View more on these topics

19 firms struck off by FSA

The FSA has cancelled the permission of 19 firms in the last year and caused over 100 to make changes to the way they operate.

In the year to June 30, around 50 firms addressed breaches of the FSA&#39s threshold conditions when faced with the prospect of a referral to the regulator&#39s threshold conditions team while 59 other firms took remedial steps when they were threatened with imminent enforcement action.

Nineteen firms had their permission to conduct investment business cancelled while two individuals with convictions for financial crime were prohibited.

The FSA&#39s threshold conditions require firms to have professional indemnity insurance in place, hold adequate financial resources, comply with FOS awards, co-operate with the FSA and pay FSA fees.

Managing director of the retail markets business unit Clive Briault says: “We aim to work with firms to help them maintain the required standards but the action taken over the last 12 months should send a message to all small businesses regulated by the FSA that we will not allow firms which fall significantly below the minimum standards to remain authorised.”


Merrill Lynch offers discount protection

Merrill Lynch has become the latest firm to introduce a discount protectionmechanism. The new policy means investors in the Merrill Lynch greater Europeinvestment trust clients will be able to sell back their shares at a 2 per cent discount of net value twice a year regardless of whether the shares are selling for a bigger […]

IFAs paying FSA fees by direct debit will not be penalised

Many of the IFAs who have not yet paid their FSA fees will not face penalties bec-ause they are paying by direct debit while some companies have not yet received their invoices. Last week, FSA mana-ging director David Kenmir said only 388 IFAs had paid their fees despite 3,627 invoices being sent out. The deadline […]

FSA says 40% now have PI covering IMD

The FSA says 40 per cent of intermediaries now have professional indemnity cover which is compliant with the requirements of the insurance mediation directive. Katharine Lynch, a member of the retail intermediary sector team at the FSA, says: “Things are getting slightly better for IFAs on PI but the market has not improved dramatically and […]

New cars popular choice for lifetime mortgage customers

Norwich Union Equity Release says buying a car is one of the main reasons older people take out a lifetime mortgage. Twenty eight per cent of people releasing equity from their home are spending at least some of the money on a new car according to NU. Director Mark Kelly says: “Having a car is […]

Generation Rent

By Denise Wond, marketing manager We’ve heard a great deal about Generation Rent in recent years but what does it actually mean for consumers and advisers and has the face of the typical renter changed? The picture is certainly more diverse than it used to be. Homeownership is at its lowest point in 30 years, […]


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm