent unlimited Government guarantee under proposals from the Which? Future of Banking Commission
Savings gap is problem, not insurers, says Kane

17 June 2010

The savings gap poses a greater threat to economic and financial stability in the UK than the failure of any individual insurer, warns the Association of British Insurers.
Chris Cummings quits Aifa

16 Jun 2010

Aifa director general Chris Cummings quits to head up new financial services body, TheCityUK.
Adviser hits out at Towry transfer delays

15 Jun 2010

Towry is taking over three months to transfer Edward Jones clients to external platforms.
Buckles buys Heather Moor & Edgecomb

15 Jun 2010

Buckles buys IFA firm HME, which lost a landmark case in the Court of Appeal over “unfair” FOS case fees.
EMAG warns Equitable Life payouts may be slashed

15 Jun 2010

The Equitable Members Action Group fears the Treasury may cut compensation to just £1bn.
FSA hires ex-Pru director Tom Boardman

14 Jun 2010

Boardman joins the regulator as life insurance senior advisor.
Vantis suspends share trading

14 Jun 2010

The parent company of IFA firm Vantis Financial Management suspends share trading due to a lack of funds.
Sesame rules out platforms not looking at early re-reg

11 Jun 2010

Firm will only consider platforms actively pushing for a rapid re-registration solution as the firm decides on its preferred choice for members.
St James's Place adviser makes referral claim

11 Jun 2010

Adviser markets herself as a specialist who takes referrals from solicitors, despite regulation that specifies solicitors can only refer clients to IFAs for investment advice.
Banking Commission calls for removal of commission for frontline bank staff

11 Jun 2010

Which? banking commission calls for enforcement action against senior management found to put frontline staff under excessive sales pressure.
FSA managing director of risk quits

11 Jun 2010

FSA managing director of risk Sally Dewar has announced plans to leave the regulator in May 2011, Money Marketing can reveal.
Labour MP Anne Begg to chair work and pensions committee

11 Jun 2010

Labour MP for Aberdeen South Anne Begg takes over as chair from Terry Rooney.
IFA helps investors win £370k Integrity redress

10 Jun 2010

Ned Naylor helps four investors sold the Integrity GTEP maximiser product win over £370,000 with a further £400,000 nearing settlement.
Call for global solution to alternative directive

10 Jun 2010

Warning signal: UK MEPs fear that the European Commission’s alternative investment fund managers directive will harm the City
ABI warns savings gap poses greater economic threat than collapse of UK insurer

10 Jun 2010

ABI chairman Archie Kane calls for “consistent and committed” policies to increase savings.
Close fined for failure to protect customer funds

10 June 2010

The FSA has fined Close Investments Limited £98,000 for failing to properly protect and segregate client money.
Death of ex-LIA president Battersby

10 June 2010

Battersby: ‘Ahead of his time’
FSA slow to endorse new firms

10 June 2010

The average time the FSA takes to authorise a company has risen by 71 per cent in the last 12 months, according to City law firm Rey-nolds Porter Chamberlain.
I don't want to punish savers, says PM

10 June 2010

Prime Minister David Cameron is considering a number of capital gains tax concessions for savers, including people with long-term assets and people nearing retirement.
JPM failed to segregate client cash

10 June 2010

The FSA has fined JP Morgan Securities £33.32m for failing to segregate up to £15.6bn of client money properly.
Merkel and Sarkozy push for short-selling ban

10 Jun 2010

Germany and France are calling for the rapid introduction of an EU-wide ban on the short selling of some shares and government debt.
Stockbroker breaks FSA rules on client money

10 June 2010

The FSA has fined stockbroker Rowan Dartington & Co £511,000 for failing to protect and segregate client money for more than two years.
Brooks Macdonald buys Braemar Group for £4m

8 Jun 2010

Wealth management firm Brooks Macdonald acquires property specialist for a cash offer of £4m.
FSA charges former stockbroker for fraud

8 Jun 2010

The FSA has charged former stockbroker David Mason with five offences.
Cameron hints long-term savers may see CGT concessions

7 Jun 2010

Cameron says he does not want to “punish” savers.
Cameron: UK will have to pay £70bn of debt interest

7 Jun 2010

PM David Cameron says the UK is expected to pay £70bn worth of interest on its national debt in five years.
FSA authorisations taking 71 per cent longer

7 Jun 2010

The FSA is now taking 19.5 weeks on average to authorise firms, compared to 11.4 weeks last year.
FSA fines Close Investments £98,000

7 Jun 2010

Close Investments fined for failing to protect and segregate client money.
FSA fines stockbroker £511,000

7 Jun 2010

Rowan Dartington & Co is fined £511,000 for failing to segregate client money.
Labour MP Frank Field to lead review into poverty

7 Jun 2010

PM David Cameron appoints Field to investigate poverty in Britain.
Lansons appoints Mark Penton as director

7 Jun 2010

Penton joins Lansons as a director of its regulatory consulting practice.
Pru chief exec faces pressure ahead of AGM

7 Jun 2010

Tidjane Thiam will come under pressure at today’s AGM, despite a positive trading update.
Aifa challenges FSA's 30-month limit

4 Jun 2010

Aifa questions whether the FSA’s proposed limit is achievable.
FSA to impose 30-month qualification deadline for new advisers

4 Jun 2010

FSA to introduce a 30-month deadline for qualifications, plus plans to increase ethical standards.
Mortgage brokers may need new qualifications

4 Jun 2010

FSA may require updates for non-RDR qualifications covering mortgage advice, equity release, long -term care insurance and pension transfers.
Call for CGT taper relief wins industry backing

3 Jun 2010

Advisers voice support for Conservative backbencher John Redwood’s proposals for CGT to be tapered.
Advisers can take provider loans post-RDR

3 Jun 2010

FSA confirms advisers will be free to take commercial loans from banks, IFA networks and product providers.
Aifa and Aegon look to bring in saveback scheme

3 June 2010

McGee: ‘Practical proposals’
BBA slams Euro bank levy

3 June 2010

The British Bankers’ Association has hit out at the European Commission’s proposals to introduce a levy on all EU banks, saying it could cause a new financial crisis and increase moral hazard.
FSA to look at fees policy in light of Aifa doubts

3 June 2010

The FSA says it will consider the Association of Independent Financial Advisers’ calls for an overhaul of its cost allocation for intermediary fees and will report its findings in November.
Govt may still scrap the FSA

3 Jun 2010

The FSA may go in the Treasury’s shakeup of City regulation.
Govt hints it may water down CGT rise

1 Jun 2010

Work and Pensions Secretary Iain Duncan Smith says Government does not want to hit savers.
SimplyBiz appoints joint managing directors

1 Jun 2010

SimplyBiz has appointed Matt Timmins and Neil Stevens as joint managing directors.
FSSC says its work saves public cash

28 May 2010

Skills council looks to dodge Govt cuts and says scrapping QCDA would have no effect on RDR as exams are ofqual’s remit.
FSA TCF team sent from Scotland to London

27 May 2010

The FSA paid travel and accommodation costs to send two supervisors from Scotland on a TCF visit to a firm located just an hour’s tube journey from Canary Wharf.
FSA clears up confusion over existing trail post-RDR

27 May 2010

FSA confirms that if a firm is sold or joins a network, advisers will have the right to receive existing trail payments.
LibDem Burstow in charge of long-term care reform

27 May 2010

Liberal Democrat MP for Sutton and Cheam Paul Burstow is to take responsibility for long-term care reform.
Regulator alerts small firms on crime compliance procedures

27 May 2010

The FSA has warned small companies against relying on procedures to combat financial crime that have been supplied by compliance consultants without tailoring them to their individual business.
Skills Council appoints Liz Field as permanent chief exec

27 May 2010

FSSC interim chief executive Liz Field appointed permanent chief executive.
Switch of stance sees child trust funds scrapped

27 May 2010

Child trust funds are being axed to save £520m.
The complaint score: IFAs 2%, banks 61%

27 May 2010

IFAs were responsible for just 2 per cent of complaints received by the Financial Ombudsman Service in 2009/10 compared with banks which were responsible for almost two-thirds.
Watchdog worry as bank targets bonds at elderly

27 May 2010

The Financial Ombudsman Service has raised concerns about an unnamed high-street bank it says is targeting older customers with investment bonds.
Zurich UK Life launches IFA advisory panel

27 May 2010

Zurich will host debate about the challenges facing the insurance market.
Aifa and Aegon lobby Govt to encourage saving

26 May 2010

The bodies have launched eight new proposals to rebuild a savings culture in the UK.
EC proposes new bank levy

26 May 2010

The European Commission plans to introduce a banking levy for all banks across the EU.
FSA bans former Seymour Pierce manager for fraud

25 May 2010

The FSA has banned former Seymour Pierce settlements manager John White for fraud.
Hoban confirms Equitable Life Bill will go ahead

25 May 2010

The Government will take forward a Bill to enable payments to Equitable Life victims; final report from Sir John Chadwick to be received by mid July.
Child Trust Fund payments to be scrapped for all

24 May 2010

Chancellor George Osborne sets out first round of budget cuts worth £6bn.
FSA finds small firms lacking in financial crime controls

24 May 2010

FSA says small firms sector is “generally weak in its assessment and mitigation of financial crime risks”.
MEP Godfrey Bloom becomes patron of Adviser Alliance

24 May 2010

UKIP MEP Godfrey Bloom joins AA’s fight for a 15-year longstop.
Scrapping CTFs will not stop parents saving, says F&C

24 May 2010

F&C says 70 per cent of parents of under-8s would continue to save for them even if the Child Trust Fund is abolished entirely.
FSA bans former broker for £2.7m fraud

21 May 2010

FSA bans former Lewis Charles Securities inter-dealer broker over fraudulent activities.
FSA is unlikely to favour ex-banker for Sants role

20 May 2010

Former Prudential pair are both tipped to replace Hector Sants as FSA chief executive.
Meet consumer needs with low-cost advice, says ABI

20 May 2010

ABI calls for a simplified advice process with a low-cost automated service.
Budd will head fiscal watchdog

20 May 2010

The coalition Government is to create an independent fiscal watchdog with responsibility for growth and public finance forecasting.
FSA may relax on QCF level four for simplified advice

20 May 2010

The FSA may reconsider its req-uirement for simplified advisers to be qualified to QCF level four if advice is delivered via an automated service.Speaking at an Association of British Insurers’ conference this week, FSA director of conduct policy Sheila Nicoll said where simplified advice is delivered via an automated service, QCF level four may not be required. She said: “There is also a question of how the qualification requirements might apply in a simplified advice process ...
Hips suspended with immediate effect

20 May 2010

The coalition Government is planning to permanently abolish Home Information Packs through primary legislation.
Hoban to oversee RDR

20 May 2010

Financial Secretary to the Treasury Mark Hoban has been given responsibility for financial services policy and regulation.
Pain calls for supervision budget rise

20 May 2010

FSA managing director Jon Pain says the regulator will need to increase its staff budget to implement its new intensive supervision approach despite the coalition Government’s drive to cut £6bn worth of spending.
Quicker cuts to slash deficit

20 May 2010

King: Backs move to accelerate reduction in deficit
Regulator censures IFS on GTEPs sales

20 May 2010

The FSA has publicly censured Integrity Financial Solutions for failings in its role as a product provider and adviser of geared traded endowment policies.
FSA may reconsider on level 4 for simplified advice

18 May 2010

Sheila Nicoll says where simplified advice is provided via an automated service level four qualification may not be required.
Ken Davy leads tributes to SimplyBiz MD Ian Thorneycroft

17 May 2010

SimplyBiz managing director Ian Thorneycroft died last night following a battle with cancer.
Click says it owes Fortis £900k in clawback

13 May 2010

Non-advised protection firm Click says it owes Fortis £900,000 in clawback after commencing a payment plan to repay £1.2m of indemnity commission on lapsed policies.
FSA to clarify rules on trail amid concerns

13 May 2010

The FSA has confirmed that it will issue a clarification of its position on trail commission under the retail distribution review following industry concern.
Sants emailed FSA's staff on Tory policy

13 May 2010

FSA chief executive Hector Sants emailed all 3,300 members of FSA staff on election day reminding them that if the Conservatives won they would scrap the regulator.
Adviser complaints and upholds are down

13 May 2010

Complaints against advisers fell by 19 per cent from 17,186 in the first half of 2009 to 13,994 in the second half, with uphold rates among the lowest of any type of firm, according to FSA figures.
Insurers are ill prepared for Solvency II

13 May 2010

One-third of insurers are not confident the industry will be ready for Solvency II by 2013 while 11 per cent say they are considering relocating away from the European Union.
RoyLon 360º and Standard see boost in offshore sales

13 May 2010

Royal London 360º is reporting early signs of a recovery in offshore markets while Standard Life says it has seen its best month on record for international business.
Warning to prepare for reform as Labour backs out of LibDem talks

13 May 2010

Industry experts have warned that the financial services industry should gear up for major reform following last week’s hung Parliament result.
Warren slams CML stance on APs

13 May 2010

Compliance expert Bill Warren has hit out at the Council of Mortgage Lenders, claiming its calls for lenders to be excluded from increased FSA regulation are “appalling.”
CII says high cost will hit alternative to exams

12 May 2010

Chartered Insurance Institute president Sandy Scott is looking for an independent standards body rather than an internal model run by the FSA
Clegg insists coalition "will last"

12 May 2010

PM David Cameron and deputy PM Nick Clegg put forward a united front at their first joint press conference.
David Miliband will stand for Labour leadership

12 May 2010

David Miliband says he will launch a formal leadership campaign next week.
FSA censures Integrity Financial Solutions over geared TEP sales

12 May 2010

Regulator finds “serious failings” in Integrity’s provider and advice arms.
Govt will accelerate deficit reduction

12 May 2010

The Conservatives and LibDems have agreed a plan to accelerate the deficit reduction and reform the banking system.
IFP to offer QCF level four qualification later this year

12 May 2010

The Institute of Financial Planning says it plans to offer a QCF level four qualification for advisers, available later this year.
Adviser complaints fall- bank complaints rise steeply

11 May 2010

Complaints against advisers fall 19 per cent, while bank complaints skyrocket 107 per cent.
SimplyBiz joins fight over FSCS Keydata levy

11 May 2010

SimplyBiz chairman Ken Davy says his firm will challenge the interim levy.
ABI service offers advice made easy

7 May 2010

Jolly: ‘Simplified format’
Aifa policy chief Strange says adviser-charging is a 'distant dream'

7 May 2010

Strange: ‘Practicalities of delivering such a huge change are getting more difficult’
IFAs at odds over value of higher qualifications

7 May 2010

Hall: CPD prevents ‘knowledgefade
'Restricted is not necessarily tied,' says L&G

7 May 2010

Wynn: Restricted advice under RDR could look ‘very similar to IFA services today’
Brown "respects" Clegg's talks with Tories

7 May 2010

Prime Minister Gordon Brown says he understands Nick Clegg’s desire to speak first to the Conservative party, but is still keen to form a pact with the LibDems.
Cameron to offer tax reform concessions to LibDems

7 May 2010

Conservative leader David Cameron says he is willing to make the Liberal Democrats’ proposals on tax reform a priority in exchange for a quick pact.
Election creates a hung Parliament- two IFAs fail in MP bids

7 May 2010

Brown attempts to woo LibDems, Cameron declares Labour has “lost its mandate to Govern”, Nigel Waterson loses his seat.
Just 8% of advisers back Labour

6 May 2010

Latest Money Marketing/YouGov poll of IFAs shows Labour on 8%, LibDems on 19% and Conservatives on 51%.
'FSA and FOS staff must be trained above level four'

6 May 2010

Advisers are calling on the FSA and the Financial Ombudsman Service to raise the qualifications of their staff above QCF level four and publicly declare each staff members’ credentials.
280,000 to pay new 50p tax rate in 2010/11

6 May 2010

HMRC expects to collect an additional £10bn in income tax this financial year.
Brown slip-ups raise fears over pension tax relief cuts

6 May 2010

Prime Minister Gordon Brown has repeated what the Labour press office claimed was a “slip of the tongue” by suggesting that higher-rate pension tax relief will be restricted for incomes over £100,000.
Edward Jones deal provides £13m profit for Towry

6 May 2010

Towry results show firm made large profit from Edward Jones deal and outline restructure to create Jersey parent company.
Hanley Economic Building Society head David Webster appointed BSA chairman

6 May 2010

Webster replaces former chairman Graham Beale.
IFAs split on Cowdery's Pru deal

6 May 2010

Advisers are divided over whether a Resolution takeover of Prudential’s UK assets would be beneficial following reports that Resolution founder Clive Cowdery has secured funding for the deal.
Sesame launches online RDR forum

6 May 2010

Sesame has launched a forum for members to share ideas on RDR-related topics.
Training programmes aim to help advisers pass level four

6 May 2010

The Consulting Consortium and Intellego have joined forces to offer training programmes designed to help advisers pass QCF level four.
FOS information request time limit cut to 14 days

5 May 2010

The Financial Ombudsman Service is reducing the time limit for firms to respond to requests for information from 21 days to 14 days.
Three more axed at FSSC

5 May 2010

The Financial Services Skills Council has made a further three staff redundant, bringing the council’s total job losses to five.
FSA concerns delay Pru rights issue

5 May 2010

The regulator halts Pru’s planned £21bn rights issue over capital concerns.
Solvency II delayed for two months

5 May 2010

The EC has delayed the introduction of Solvency II until December 31, 2012.
Mattioli Woods acquires Cooper Parry Wealth Strategies

4 May 2010

Pensions consultancy Mattioli Woods buys Cooper Parry for £1.175m.
Resolution secures funding for Pru deal

4 May 2010

RBS and Royal Bank of Canada back Resolution’s bid for Prudential’s UK arm, according to the Telegraph.
Online tool can make IFA service cost-effective

30 Apr 2010

Sammedia has set up an online client-facing service called Moneyinfo to enable advisers to continue servicing lower-income clients after the retail distribution review.
CII launches new level 4 diploma

29 April 2010

Scott: ‘Our new diploma will be less expensive than other comparable qualifications’
Winterflood loses market abuse appeal

29 April 2010

The FSA last week won its market abuse case in the Court of Appeal against market-maker Winterflood and two of its traders, Stephen Sotiriou and Jason Robins.
FSA charges ex-hedge fund trader of conspiracy to commit insider dealing

28 Apr 2010

The FSA has today charged ex-hedge fund trader Anjam Ahmad over trades made between June and August 2009.
FSA will allow factoring for network members

28 Apr 2010

The FSA says it will allow networks to offer members a factoring service as long as it is available to all advisers for all long-term savings and retirement products.
Milton says he gave FSA an early warning over Rock

28 Apr 2010

Tory election candidate fears ’strangled Parliament’ will create uncertainty
Sacked Royal Liver director 'signed off £3.6m of unauthorised payments'

27 Apr 2010

George McGregor accused of signing off contracts with an investment advisory firm Utility Capital Management.
CII sees increase in revenues but fall in net surplus

27 Apr 2010

Professional body sees revenues increase 7 per cent in 2009, while net surplus fell from £1.9m to £1.1m.
How dangerous is Labour or a LibLab pact?

26 Apr 2010

Following articles on the LibDems and the Tories, we ask what IFAs have to fear if Labour retains power in the next administration.
FSA wins market abuse case against Winterflood

22 Apr 2010

Winterflood plus two traders must pay a combined £4.25m fine, plus the FSA’s legal costs of £52,500.
Exchange aims to help with buying and selling IFA firms

22 April 2010

Bankhall is launching a new service to support adviser firms looking to buy other IFA businesses, as well as those leaving the market.
Matthews to chair skills council at salary of £30k

22 April 2010

Friends Provident chief executive Trevor Matthews has been appointed chairman of the Financial Services Skills Council and is expected to take a salary of £30,000 for the role.
Royal Liver fires finance director

22 April 2010

Royal Liver has sacked its finance director George McGregor, claiming that he sanctioned unauth-orised payments.
The manifestos in full

22 April 2010

Money Marketing takes a detailed look at what the three manifestos have to say regarding financial services and general economic issues.
Bankhall launches new IFA buyout service

21 Apr 2010

New service will aim to support advisers looking to buy other firms or exit the market.
Royal Liver sacks finance director

21 Apr 2010

Royal Liver has fired its finance director George McGregor, claiming that he sanctioned unauthorised payments.
KPMG appoints ex-FSA HR manager to RDR practice

20 Apr 2010

Ex-FSA project manager David Dickinson joins KPMG as head of people strategy for the RDR practice.
Sammedia Limited acquires FinQS

19 Apr 2010

Web solutions provider Sammedia Limited announces the acquisition of technology firm FinQS.
Cameron warns voting Lib Dems will put Labour in power

19 Apr 2010

Tory leader David Cameron warns voters that supporting the Lib Dems will see the UK “stuck” with Labour.
Nick Clegg takes victory in the first TV debate

16 Apr 2010

LibDem leader beats Brown and Cameron according to most commentators and all the polls, including MM’s.
FSA fines and bans analyst and spread better for market abuse

16 Apr 2010

The FSA has fined spread better Sameer Patel £180,541 and Evolution Securities research analyst Robin Chhabra £95,000
£6bn regulation cut dismissed as poll soundbite

15 Apr 2010

Financial advisers have hit out at Labour over “soundbite” tactics after it said it would cut £6bn from the cost of business regulation despite the FSA pushing ahead with costly financial services reforms.
Aifa draws up a case study route to level 5

15 April 2010

Aifa has set out plans to launch a QCF level five qualification that gives advisers an alternative case-study route to meet the retail distribution review requirements.
Black backs 24-hour 85-mile challenge

15 April 2010

Olympic silver medallist Roger Black, MBE, is urging financial services staff to sign up for the Scottish Widows Parish Walk 2010 Charity Challenge.
Brown pledges to crack down on bankers

15 April 2010

Prime Minister Gordon Brown has promised to give the FSA powers to quash bankers contracts if Labour is re-elected.
Class actions axed from act but FSA gets review powers

15 April 2010

Plans to allow group actions against financial services firms have been dropped from the Financial Services Act but the FSA is to get new powers to launch widespread sales reviews.
Credit Suisse is fined £1.75m for data failures

15 April 2010

The FSA has fined three firms a total of £4.2m for failing to provide accurate and timely transaction reports.
Sign up to get expert advice on RDR at our roadshows

15 April 2010

Money Marketing is hosting a series of RDR roadshows across the country with presentations from leading advisers, including Informed Choice managing director Nick Bamford and Churchill Investments director Chris Gilchrist.
Tories would balance out new regulation

15 April 2010

Conservative election manifesto
Towry Law claims court order against ex-Ed Jones' advisers

15 April 2010

Towry Law has been granted a court injunction against Raymond James Investment Services Limited and six former Edward Jones financial advisers who have joined RJIS.
Lib Dems to encourage more mutuals and co-ops

14 Apr 2010

The Liberal Democrats say they will pass a new Mutuals, Co-operatives and Social Enterprises Bill.
Lib Dems promise immediate commission on long-term care

14 Apr 2010

The Liberal Democrats have promised to immediately establish an independent commission to develop future proposals for long-term care.
Lib Dems would cut spending from 2011

14 Apr 2010

The Liberal Democrats pledge to introduce a tax on the banks and split retail and investment banking if elected.
Tories set out their stall for pension reform

13 Apr 2010

The Conservative party manifesto lacks details of when the basic state pension would be linked to earnings.
Sesame Bankhall Group champions Aifa's RDR qualification

12 Apr 2010

Sesame Bankhall Group is set to offer the Association of Independent Financial Advisers’ new RDR qualification to its members.
Aifa launches alternative level five RDR qualification

12 Apr 2010

The Association of Independent Financial Advisers has today announced plans to launch an exam-free QCF level five qualification for advisers.
Labour manifesto: Brown promises income tax will not rise under Labour

12 Apr 2010

The Labour party has promised it will not raise the basic, higher and new top rates of tax in the next Parliament.
FSA fines mortgage broker £103,000 for fraud

12 Apr 2010

FSA fines and bans Lifestyle Mortgages Limited broker Gary Lester, and bans his colleagues Julie Hutcheson and Martin Winer, for false mortgage applications.
Towry Law takes out injunction against Raymond James Investment Services

12 Apr 2010

Raymond James Investment Services Limited and six former Edward Jones financial advisers have been hit by the court order.
Lib Dems attack Labour for unfairly taxing the poor

12 Apr 2010

The Liberal Democrats say the poorest 20 per cent of people are paying more income tax, while the richest 20 per cent are paying less under Labour.
Tories name BoE directors that would break up FSA

12 Apr 2010

The Tories have named Bank of England directors Paul Tucker and Andrew Bailey as the men they would appoint to lead the break-up of the FSA if elected in May.
Tories to give tax breaks to married couples

12 Apr 2010

The Conservatives have pledged to support married couples on low to medium incomes.
Brown promises to quash risky banking contracts

9 Apr 2010

Prime Minister Gordon Brown has pledged to give the FSA powers to quash bankers’ contracts if they incentivise risk.
Aifa urges IFAs to respond to FSA fees consultation

8 Apr 2010

Aifa rallies the troops to support its challenge of the FSA’s budget.
FSA fines Credit Suisse, Getco Europe and Instinet Europe £4.2m

8 Apr 2010

Credit Suisse has been fined £1.75m, Getco Europe £1.4m and Instinet Europe fined £1.05m for transaction reporting failures.
Barclays' blunders blocking transfers

8 Apr 2010

Some Barclays clients in the Aviva global balanced income fund have been waiting more than three months for their investments to be re-registered due to a string of admin blunders.
FSA ignoring compliance code on RDR

8 Apr 2010

The FSA has failed to follow the regulator’s compliance code in its work on the retail distribution review, according to advisers.
Panel ponders regulated products

8 Apr 2010

The Financial Services Consumer Panel is researching the merits of introducing regulated products amid concerns that half of consumers will not pay for advice after the RDR.
More women on financial boards could improve scrutiny

8 April 2010

MPs say lack of women on the boards of many UK financial firms may have made scrutiny of executive decisions less effective.
Regulator bans director

8 April 2010

The FSA has banned Martyn Powsney, the former director of now defunct IFA firm Powsney & Co Ltd, from holding positions of significant influence in any FSA-authorised firm.
Barristers warn Myners that Financial Services Bill may breach rule of law

7 Apr 2010

Financial services lawyers have written to City minister Lord Myners warning that some new FSA powers proposed under the Financial Services Bill could breach the rule of law.
Davidson aims to make FSA aware of the reality of being an IFA

7 Apr 2010

Davidson: Concerns over European regulation
Myners calls for class actions to be dropped from Bill

7 Apr 2010

City minister Lord Myners has submitted amendments to the Financial Services Bill that would scrap proposals to allow class actions against financial institutions.
FSA set to get new powers for generic reviews

7 Apr 2010

The FSA may get new powers to demand generic reviews of past financial sales without Parliamentary approval if the Financial Services Bill is passed before the election.
FSA appoints Tony Blair's former spin doctor

6 Apr 2010

The FSA has appointed Tony Blair’s former spin doctor Tom Kelly as its new communications director.
Lib Dems reveal police pension costs up 50% in five years

6 Apr 2010

The Liberal Democrats are calling for an independent commission on public sector pensions, with police pensions projected to rise by 14 per cent in three years.
Tesco wants 10% of financial services market

6 Apr 2010

The supermarket giant says it has “long-term” plans to capture 10 per cent market share.
FSA bans IFA for system and control failings

1 Apr 2010

Powsney & Co Ltd director Martyn Powsney banned after “serious failings” were not remedied.
Big rise in FSA ordering costly compliance checks

1 Apr 2010

Aifa sounds the alarm over increase in adviser firms issued with section 166 notices.
FSA directors stayed at five-star Canary Wharf hotel

1 Apr 2010

Three FSA directors have claimed for hotel stays within walking distance of the regulator’s Canary Wharf office at a cost of more than £100 per night over its handbook guidelines.
Compliance costs soar

1 April 2010

The estimate for compliance cost of the RDR for advisers has skyrocketed, with one-off costs rising from £430m to between £605m and £750m.
FSA stands by forecast of higher costs for fee-based firms

1 April 2010

The regulator has stood by its prediction that fee-based firms will be hit by higher RDR compliance costs, as they typically pay higher salaries, making additional man-hours more valuable.
Single product will fail test

1 April 2010

Offering a product investing in a range of underlying investments will not meet the new definition of independence and firms offering their own funds must offer market-competitive charges.
Skills council gets licence back and calls for IFAs to get involved

1 April 2010

The Financial Services Skills Council is calling on advisers to engage with the newly licensed body and offer views on how it can help IFAs.
Towry Law confident of meeting independence rule

1 April 2010

Towry Law is confident it will meet the FSA’s criteria for independence, insisting it has the most comprehensive whole of market offering in the sector.
Trail cash could go to client if they switch adviser

1 April 2010

Clients moving to a new adviser may be entitled to receive the trail commission previously paid to the old adviser.
CII draws up its alternative assessment

31 Mar 2010

Tests to include case study, role play and technical interview as part of an assessment day.
Existing Quinn Insurance PII cover still valid, says FSA

30 Mar 2010

Regulator says IFAs with PII through Quinn remain covered after the firm went into administration today.
Tenet appoints ex-Mortgage Next MD Gemma Harle

29 Mar 2010

Gemma Harle is appointed managing director of TenetLime.
Govt expands Post Office mortgage and savings offering

29 Mar 2010

Government injects £180m into Post Office financial services, as it aims to double its mortgage book in 2010/11.
RDR: FSA confirms restriction on independent tag

26 Mar 2010

Firms that offer a single product that invests in a number of underlying investments will not be able to call themselves independent.
RDR: Providers will not monitor adviser charging

26 Mar 2010

FSA drops plans to make product providers police adviser charges.
RDR: Estimated compliance costs skyrocket

26 Mar 2010

One-off costs rise from £430m to between £605m and £750m and ongoing costs jump from £40m to between £170m to £205m.
RDR: No mandatory oral disclosure script for restricted advisers

26 Mar 2010

Restricted advisers will not be forced to use a mandatory script in their oral disclosure of their services to clients.
Skills Council licence approved

26 Mar 2010

The Financial Services Skills Council has been re-licensed by the UK Commission for Employment and Skills.
Appeal court rules adviser is not liable after six-year limit

26 Mar 2010

The Court of Appeal has overturned a county court decision which ruled an adviser should pay complaint costs to Lighthouse Group, on the basis of a six-year limitation clause.
CFA Society to develop QCF level four qualification

26 Mar 2010

The CFA Society of the UK is developing a QCF level four qualification by combining an updated version of its Investment Management Certificate and the first level of the CFA programme.
Darling fails to fix flaws in housing

26 Mar 2010

Mortgage experts have attacked the Government’s housing market proposals set out in the Budget, saying they show a lack of understanding of the market.
Deficit cut too slow, say Tories

26 Mar 2010

Conservative leader David Cameron slammed Labour’s plans to halve the UK’s £167bn deficit by 2014, saying faster action is needed.
Lakey threatens legal action over RDR

26 Mar 2010

Adviser Alliance has told the FSA that it will take legal action if the regulator imposes mandatory higher qualifications under the retail distribution review.
Election could delay FSSC bid

25 Mar 2010

Financial Services Skills Council interim chief executive Liz Field is concerned that a decision on the council’s bid for relicensing may be delayed until after the general election.
FSA wins summary judgement against unlawful deposit-takers

25 Mar 2010

The High Court finds three people unlawfully accepted deposits from UK consumers.
£3M Lighthouse provision for complaints

25 March 2010

Lighthouse Group has made provision of £3.18m for client complaints for 2009, up from just £133,000 in 2008.
18% rise is cost of FSA 'deterrent'

25 March 2010

FSA business plan 2010/11
European rise looms for FSCS

25 March 2010

The Financial Services Compensation Scheme limit will “almost certainly” increase to €100,000 (£89,500), according to City minister Lord Myners.
Myners tells banks to go back to old days

25 March 2010

Myners: ’Our major banks were ownerless corporations’
Risk fears at Aim link for Isas

25 March 2010

Advisers are concerned at Bud-get proposals to consult on making Aim shares eligible as a tax-advantaged investment for retail savers through Isas.
Sants pledges to get tough over bank incentives

25 March 2010

Which? Future of banking commission - reports by Nicole Blackmore
Treasury group to probe bank incentives

25 March 2010

The Treasury-led Retail Financial Services Forum will investigate how staff targets and incentives within banks lead to poor outcomes for consumers.
BUDGET 2010: Govt backed group to investigate bank sales incentives

24 Mar 2010

The Retail Financial Services Forum will look at how staff targets and incentives within banks disadvantage consumers.
BUDGET 2010: HMRC to consult on income verification service for lenders

24 Mar 2010

HMRC could formally introduce a service for lenders to check affordability.
BUDGET 2010: Cameron slams "pitiful" budget

24 Mar 2010

Tories call for “real action”.
Seventh arrest made in insider dealing investigation

24 Mar 2010

Joint FSA and Serious Organised Crime Agency insider dealing investigation results in a seventh arrest.
BUDGET 2010: Growth forecast for 2010 remains at 1-1.5%

24 Mar 2010

Darling holds steady on growth forecasts for 2010, but revised 2011 forecast downwards.
Sesame Bankhall Group and Pantheon Financial profits fall 60%

24 Mar 2010

Resolution’s UK distribution businesses see profits of £4m, down from £10m in 2008.
Which? fails 90% of banks on advice

24 Mar 2010

Banks and building societies fail to give sound financial advice to mystery shoppers from Which?.
FSA to set out MMR rules in June

23 Mar 2010

The regulator plans to publish arrears and approved persons rules in June.
Lib Dems call for cross-party Council of Financial Stability

22 Mar 2010

Liberal Democrat leader Nick Clegg today called for cross-party agreement on the timetable and scale of deficit reduction.
Lighthouse expects £3.18m worth of complaints

22 Mar 2010

Lighthouse makes provisions for £3.18m worth of complaints for 2009, with the majority covered by PI insurance and advisers.
IFP says FSA has damaged consumer trust in financial services

19 Mar 2010

The Institute of Financial Planning says continuous regulatory changes and criticisms of financial services have damaged consumer trust.
FSA confirms Chelsea merger with Yorkshire

19 Mar 2010

The FSA has confirmed the merger of Chelsea Building Society and Yorkshire Building Society.
ABI warns crisis response could kill UK insurance industry

19 Mar 2010

ABI chairman Archie Kane says insurers are not as risky as banks.
FSA to crack down on bank advice

18 Mar 2010

The regulator plans to scrutinise bank advice and the incentives offered to sales staff.
MoJ suspends claim chasers Cartel Client Review

18 Mar 2010

Suspension comes after Cartel’s solicitor firm was previously shut down by the Solicitors Regulation Authority.
Firms face second-guessing regulator

18 Mar 2010

Advisers give a mixed response to FSA product regulation plans.
Rise in FOS limit could hit PI cover

18 Mar 2010

The FSA will consult on increasing the Financial Ombudsman Service’s award limit of £100,000, prompting fears that professional indemnity insurance premiums could rise.
Bill could open the way to class actions against advisers

18 Mar 2010

Aifa warns Financial Services Bill could prompt US-style class actions against advisers, opening the floodgates to unmerited claims from consumers and claim-chasers.
RDR deadline splits advisers

18 Mar 2010

Advisers remain split over whether the 2012 deadline for QCF level four qualifications is achievable, according to member research commissioned by the Chartered Insurance Institute.
Advisers back register for qualification data

18 Mar 2010

Research reveals divide on meeting 2012 deadline
FSA aims for early warning

18 March 2010

Sants sets out proposals for the regulator to get proactive
FSA prepares for new financial stability objectives

17 Mar 2010

Bill will see FSA taking on new statutary objective of contributing to the protection and enhancement of the UK financial system.
Problems loom for tripartite committee's risk role

17 Mar 2010

Regulation expert Richard Hobbs has doubts over whether a new tripartite consumer protection committee proposed by the FSA, would be effective in its main aim of identifying emerging risks.
FSA budget rises 18.3%, Sants warns better regulation costs more

17 Mar 2010

The FSA’s budget for 2010/11 has risen 18.3 per cent to £491m with an additional 460 staff planned.
FSA bans former Merrill Lynch trader

16 Mar 2010

FSA bans a former senior trader at Merrill Lynch International Bank in London for mis-marking positions.
FSA contacts 1,000 consumers targeted by share fraudsters

15 Mar 2010

The FSA and City of London Police have warned consumers on a “master list” used by fraudsters to protect themselves against scams.
Osborne renews call for early deficit reduction

15 Mar 2010

Shadow Chancellor George Osborne and Chancellor Alistair Darling battle it out over how to tackle the deficit.
FSA reveals product regulation plans

12 Mar 2010

The FSA says it will intervene in product design to reduce risks for consumers.
Alistair Darling launches Moneymadeclear

11 Mar 2010

The new financial advice service is expected to help a million people in its first year.
Finance Bill rush could miss issues

11 Mar 2010

Rushed Bill may miss sensible issues, says Lansons’ Ralph Jackson.
MPs question UKFI-Treasury link

11 Mar 2010

Treasury committee says other state aid bank shareholders must be better protected.
FSA warns IFAs of increased conduct risk

10 Mar 2010

The regulator warns that moving into new product areas brings greater risks for advisers.
Macquarie adds capital gains tool to platform

10 Mar 2010

Macquarie has added a capital gains and losses calculation tool to its wrap platform.
Ponzi scheme organiser Kevin Foster convicted of fraud

10 Mar 2010

Investment fraudster Kevin Foster has been remanded in custody after being convicted of defrauding investors of millions of pounds.
Lib Dems say Tory social care plans are "unaffordable"

9 Mar 2010

The Liberal Democrats slam Conservative plans for residential social care at a cost of £8,000 to pensioners.
Perspective Financial Group launches corporate advice division

9 Mar 2010

IFA consolidation firm Perspective Financial Group has launched PFG Corporate Solutions to provide corporate financial advice.
MPs call on Treasury to reconsider UKFI relationship

9 Mar 2010

Treasury select committee calls on Treasury to consider whether its relationship with UK Financial Investments Ltd remains suitable.
FSA delays liquidity requirements due to market conditions

8 Mar 2010

Higher liquidity requirements for firms have been delayed until economic recovery is assured.
Hundreds of advisers look to sign up for our Academy

22 Feb 2010

Hundreds of advisers have already registered their interest in joining the Money Marketing Academy.
Financial services could be hung out to dry

18 Feb 2010

Hung Parliament: ‘Industry needs to put its case and this will mean working with politicians from across the spectrum’
£70M April levy will break some advisers

18 Feb 2010

Warning over huge burden placed on advisers in limited time frame.
IFP sets up ETF workshop for certified planners

18 February 2010

The Institute of Financial Planning is hosting an exchange traded fund workshop for certified financial planners.
Aifa warns of increased fees for firms with seven or more advisers

12 Feb 2010

The Association of Independent Financial Advisers says any directly authorised firm with seven or more advisers will see their FSA fees increase in 2010/11.
Network members likely to face fee hikes

12 Feb 2010

Members of the largest IFA networks are likely to be hit with the biggest increase in FSA fees and levies.
Do bundles cross the line?

12 Feb 2010

Nicole Blackmore assesses the problems that could face providers and advisers after an European Commission probe claimed that some bundled products are unfair to consumers
IFAs will only get 30 days to pay £70m FSCS bill

12 Feb 2010

Firms will be notified of their levy by March 31, 2010 and payment will be due within 30 days.
IFAs hit by £70m FSCS interim costs

12 Feb 2010

IFA firms will be forced to pay the Financial Services Compensation Scheme an interim levy of £70m by March 31, 2010.
FSA funding requirement for IFAs to fall 8%

12 Feb 2010

The FSA’s fees and levies for IFAs will fall £3.6m in 2010/11.
Tenet appoints Jon Barham as head of sales

11 Feb 2010

Tenet Group has appointed Jon Barham as head of sales.
MPs launch follow-up mortgage inquiry

11 Feb 2010

The Treasury select committee has launched a follow-up inquiry into households struggling with mortgage arrears.
Half of advisers think wraps will fall under RDR whole of market test

11 Feb 2010

Scottish Widows research shows advisers think wraps will be subject to the same test as investment products.
Money Marketing launches RDR academy

11 Feb 2010

Money Marketing is to launch a training academy to help our readers achieve the benchmark qualifications required by the retail distribution review.
PFS tells Tories not to wheel out old ideas

11 Feb 2010

The Personal Finance Society has warned the Conservatives against reinventing the wheel after a manifesto pledge to develop a free national financial advice service costing the industry £50m per year.
Sants quits the conflict zone

11 Feb 2010

Advisers say that FSA chief executive Hector Sants is leaving a legacy of failing to crack down on bank advice and not understanding the needs of small IFAs.
MPs want NAO to check out the Bank of England

11 February 2010

MPs have called for the Bank of England to come under the scrutiny of the National Audit Office.
Tories rule out switch to the Euro

10 Feb 2010

Conservative leader David Cameron has ruled out a change of currency.
IFAs want a new regulator in 2010

10 Feb 2010

A change of regulator tops IFAs’ wish lists for 2010, according to the Marketing Innovation Forum.
Barclays chief warns against excessive capital requirements

9 Feb 2010

John Varley warns MPs against overly onerous capital requirements and regulation.
MPs slam Treasury secrecy over £18bn to cover BofE loans

9 Feb 2010

Public accounts committee says Chancellor’s failure to notify Parliament was of “significant constitutional importance”.
Tory treasurer under fire for share sell-off

8 Feb 2010

The Lib Dems call for Tory party treasurer Michael Spencer to be sacked.
NeedAnAdviser.com directors launch referral service

8 Feb 2010

Ashley Clark and Joanne Roberts have launched referrals and compliance portal Advisers United.
FSA bans firm director after failings cost clients £85,000

5 Feb 2010

Bridgewater House UK director Matthew Sixsmith’s failure to protect client money cost his clients £85,000.
FOS drops timeline question

4 Feb 2010

The Financial Ombudsman Service complaint form no longer asks consumers when they first became aware of a problem, raising fears that advisers could be hit with charges for cases falling outside FOS jurisdiction.
FSA quizzed Standard on cash fund marketing

4 Feb 2010

The FSA quizzed Standard Life about its marketing of “cash” funds over a year before the outcry which followed the revaluation of the firm’s pension sterling fund.
Private equity firm looks to take advantage of SFO blunder

4 Feb 2010

A private equity firm has used a Serious Fraud Office database of email contacts to drum up prospective business after the SFO revealed the email details in a bulk mailout.
Aifa wants review of intermediaries' regulation costs

4 February 2010

Cummings: ‘Lost opportunity’
Barclays failed to warn of risk

4 February 2010

Clients not told of classification changes
'FSA loan rules will crack in a crunch'

4 February 2010

The FSA’s proposals for a new regulatory structure in the mortgage market are “timid” and unlikely to withstand future housing crises, according to thinktank Long Finance.
Neale joins FSCS as chief exec from Treasury

4 February 2010

The Financial Services Compensation Scheme has appointed Treasury director general Mark Neale as chief executive.
Partners and firm fined after TCF visit

4 February 2010

The FSA has levied fines totalling £49,000 on Derbyshire financial advice firm Sett Valley Insurance Services and its two partners for failures in its sales and advice processes.
Politics poses the biggest risk to banks

4 February 2010

Political interference is the greatest risk facing the banking ind-ustry, according to the latest Banking Banana Skins survey.
Turner calls for new watchdog to block credit during bubble

4 February 2010

FSA chairman Adair Turner has called for the creation of a new official body with powers to force banks to curb lending during financial bubbles.
European Commission brands bundled products "anti-competitive"

3 Feb 2010

Bundled products could be banned after the European Commission branded them “anti-competitive” and “unfair”.
Barclays increased risk rating of funds without telling investors

3 Feb 2010

Barclays has admitted failing to inform clients after increasing the risk classification of a number of funds.
IFA authorisations fall 35 per cent

2 Feb 2010

IFA authorisations fell 35 per cent and mortgage broker authorisations plummeted 61 per cent from Q1 to Q4 in 2009, according to IMAS Corporate Advisors.
Financial Services Bill gives FSA too much power, warns Ignacity

2 Feb 2010

Regulatory consultancy Ignacity has urged the House of Lords to carefully scrutinise the Financial Services Bill at the second reading.
Treasury slashes forecast for revenue from 50p tax rate

2 Feb 2010

City minster Lord Myners reveals Treasury has significantly reduced revenue estimates for new tax rate.
FSA and SEC to expand supervisory cooperation

1 Feb 2010

The FSA and the US Securities and Exchange Commission agree enhanced supervisory cooperation is “critical to market integrity”.
FSA censures stockbroker Falcon Securities

1 Feb 2010

Regulator censures London-based stockbroking firm for TCF failures by its appointed representative.
Think tank slams FSA's mortgage market reforms

1 Feb 2010

Think tank Long Finance says the MMR fails to offer viable reform.
FSA issues share fraudster warning

1 Feb 2010

The FSA and City of London Police have written to 10,000 people whose details appear on a list being circulated by fraudsters.
Darling, Osborne and Cable to face off in TV debate

1 Feb 2010

Chancellor Alistair Darling, Conservative Shadow Chancellor George Osborne and Liberal Democrats Shadow Chancellor Vince Cable to battle it out on live TV.
Turner hints at crackdown on carry trade

1 Feb 2010

FSA chairman Adair Turner has labelled the carry trade “economically valueless”.
Political interference is the biggest risk to banks, according to industry survey

1 Feb 2010

Political interference, credit risk and increased regulation threaten banks, according to the latest Banking Banana Skins survey.
Tory MEP calls on industry to engage with Brussels

29 Jan 2010

Conservative MEP Syed Kamall warns the City to engage with the EU or risk being “cut out”.
Aifa calls for FSA review of adviser fees

29 Jan 2010

Trade body says IFAs and mortgage brokers pay proportionately too much in FSA fees.
FSA confirms complaint data must be published

29 Jan 2010

Firms with more than 500 complaints in six months must publish details of their complaints handling process.
Three men arrested on suspicion of insider dealing

29 Jan 2010

The FSA and the City of London Police arrest three 38-year-old men for suspected insider dealing.
FSA to ban high-pressure sales in SRB market

29 Jan 2010

The FSA says it will crack down on sale and rent back marketing strategies, sales tactics and promotional literature.
Aviva launches Academy fellowship

29 Jan 2010

Aviva has launched a Financial Adviser Academy fellowship to recognise high achievers.
£9M cost of FSA individual registration on mortgages

29 Jan 2010

The mortgage industry faces a £9.4m bill following FSA proposals to regulate all individuals who advise on or sell mortgages, with annual costs of £1.6m.
CFA plans to boost exam to level four

29 Jan 2010

The CFA Society of the UK says it plans to bolster its investment management certificate by September so that it qualifies as QCF level four instead of QCF level three.
FSA to extend SIF regime

28 Jan 2010

The FSA has published proposals that extend the significant influence function regime to apply to more individuals.
Turner calls for lending curbs on banks

28 Jan 2010

FSA chairman Adair Turner has called for the creation of a new official body with powers to force banks to curb lending during financial bubbles.
Exams could pay off with lower PI rates

28 Jan 2010

Advisers who sit written QCF level four exams may get more favourable professional indemnity insurance terms to those who sit alternative assessments, according to PYV.
Towry set for expansion after £30m cash boost

28 Jan 2010

Towry Law has received a £30m cash injection from US investment firm Asset Management Finance to fund expansion.
Ex-FSA chief Kenmir takes regulatory role at PwC

28 January 2010

Kenmir: Significant change’
IFA struck off for not paying an FOS award

28 January 2010

The FSA has struck off Northern Ireland IFA Brian McGee, trading as Brian McGee Inv- estments and Pensions, after he failed to comply with a Financial Ombudsman Serv- ice award.
LibDems would keep the FSA and cut £10bn

28 January 2010

The Liberal Democrats have set out the key pillars of their economic manifesto which include plans to separate banking functions and keep the FSA as the UK’s financial regulator.
MPs want FSA to oversee advice given to councils

28 January 2010

MPs say the FSA should regulate the advice given to public sector bodies about managing cash reserves and investments.
Myners says UK will not follow US bank break-up

28 January 2010

City Minister Lord Myners has defended the UK’s handling of the banking crisis and insisted the UK should not follow US president Obama’splans to separate retail and investment banking.
Regulator warning for brokers on client cash

28 January 2010

‘Unacceptable that firms are not ens uring appropriate protection’
FSA blunder exposed IFAs' email data

27 Jan 2010

The FSA has apologised for failing to protect the email addresses of hundreds of IFAs which were revealed in a mass email.
IFP accredits threesixty workshops for CPD

27 Jan 2010

Threesixty becomes the first non-product provider accredited by the IFP as a CPD provider.
CII, IFP and CFA Institute seeing increased exam uptake

27 Jan 2010

Bodies are seeing a global movement towards higher qualifications.
FSA fines IFA firm £49,000

27 Jan 2010

FSA fines Sett Valley Insurance Services £28,000 for breaches and its partners £10,500 each.
MPs call on FSA to regulate advice to public sector bodies

26 Jan 2010

The communities and local government select committee calls on FSA to regulate financial advice to public sector bodies.
Towry Law receives cash injection

25 Jan 2010

Towry Law has taken an undisclosed sum from US investment firm Asset Management Finance.
Lib Dems call for banks to be split in economic manifesto

25 Jan 2010

Lib Dems Shadow Chancellor Vince Cable wants more local banks and mutuals and tax cuts for those earning under £10,000.
FSA strikes off Northern Ireland adviser

22 Jan 2010

The FSA has cancelled Brian McGee’s permissions after he failed to pay a FOS award.
Myners says UK should not follow Obama's lead on banking

22 Jan 2010

City Minister Lord Myners defends UK banking response, while Shadow Chancellor George Osborne backs Obama’s plan.
Lloyds axes another 585 jobs

21 Jan 2010

Unite warns Lloyds to avoid the “disastrous strategies” of 2009.
FSA warns firms to handle client money properly

21 Jan 2010

The FSA has written to major insurance brokers and investment firms over concerns with the handling of client money and assets.
Treasury moves to put Islamic finance on level footing

21 Jan 2010

The Treasury is supporting Islamic finance and the issuance of corporate sukuk within the UK.
Ex-FSA COO David Kenmir joins PwC

21 Jan 2010

PricewaterhouseCoopers brings in David Kenmir to expand its financial services regulatory practice.
Public reject paying fees for advice

21 Jan 2010

Only 3 per cent of consumers would pay over £100 per hour for independent advice.
Survey shows FSA incentives would pay off on RDR exams

21 Jan 2010

YouGov/Money Marketing research shows Aifa’s proposals for regulatory incentives would drive up professionalism.
The long wait goes on for Park Row advisers

21 Jan 2010

Eighty three former Park Row advisers still awaiting reauthorisation.
Towry sees no conflict in bonus for in-house deals

21 Jan 2010

Firm says there is nothing wrong with offering incentives to recommend in-house investment service.
Advisers call for IMC to be made a degree

21 January 2010

Advisers are calling on the Chartered Insurance Institute to recognise the CFA Society of the UK’s investment management certificate as degree level rather than A level.
Aviva academy signs 5,000 members

21 January 2010

The Aviva Financial Adviser Academy has signed up 5,000 members since its launch in March 2008.
Aviva wants debate over orphan clients

21 January 2010

Aviva has called for an industrywide debate about how product providers should service orphan clients on their books.
FSA staff broke handbook guidelines

21 January 2010

Senior FSA staff have broken the maximum cash limits set out for hotel stays in the regulator’s staff handbook.
Mandelson wants sense of proportion from FSA

21 January 2010

Business Secretary Lord Mandelson has called for “a sense of proportion” at the FSA and urged the regulator to take a step back and work with the EU to collectively define the regulatory system.
NDFA clients get the go-ahead to cash in Homemaker plans

21 January 2010

Opal has assured NDFA investors in the Homemaker mortgage plan they can now encash their investment after lengthy delays following NDFA’s administration in October.One investor who contacted Money Marketing, Simon Pawley, has been waiting for his plan to be surrendered since September.In a letter to investors, Opal client services manager Graham Rennie says requests to surrender plans are now being processed.The letter states: “Investments are sold ...
No pay rises at FSA but bonuses will continue

21 January 2010

The vast majority of FSA staff will not get a pay rise this year but the regulator has confirmed that it will continue to pay bonuses.In an internal email to staff, FSA chief executive Hector Sants said the regulator had not put aside funds for pay increases this year.The email says: “There will be no pay rise for the vast majority of staff.”But he said the FSA’s bonus pot would be the same as last year at 15 per cent of the total salary pot.
Platforms urged to check on adviser charges

21 January 2010

Ascentric says platform providers should monitor adviser charges on their platform and question high fees to avoid misselling.Managing director Hugo Thorman said platform firms should have a duty to monitor charges levied on clients. He said: “I am a definite minority in this but I think by not monitoring adviser charges we could end up with a misselling scandal in the next few years.“I do not want the FSA to introduce regulation that makes us formally responsible ...
Scottish Life chief says the move to fees must start now

21 January 2010

Scottish Life has warned that advisers need to be charging fees for at least 30 per cent of their business by the end of this year in order to be prepared for the 2012 advisercharging deadline.Speaking at the Winchester White RDR conference at the Institute of Directors in London last week, chief executive John Deane told the delegates that firms need to start moving business from commission to fees immediately.He said that by the end of 2010, firms should have ...
Securities certificate available to schools

21 January 2010

The Chartered Institute for Securities & Investment’s certificate will be available to students at secondary schools and colleges from September.
Widows academy backs IFP's paraplanner exam

21 January 2010

The Scottish Widows Academy will support the development of the Institute of Financial Planning’s new paraplanner qualification and will offer it to intermediaries from the middle of the year.
FOS to issue guidance on handling Barclays' fund complaints

20 Jan 2010

The Financial Ombudsman Service will issue guidance to adjudicators on how to handle complaints regarding the suitability of the Aviva global balanced income fund sold by Barclays.
FSA fines Standard Life £2.45m over pension sterling fund

20 Jan 2010

Standard Life is fined for using misleading marketing material for its pension sterling fund.
Senior FSA staff broke guidelines on hotel costs

20 Jan 2010

FSA directors broke the maximum cash limits set out in the regulator’s staff handbook.
Skills council 90% confident of relicencing success

19 Jan 2010

Two FSSC made redundant, while interim chief Liz Field is confident a licence will be issued in March.
'Disaster' as Rock customers lose funding deal

15 Jan 2010

Northern Rock mortgage customers on a fixed-rate deal no longer have access to a feature that allowed them to borrow additional funds at the same rate during the initial period.
Lord Mandelson calls for "sense of proportion" from the FSA

14 Jan 2010

Business Secretary says EU should collectively define financial markets regulation.
Keydata investors slam PwC on payment delays

14 Jan 2010

Keydata investors have hit out at the firm’s administrators PricewaterhouseCoopers, saying it has failed to keep them informed of when to expect delayed income payments.
Public have little faith in MPs reining in bonuses

14 Jan 2010

More than half of UK consumers believe that none of the political parties will be able to control the bank bonus culture, according to research by Opinium.
FSA bans insurance broker director

14 Jan 2010

The FSA has banned insurance broker Fabien Risk Services director Stephen Allen.
Hobbs sets up regulatory consultancy arm at Lansons

14 Jan 2010

Former Beachcroft Regulatory Consulting managing director Richard Hobbs has joined Lansons Communications to set up a regulatory consulting arm.
Ombudsman freezes levy and case fees

13 Jan 2010

The Financial Ombudsman Service levy and the case fee for 2010/11 have been frozen at 2009/10 levels.
'Outsider' is picked as new chief ombudsman

13 Jan 2010

Keeper of the public records to replace Merricks
Is the FSA rewarding failure?

13 Jan 2010

The majority of us will not receive a bonus this year, let alone five-figure sums for a job arguably less than well done.
Impasse over cru documents

13 Jan 2010

Fatchett and Maguire in deadlock
Which? names Consumer Champion 2009

13 Jan 2010

TSC chairman John McFall is named Which? Consumer Champion 2009.
FOS freezes levy and case fee for 2010/11

12 Jan 2010

The Financial Ombudsman Service expects a 27 per cent increase in cases, but costs to the industry will be frozen at 2009/10 levels.
FSA cancels London-based mortgage broker's approval

12 Jan 2010

FSA deems mortgage broker Olayinka Oladipupo not fit and proper and cancels his firm’s permission.
FSB launches peer review of bank reforms

11 Jan 2010

The Financial Stability Board has launched a peer review of regulators around the world to monitor bank remuneration.
Cru MD Marc Ainscough quits as firm faces liquidation

11 Jan 2010

Cru Investment Management managing director Marc Ainscough leaves the firm, which is on the brink of liquidation.
Sifa hits out at "flawed" FSA proposals for professionalism

11 Jan 2010

Sifa compliance director Ian Cockerill says independent and restricted advisers should not share the same code of ethics.
FOS appoints Natalie Ceeney as chief ombudsman

11 Jan 2010

The Financial Ombudsman Service has appointed Natalie Ceeney as chief ombudsman and chief executive.
Harriet Harman announces review of retirement age

11 Jan 2010

Minister for women and equality Harriet Harman has announced proposals to scrap compulsory retirement.
Brown to reassure Labour over election victory

11 Jan 2010

PM Gordon Brown will today tell the Labour party that a fourth election victory is still within grasp.
FEIFA membership grows to 150

8 Jan 2010

The Federation of European Independent Financial Advisers aims for further expansion in 2010.
Sinfonia Asset Management appoints head of sales

8 Jan 2010

Tim Barker joins Sinfonia Asset Management as head of sales.
LibDems say Tory tax plans would cost £7bn

7 Jan 2010

The Liberal Democrats have hit out at Tory proposals to cut inheritance tax and stamp duty, saying it will result in a £7bn shortfall.
PwC uses debt collectors to chase BIA cash

7 Jan 2010

PricewaterhouseCoopers is using a debt collection company to chase former members of collapsed network Berkeley Independent Advisers for misselling liabilities.
Ex-Which? chief takes consumer role at FSA

07 January 2010

The FSA has appointed former Which? consumer champion Julian Edwards to the new role of consumer senior adviser.
FSA accused of land-grab at plan to take standards' role

07 January 2010

Law firm Pinsent Masons says the FSA’s proposal to take on governance of professional standards is a “land-grab” attempt to protect its terr- itory ahead of a possible Conservative Government.
Gummer is stepping down as MP to focus on climate change

07 January 2010

Association of Independent Financial Advisers chairman John Gummer is expected to step down as Tory MP for Suffolk Coast at the next general election to focus on the campaign against climate change.
More flexibility on alternative assessments

07 January 2010

Aifa welcomes the FSA’s more flexible approach to alternative assessments for QCF level four and its plans to extend their availability beyond 2012.
New advisers won't have to meet 2012 exam deadline

07 January 2010

The FSA says new advisers joining the industry will not be expected to meet the 2012 QCF level four deadline.
Is the Edinburgh Declaration dead?

6 Jan 2010

What happens to the Edinburgh Declaration now that the FSA has decided to manage professional standards internally?
Warren system to check mortgage advice historically

6 Jan 2010

Bill Warren Compliance is offering a retrospective mortgage sourcing system that allows firms to check that the most appropriate product and lender were recommended on past mortgage business.
No guarantee on FSSC licence decision

6 Jan 2010

Decision over Skills Council’s future is not guaranteed by January meeting.
FSA appoints Julian Edwards as consumer adviser

5 Jan 2010

The FSA hopes the new role will deliver better consumer outcomes and strengthen the regulator’s understanding of consumer issues.
Lib Dems attack Tory tax cuts

4 Jan 2010

Liberal Democrats say that Conservative proposals to cut inheritance tax and stamp duty would cause a £7bn shortfall.
Turner calls for favourable tax treatment for green industries

4 Jan 2010

FSA chairman Lord Turner calls for bad tax on environmentally unfriendly industries.
Towergate Financial acquires K B Rollitt & Company

4 Jan 2010

Towergate takes over Newark-based wealth management and financial planning firm K B Rollitt & Company Limited.
Sesame calls for FSA to clearly define alternative exam options

21 Dec 2009

Sesame Bankhall Group executive chairman Ivan Martin is concerned about the “lack of detail” around alternative assessments.
FSA fines up 53%, says RPC

21 Dec 2009

The FSA issued £34.8m worth of fines in 2009, with the average fine rising 97 per cent to £891,000, according to City law firm.
High Court winds up unauthorised share selling firm

18 Dec 2009

Minerva Corporate Development Limited wound up after breaching the Financial Services and Markets Act.
Aifa wants cap-ad to reflect systems

17 Dec 2009

Aifa calls on the FSA to offer reduced capital requirements to providers that invest in adviser-charging systems.
Insider dealers are jailed

17 December 2009

Former corporate broker intern Matthew Uberoi and his father Neel Uberoi have been sentenced to 12 and 24 months in prison respectively for insider dealing.
RDR: CII says IPSB would be more effective than FSA

16 Dec 2009

The Chartered Insurance Institute says an independent professional standards board would be better placed to increase consumer trust than the FSA.
RDR: FSA rules out RDR deadline extension

16 Dec 2009

FSA director of conduct policy Sheila Nicoll says struggling advisers will not get an extension on 2012 and the regulator is taking an “open-minded” view of alternative assessments.
RDR: Professional body membership will reduce firms' compliance burden

16 Dec 2009

Firms will have to seek independent confirmation of advisers’ technical competence if they are not members of professional bodies.
RDR: FSA says consumer complaints will rise

16 Dec 2009

The regulator says savvy consumers will complain more when they feel standards have been breached.
RDR: FSA to oversee professional standards

16 Dec 2009

The FSA has confirmed it plans to scrap the independent proessional standards board.
FSA scraps independent professional standards board

16 Dec 2009

The FSA is expected to announce that it will take on the professionalism watchdog role.
Consumers rate IFAs top in terms of fairness

15 Dec 2009

Nottingham University Business School research shows consumers rate IFAs the “most fair” of the financial services professions.
RDR paper due on Wednesday

14 Dec 2009

The FSA will publish the next RDR paper this week, covering protection, GPP, professionalism and governance.
FSA appoints Graham Halliday as retail banking adviser

11 Dec 2009

The regulator brings in former Natwest regional managing director to advise on retail banking.
Firms hit out at Sesame move to encrypt emails

11 Dec 2009

Sesame members hit out at the network over plans to force advisers to encrypt emails containing confidential information.
FSA introduces reverse stress testing requirement

11 Dec 2009

The regulator says banks, building societies, insurers and investment firms must carry out reverse stress testing.
Father and son sent to prison for insider dealing

10 Dec 2009

Father and son face 24 months and 12 months in jail respectively.
FSA tightens prudential rules for banks

10 Dec 2009

The FSA clamps down on banks following amendments to the EU Capital Requirements Directive.
PI firms dispute block notification advice

10 Dec 2009

Professional indemnity insurance specialists have warned IFAs to speak to their PI brokers before sending block notifications to their insurers.
Tied and multi-tied adviser firms to be hit by bonus tax

10 Dec 2009

Tied and multi-tied advice arms of banks are expected to be hit by the bank payroll tax, introduced in this week’s pre-Budget report.
Corporation tax freeze aids 850k firms

10 December 2009

The Government has deferred the increase in corporation tax for smaller companies, which will see the 2010 tax rate frozen for 850,000 small businesses.
FSA and OFT to work together under "flexible" MoU

9 Dec 2009

The FSA and the Office of Fair Trading are changing the way they collaborate on financial services issues.
PBR: VAT to return to 17.5%, delay to corporation tax increase

9 Dec 2009

Chancellor Alistair Darling has confirmed VAT will return to 17.5 per cent and there will be no increase in corporation tax for smaller firms in 2010.
Lighthouse directors increase ownership through EBT allocations

9 Dec 2009

Lighthouse Group directors David Hickey and Malcolm Streatfield increase their stakes in the firm.
Bank remuneration code will not extend to IFAs, says FSA

8 Dec 2009

The regulator says its focus will be on making sure banks’ pay codes are compliant.
PFS appoints Jon Everill and Garry Hale as directors

7 Dec 2009

The Personal Finance Society makes Bluefin proposition director Jon Everill and HK Wealth Managers director Garry Hale PFS directors.
66% of IFAs started QCF level four study in 2009, says NMG

7 Dec 2009

NMG says the move towards higher professional standards gained momentum in 2009.
FSCS declares two credit unions in default

7 Dec 2009

The Financial Services Compensation Scheme has so far received 260 claims after declaring Hull Northern Credit Union Limited and Derby City Credit Union Limited in default.
FSA appoints Yorkshire chief as Practitioner Panel chairman

7 Dec 2009

Yorkshire Building Society chief executive Iain Cornish takes over from Nick Prettejohn as Financial Services Practitioner Panel chairman.
FSA bans mortgage and insurance broker

7 Dec 2009

The FSA says broker Aaron Nickols failed to treat customers fairly and allowed staff to use high-pressure sales techniques.
FSA communications director John Murray quits

4 Dec 2009

Murray will leave the regulator in December after four years as director of communications.
84% of IFAs will remain independent post-RDR, says Scottish Widows

3 Dec 2009

Scottish Widows says only 5 per cent of IFAs intend to offer restricted advice after 2012.
PFS or IFP conference- which one will you attend?

3 Dec 2009

Both bodies are refusing to budge on the dates for their conference next year.
Conferences clash for PFS and IFP

3 Dec 2009

The Personal Finance Society and the Institute of Financial Planning have scheduled their annual conferences for the same dates in September next year.
Aifa assesses guidance impact

3 December 2009

Aifa is concerned about some of the assumptions made by the FSA in its guidance on the structured product market following its review of Lehman-backed plans.
'Brand, people and processes will be decisive influences'

3 December 2009
Ex-Suisse chief slams fund fees

3 December 2009
Fosberry calls for professionalism to bring in graduates

3 December 2009

The newly elected president of the Personal Finance Society, Mike Fosberry says the industry needs to encourage graduates to see financial advice as a career.
FSA bans loan firms for management failings

3 December 2009

The FSA this week banned two mortgage brokers for management failings and for failing to treat customers fairly.
Ruling shows bank aren't expected to TCF, says Bradshaw

3 December 2009
Adviser hits out at CII's fee for credits

2 Dec 2009

Richard Blackshaw says the CII should not charge a fee for exam credits where qualifications are awarded by another body.
Sesame warns FSA may cause RDR "crisis"

2 Dec 2009

Sesame Bankhall Group executive chairman Ivan Martin says the FSA could create an “advice crunch”.
£1.4M deficit for ifs School of Finance

2 Dec 2009

The ifs School of Finance accounts show a £1.4m deficit last year, following a surplus of £1.7m in 2007.
Recruiting drive for Adviser Alliance

2 Dec 2009

Recently formed IFA lobby group Adviser Alliance is fully operational and accepting members.
Smith & Williamson predicts pre-Budget CGT increase

2 Dec 2009

Smith & Williamson warns flat rate CGT may rise and salary sacrifice may come under scrutiny in next week’s pre-Budget report.
FSA bans mortgage broker for TCF failings

1 Dec 2009

Northern Ireland mortgage broker Noel Heaney is banned for “wide-ranging management and control problems”.
JLT Group acquires HSBC Actuaries and Consultants Limited

1 Dec 2009

Employee benefits firm JLT Group has acquired HACL, which has 2008 revenues of £40m and 440 employees.
FSSC publishes draft QCF 4 specialist standards

30 Nov 2009

Core standards are finalised and draft specialist standards enter consultation.
Aifa wants Government to help IFAs pay for higher qualifications

30 Nov 2009

Aifa calls for financial suport through the Government’s Train To Gain scheme to help IFAs reach QCF level four qualification.
Aifa concerned by FSA guidance on structured products

30 Nov 2009

Trade body has “real concerns” about the assumptions made by the regulator.
FSA bans Essex mortgage broker

30 Nov 2009

FSA strikes off mortgage broker for not being fit and proper to carry out regulated activities.
ifs School of Finance granted degree-awarding powers

26 Nov 2009

ifs is now able to award undergraduate and post-graduate degrees.
PFS conference: ABI says insurers are failing to engage consumers

26 Nov 2009

The Association of British Insurers says life companies must do more to design products with consumer needs in mind.
PFS conference: Bradshaw says banks aren't expected to treat customers fairly

26 Nov 2009

Nucleus chairman Paul Bradshaw says yesterday’s ruling on overdraft charges shows banks are not expected to treat customers fairly.
PFS conference: Former Credit Suisse chief attacks fund industry

26 Nov 2009

David Norman hits out at fund charges and claims money is better off in a building society.
Bankhall drops Capita's Enabler platform

25 Nov 2009

Bankhall has dumped Capita’s Enabler technology, which powers its Portavista platform.
Aifa setting up group to put its cap-ad case

26 November 2009

Aifa says the FSA’s increased capital adequacy requirements are unrealistic in the timescale and risk adding a heavier cost burden to good firms.
Complaints rising over repo selling prices

26 November 2009

The FOS is seeing more disputes over property valuations, particularly on the sale of repossessed properties.
Exam plans backed by law, claims FSA

26 November 2009

Nicoll says regulator will close down firms and warns on building up commission
Ex-FSA lawyer criticises Sif hire and fire powers

26 November 2009

Warning over the FSA’s new powers to grill prospective candidates.
Gummer points to long decline in consumer access to advice

26 November 2009

Aifa chairman John Gummer believes the RDR will fail to improve the financial advice market if it does not increase consumer access to advice.At the Aifa annual dinner last week, Gummer warned that consumer access to advice has been declining over the last 20 years, due to falls in the number of IFAs.
Match fees to risk profile, says Strange

26 November 2009

Aifa wants the FSA to change the way it calculates firms’ regulatory fees.
May calls for quality

26 November 2009

Conservative Shadow Work and Pensions Secretary Theresa May says advisers play a crucial role in consumer awareness of the need to save for retirement and the availability of quality IFAs must be increased.
NAO will audit the FSA from next year

26 November 2009

The National Audit Office will audit the FSA from the 2010/11 financial year.
PM plea for global banking action

26 November 2009

Prime Minister Gordon Brown has reinforced his support for a global Tobin tax on financial institutions.
Regulator focuses on go-betweens to fight corruption

26 November 2009
Retirement tops IFA searches

26 November 2009

More people are looking for an IFA to advise on their retirement planning needs, according to figures from Unbiased.co.uk.
Skandia's Mann says restricted advice regime will be abused

26 November 2009
St James's Place opposes oral RDR disclosure

26 November 2009

SJP says there is no need for oral disclosure for restricted advisers.
FSA opts for "bias to conservatism"

23 Nov 2009

FSA chairman Adair Turner says the regulator has become more cautious when judging the riskiness of trading activities.
Axa Wealth restructures sales force

23 Nov 2009

Axa Wealth establishes an IFA distribution sales team.
Pos Sol launches online ordering system

23 Nov 2009

Positive Solutions gives partners access to promotional support via the PosSol extranet.
Gordon Brown to support Tobin tax

23 Nov 2009

The Prime Minister is expected to again back calls for a Tobin tax at the Confederation of British Industry annual conference today.
National Audit Office to audit FSA

23 Nov 2009

The Government has announced the National Audit Office will audit the FSA from 2010 -11 onwards.
Aifa says new capital requirements are "unrealistic"

20 Nov 2009

Aifa fears the requirements will produce a less sustainable sector and is creating a working group to respond to the consultation.
FSA to focus on firms that use "go-betweens"

19 Nov 2009

The regulator says it will pay particular attention to firms that use middle-men in countries known for systemic corruption.
Aifa sets up group to add pressure in long-stop push

19 November 2009

Aifa is launching a working group to campaign for a long stop for IFAs.
Exam delay fears over job losses at the skills council

19 November 2009

Advisers are concerned that the consultation process involving all staff at the Financial Services Skills Council will cause delays to the development of the QCF level four qualification.
Fisher told MM that company took no commission

19 November 2009

In 2007 Fisher told MM the firm received no commission whatsoever in response to Nick Bamford open letter.
FSA will get power to veto bank pay and bonus deals

19 November 2009

The FSA will get the power to tear up bankers’ contracts under new powers to tackle excessive bonuses and financial wrongdoing.
IFA jobs shifting to commission basis

19 November 2009

IFA firms are shifting away from hiring staff on a salary basis, preferring to employ advisers on a commission-based package, according to Recruitment Connection.
'Towry Law failed to switch trail cash when client moved'

19 November 2009

Adviser says Towry failed to allow the transfer of trail commission.
FSA to publish new RDR paper next month

18 Nov 2009

The paper will look at potential read across to pure protection and group personal pensions.
FSA confident of legal position on QCF level 4

18 Nov 2009

Regulator warns it will have power to remove advisers’ right to trade if they fail to comply.
FSA refutes Fisher's TCF trail accusation

18 Nov 2009

Regulator says it wants to see ongoing advice.
PFS announces new president

17 Nov 2009

The Personal Finance Society appoints Mike Fosberry as 2010 president.
Andrew Fisher hits back in trail commission row

16 Nov 2009

Towry chief says advisers who take trail commission to service the client are breaching TCF.
FSA bans and fines UBS client adviser £35,000

13 Nov 2009

The regulator says Andrew Cumming helped to document false loans made with UBS client money.
Aegon backs referrals for investment advisers

13 Nov 2009

Provider says advisers should not have to cover all investment areas as long as they can refer to others within their firm.
SEI calls for commission to spared under RDR

12 Nov 2009

SEI Investments says commission should be limited rather than scrapped.
Aifa's tougher line on RDR wins support

12 Nov 2009

Trade body receives over 100 letters of support.
Credit unions must hold 10% of total liabilities

11 Nov 2009

The FSA toughens up minimum liquidity requirements for credit unions.
Bluefin review could axe development managers

11 Nov 2009

16 development managers have been put on redundancy notice as part of a strategic review.
Aifa warns about cap-ad impact on the networks

12 November 2009

Aifa is warning that any changes to the new capital adequacy rules on expenditure-based requirements must not hit networks unfairly.
'CPD with teeth' could be alternative to exam

12 November 2009

The FSA should offer existing advisers a robust CPD alternative to minimum QCF level four qualifications, according to Threesixty.
FSA break-up could see turf war

12 November 2009

The FSA admits that reform of its conduct supervision is needed but warns that “a turf war” could break out if its enforcement activity is separated out among different bodies.
FSA swoops on firms in boiler room fraud probe

12 November 2009

The FSA has taken action against two individuals and seven businesses suspected of being involved in boiler room share fraud activity.
Pifs that can't get full PI must hold more cash

12 November 2009

Personal investment firms that cannot get comprehensive professional indemnity insurance will have to hold significantly higher capital under the regulator’s new prudential rules.
Protest in prospect from 60% already studying

12 November 2009

Aviva is warning that Aifa may face a backlash from advisers already working towards QCF level four.
Regulator hits UBS with huge fine for rogue trading

12 November 2009

The regulator has fined UBS £8m for system and control failures that allowed four employees to carry out unauthorised transactions involving customer money on at least 39 accounts.
Skandia backs plan but ABI points to role in raising trust

12 November 2009

Skandia has thrown its support behind the Association of Independent Financial Advisers’ calls for the FSA to drop its higher-qualification requirements for existing advisers under the RDR.
Spicerhaart FS joins Sesame

12 November 2009

The financial services arm of property group Spicerhaart is to join Sesame.
Towry gets £6m a year trail cash for legacy business

12 November 2009

Towry Law takes up to £6m annually in legacy trail commission for 300,000 clients who no longer receive ongoing advice from the firm.
Zurich presses for regulatory dividends for higher standards

12 November 2009

Industry reaction to Aifa’s call to scrap the RDR’s QCF level four requirements for existing advisers
FSA to lower minimum fee for IFAs by 45%

10 Nov 2009

Regulator reduces minimum annual fee from £1,850 to approximately £1,000.
Towry Law takes £6m trail commission without servicing clients

10 Nov 2009

Towry chief Andrew Fisher argues it is right to take trail on historic business.
Sesame to axe up to 100 staff

9 Nov 2009

Sesame Bankhall Group hosts the first round of consultation meetings as part of its internal restructure.
FSA warns of "turf war" if its powers are broken up

9 Nov 2009

Sants admits TCF has failed and says industry has yet to take responsibility for the economic crisis.
Lighthouse appoints group risk director

9 Nov 2009

Mark Stuart Ross joins the Lighthouse board.
Arrest made as FSA clamps down on share fraud

6 Nov 2009

FSA searches three properties and freezes £350,000 worth of assets in investigation into boiler room share fraud activity.
PII exclusions will force firms to hold more cash

6 Nov 2009

Advisers who cannot get cover for certain business lines and FSA reviews face further capital adequacy increases.
Capital adequacy requirements delayed by one year

6 Nov 2009

Firms need to hold three months worth of annual fixed expenditure, with a minimum of £20,000.
Aegon warns of reduced access to advice under the RDR

5 Nov 2009

Aegon calls for stronger simplified and basic advice processes and standardised factoring terms under the RDR.
FSA fines UBS £8m

5 Nov 2009

FSA issues third largest fine after UBS employees carried out unauthorised transactions on customer accounts.
Scottish Widows concerned RDR will restrict access to advice

5 Nov 2009

Scot Wids says simplified model needs to be developed to serve the mass market.
Spicerhaart Financial Services joins Sesame

5 Nov 2009

Mortgages Direct rebrands to Spicerhaart Financial Services in the move to join Sesame.
ABI wants easier route for simplified advice

5 November 2009

The Association of British Insurers and Personal Finance Society say there should be lower qualification requirements for limited advice.
Aviva makes cases for dropping provider responsibility for IFA charges

5 November 2009

Aviva is calling for the FSA to drop plans to make providers responsible for monitoring the suitability of individual IFA charges.
Complaints over banks top a million again

5 November 2009

The total number of complaints about misleading advice have increased 19 per cent in the six months to the end of June this year while those levelled against IFAs have fallen slightly.
FSA took a year to act over GMAC-RFC fees

5 November 2009

The FSA has fined GMAC-RFC £2.8m for failing to treat its customers fairly on arrears and repossessions.
Licence plan to focus on specialists

5 November 2009

The Securities & Investment Institute is calling for the FSA to introduce a restricted licensing system for specialist advisers already working at QCF level four or above in their relevant area.
PFS backing alternative assessments

5 November 2009

The Personal Finance Society has thrown its weight behind work-based assessments and has submitted a proposed model for alternative assessments to the FSA.
Skills council turmoil brings exam concern

5 November 2009

Syndaxi Chartered Financial Planning is calling for the FSA to take over development of QCF level 4 exam standards if job losses at the Financial Services Skills Council cause delay.
Swinton is told to refund 480,000 PPI policies

5 November 2009

The FSA has fined high-street insurance broker Swinton Group £770,000 for serious failings in its advised sales of single-premium payment protection insurance.
Skandia stands behind Aifa on RDR qualifications

4 Nov 2009

Skandia backs Aifa’s call to scrap new qualification requirements for existing advisers, while the ABI rejects the proposal.
CISI shows rise in financial sector staffing

4 Nov 2009

Chartered Institute for Securities & Investment finds 60 per cent of firms will hire more staff this year.
87% of IFAs advise on ethical investments

30 Oct 2009

National Ethical Investment Week and Aifa survey explores the prevalence of ethical advice.
PFS says QCF 3 is fine for bank advisers offering limited range

30 Oct 2009

Prof body says bank advisers can have lower qualifications if they are prepared to be very limited in their product range.
ABI calls for lower qualifications for simplified advisers

30 Oct 2009

The Association of British Insurers calls for further development of simplified advice services.
Referrals to portfolio firms escape adviser charging rules

30 Oct 2009

APCIMS says advisers referring clients to a firm for portfolio management can get around adviser charging.
Financial Services Skills Council puts all staff on consultation

29 Oct 2009

FSSC says all 37 staff roles are at risk.
Misleading advice complaints rise 19 per cent - IFA complaints fall slightly

29 Oct 2009

FSA complaint data for the first half of 2009 shows overall complaint numbers stay steady, but advice complaints rise.
GMAC-RFC fined £2.8m by FSA, to pay up to £7.7m customer redress

29 Oct 2009

Lender treated arrears and repossessions customers unfairly and must pay redress to more than 46,000 customers.
2,300 Have no confidence in FSA

29 October 2009

The Independent Financial Advisors Political Action Committee’s petition to Gordon Brown to change the senior management of the FSA has received 2,300 signatures since the end of September.
Aifa manifesto says regulator has lost sight of its aims

29 October 2009

Aifa has published a retail distribution review manifesto accusing the regulator of los- ing sight of its aim of building consumer trust and widening access to advice.
Committee drops human rights case for advisers

29 October 2009

The joint committee on human rights has dropped its investigation into the lack of a 15-year long stop for advisers, concluding it does not constitute a significant human rights issue.
FSA raises price of being too big to fail

29 October 2009

The regulator last week issued a discussion paper on policy measures to address systemically important “too big to fail” banks, ahead of the Turner review conference on November 2.
Mortgage broker banned over false applications

29 October 2009

The FSA has banned East London mortgage broker, Tomilola Omolola Ogunmoye, for submitting false and misleading information about her income to four lenders to obtain mortgages for herself.
Reid and Rennison set up firm to help in RDR move

29 October 2009

Financial services stalwarts Robert Reid and Roderic Rennison have launched a consultancy business, The Ideas Lab, aimed at the adviser and provider market.
Towry Law reports "positive response" from Edward Jones advisers

28 Oct 2009

Towry chief executive Andrew Fisher says adviser meetings are proving fruitful.
Aviva calls on FSA to drop provider responsibility for adviser charging

28 Oct 2009

Aviva says this RDR proposal will maintain a link between IFAs and providers.
FSSC appoints two new board members

28 Oct 2009

L&G’s Adrian Clark and Santander’s Bernadette Brown join the Financial Services Skills Council board
FSA fines Swinton Group £770,000, offers 480,000 refunds

28 Oct 2009

The regulator forces Swinton to contact 350,000 customers and refund 480,000 PPI policies.
Govt proposes to cut long-stop to 10 years

28 Oct 2009

Advisers say the move further highlights the imbalance between financial services and other industries.
PI rates to rise due to structured probe

28 Oct 2009

PYV warns the structured product review is likely to push up PI rates for all advisers.
Which? calls for FSA to name firms that mis-sold structured products

27 Oct 2009

Which? wants guilty firms named and swift compensation for consumers.
Joint committee on human rights drops long stop investigation

27 Oct 2009

The committee finds the lack of a 15-year long stop for advisers does not breach human rights.
SII calls for restricted licence for specialist advisers

27 Oct 2009

The Securities & Investment Institute wants specialist advisers to be spared irrelevant exams.
FSA must re-affirm RDR objectives

26 Oct 2009

Aifa has called on the regulator to confirm its original aims of the retail distribution review.
BSI develops compliance standard

26 Oct 2009

British Standards to launch voluntary standard in Spring 2010.
PFS launches RDR week

26 Oct 2009

The Personal Finance Society aims to answer advisers’ questions and concerns about the proposals.
Society of Later Life Advisers to accredit IFAs working with older clients

23 Oct 2009

The Financial Services Skills Council passes “older client market” accreditation scheme to new society.
Bank advice criticised after investment falls

23 Oct 2009

Adviser hits out at Natwest’s pensioner advice.
FSCS pays out split claim after first rejecting case

23 Oct 2009

Scheme pays out on misselling claim a year after rejecting it.
FSA calls for capital surcharge for banks

22 Oct 2009

Regulator sets out its proposals to shore up the banking system.
Aifa wants no-loss, no-fee shake-up for ombudsman

22 Oct 2009

Trade body says FOS must be subject to UK law and bound by legal precedent.
FSA cost analysis fails study time test

22 Oct 2009

Sesame warns the regulator has seriously underestimated the costs of obtaining QCF level four.
Jobs set to go in PMS and Bankhall deal

22 october 2009

Sesame’s acquisition of Bankhall and PMS from Skandia has been completed but the network has warned that redundancies are likely.
McAteer joins FSA board

22 october 2009

The FSA has appointed Mick McAteer, Brian Pomeroy, Andrew Scott and James Strachan as non-executive directors.
McFall wants FSA to draw up code on bereavement

22 october 2009

Treasury select committee chairman John McFall has urged the FSA to develop a code of practice for financial companies dealing with bereaved customers.
Nish takes over from Crombie at Standard

22 october 2009

David Nish will take over from Sandy Crombie as group chief executive of Standard Life from January 2010.
Sector is spared the RDR

22 october 2009

The FSA has stopped short of imposing higher minimum qualifications or adviser-charging on the mortgage market.
Sesame has 28% NDFA stake

22 october 2009

Sesame owns a 28.5 per cent stake in collapsed structured product providers NDFA and its sister company Defined Returns Limited.
Thomas to be interim chief ombudsman

22 october 2009

The Financial Ombudsman Service has appointed David Thomas as interim chief ombudsman, following the resignation of Walter Merricks.
SII critical of FSA enforcement

21 Oct 2009

Securities & Investment Institute says the FSA should focus on supervision, not enforcement.
FSA bans East London mortgage broker

21 Oct 2009

Broker is banned for submitting fraudulent mortgage applications.
Mick McAteer joins FSA board

20 Oct 2009

Former Which? policy head becomes a non-exec director.
Sesame awaits news on 28.5% NDFA stake

19 Oct 2009

Network insists stake in collapsed structured product provider will bring no financial detriment.
FSA will not apply RDR to mortgage market

19 Oct 2009

Regulator sees no need for higher qualifications and adviser charging in the mortgage sector.
Imla slams FSA's tough line on securitised lenders

19 Oct 2009

Intermediary Mortgage Lenders Association warns against consequences of tighter regulation of non-banks.
Standard Life appoints David Nish as group CEO

19 Oct 2009

Finance director to replace Sandy Crombie from January.
PFS to host RDR action week

16 Oct 2009

Action week aims to help advisers make the transitions required by the FSA.
Redundancies likely after Sesame acquires Bankhall

16 Oct 2009

Duplications may lead to job losses as deal finally goes through.
FOS appoints David Thomas as interim chief executive

15 Oct 2009

FOS appoints interim chief executive
IFP calls for FSA to limit RDR costs

15 Oct 2009

IFP calls for watchdog to keep RDR costs low
Treasury slams EC economic report

15 Oct 2009

Treasury hits back at EC report
FSA reminds CEOs to carefully vet appointments

14 Oct 2009

FSA warns CEOs of recruitment responsibilities
Towry Law responds to fee scrutiny

14 Oct 2009

Neil Liversidge and Andrew Fisher lock horns over Towry Law’s charging structure.
Capital Asset wins prize for potential

15 October 2009

Bruce Wilson, Brian Sweeney and Jeremy Deeds were appointed to the board at the annual IFP conference.
IFP moves focus to core skills

15 October 2009
Lakey sets up Adviser Alliance lobby group

14 Oct 2009

Alan Lakey launches lobbying body, Adviser Alliance
Lakey sets up lobbying body to aid advisers

15 October 2009

Highclere Financial Services partner Alan Lakey is launching a not for profit organisation called Adviser Alliance to lobby politicians and regulators on behalf of IFAs.
Mortgage affordability move could risk broker relations

15 October 2009

Potential news FSA rules may spell the end of the pure mortgage broker
NSA can deliver work-based assessments

15 October 2009

The National Skills Academy says it is gearing up to deliver work-based assessments for advisers as an alternative to RDR exams as pressure grows on the FSA to allow this method of assessment.
Towry Law chief taken to task over fund charges

15 October 2009

West Riding Personal Financial Solutions managing director Neil Liversidge has called on fee-only advocate Towry Law to justify how the firm’s fund charges differ from initial or trail commission.
Yellowtail points to the value of life planning services

15 October 2009

Firms that develop life planning services add value to their business and offer their clients a more rounded service, says Yellowtail Financial Planning.
FSA to launch online application system

13 Oct 2009

Regulator to scrap paper-based system for applications and notifications
Aifa and UKSIF to host ethical investment seminars

13 Oct 2009

Green investing seminars open to advisers
Kay Blair appointed as Consumer Panel vice chairman

13 Oct 2009

The FSA makes four appointments at the FSCP.
FSA warns firms of "substantial" liquidity cost

12 Oct 2009

Firms to pay high price for liquidity requirements
FSA bans broker for false income submissions

12 Oct 2009

Mortgage broker inflates income on mortgage and loan submissions.
Conservatives to offer Lord Turner senior BoE role

12 Oct 2009

Tories to give Turner top BoE role, according to reports.
Mandelson hits out at US and EU lack of leadership

Online - October 2009

Business Secretary Lord Mandelson says the US has failed to take an international perspective on banking regulation.

Money MarketingNicole Blackmore Editorial

Money Marketing
Nicole Blackmore Editorial