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&#39FSA rule to whistleblow may breach Rights Act&#39

London law firm Osborne Clarke is warning that FSA measures to force IFAs to whistleblow on suspected money laundering after N2 could breach the Human Rights Act.

After November 30, everyone regulated by the FSA must share information and coop-erate with law enforcement agencies on suspected criminal laundering.

IFAs will have to take a proactive approach if they have suspicions about a client or think a colleague may have not passed information to the FSA.

Failure to do so will be a criminal offence and Osborne Clarke head of private equity Kieran O&#39Connor believes this and the need for an IFA to prove himself innocent rather than be found guilty could lead the FSA being accused of violating the UK Human Rights Act 1999.

He believes the increasing burden of regulation will mean that few small IFA firms will be able to survive. He says the FSA will be making “quasi-judicial” decisions on what may be a failure in an IFA&#39s admin system rather than a criminal offence.

O&#39Connor says: “It will be interesting to see if someone will raise the defence of the FSA breaching human rights which I think is an arguable case.”

FSA spokeswoman Karen Loudon says: “We have chec-ked that our disciplinary procedures are Human Rights Act-compliant.”


Dead letter drop

I have just had to spend some time with a very upset widow who opened documentation from an investment group that is about to transfer from unit trusts to Oeics.The letter was addressed to “Mr &#39John Smith&#39 Esq Deceased” and started “Dear Unit Holder”.The second page was similarly addressed and invited him to vote on […]

Mortgageforce in Persimmon mortgage deal

Broker franchise operation Mortgageforce has been appointed by homes developer Persimmon to provide it with 10 exclusive mortgage deals. Persimmon will promote the loans — negotiated with lenders including Woolwich and Abbey National – throughout the country via its 28 regional operating companies. To access the products brokers must register with Persimmon and can receive […]

Ken Timmins

Lives: Edinburgh.Born: 1948, EdinburghEducation: Falkirk High, Falkirk.Career: 1965-1976 Standard Life pension superintendent, 1976-1984 IFA Bain Dawes (became Hogg Robinson), 1984-1988 Scottish Amicable regional pension manager, 1988-1989 IFA Alan Steel Asset Management, 1989present Ernst & Young Financial Management chief executive.Career ambition: To remain chief executive of EYFM and move the company forward.Life ambition: “To spend a […]

Why should I pay for Equitable?

The continued press coverage of Equitable Life is now starting to leave a bitter taste in my mouth. I have offered guidance to many Equitable policyholders but surely the latest suggestions in the press cannot be justified.Why should I, not only as an IFA but also a taxpayer, pay for the failings of both the […]

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Auto-enrolment — don’t leave it too late…

With auto-enrolment (AE) well under way for the UK’s largest businesses, over the next three years an additional 800,000 smaller employers (with less than 60 employees) will start their journey to comply with the legislation. AE mandates all eligible employees and their respective employers to make regular pension contributions into a qualifying pension scheme. To learn more about the legislation read our brief Jelf AEase — simple steps to AE compliance guide.


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