View more on these topics

Adviser hits back after FSA ban

A Suffolk financial adviser has defended himself after the FSA issued a prohibition order restricting his ability to conduct mortgage business.

The regulator said the conduct of Primedale Financial Services director Jonathan Hardie had fallen short of expected standards.

Following an investigation, the FSA found Hardie had not properly investigated almost 400 cases of alleged endowment misselling over a period of five years.

The order means that Hardie is restricted in the supervision and compliance of mortgage business. His other roles as a financial adviser are unaffected.

Hardie says the firm has been inspected in the past and found to have an exemplary record.

In a statement, Hardie says: “We undertook the endowment complaint review in a diligent and thorough way and were not aware of any problems in this aspect.

“The FSA made a regulatory visit in May 2005 and reported back to us in August 2005 with its findings and illustrated some shortcomings in the handling of endowment complaints.

“We immediately set about addressing the issues and followed the recommendations set out by the FSA.

“It was somewhat of a surprise that in October 2007 the FSA once again looked into our handling of the endowment complaints. As expected, it drew the same conclusions as the original supervisory visit and it was as a result of this second investigation that the FSA has taken the action it has. No action was taken after the first regulatory visit, yet the findings were identical and related to the same period.

“The censure imposed by the FSA reflects on my ability to supervise and attend to compliance matters rather than my ability to act as an adviser.”

The order against Hardie does not affect Primedale Residential, a separate estate agency and financial advisory business based in the Ipswich area.

Recommended

Vince Cable demands assurances that Rock sale is in public interest

Liberal Democrat Shadow Chancellor Vince Cable has written to Alistair Darling urging him to ensure taxpayers’ money would be safeguarded if Northern Rock was sold to Virgin.He demanded assurances that any new owner would be UK-based and would guarantee against the bank’s best assets.Cable says: “The Chancellor continues to hint that a deal with the […]

Lost property

February and March are key months to consider tax planning to maximise the use of an individual’s allowances, reliefs, exemptions, etc. for the current tax year. Some of these will be lost if not used before the year-end.

A shaw thing

Annie Shaw is a freelance financial journalistCan it be true that PR man Dominic Hiatt has a social conscience? I have learned that the leading light at newly renamed Rhizome PR and the spokesman for broker Cobalt Capital who is known as “The Polecat” is thinking of trading in his BMW Chelsea tractor.His voice was […]

Uinsure ahead of targets with 800 agents

Web-based general insurance panel Uinsure has signed its 800th firm to use its services for buildings and contents and mortgage payment protection insurance. Ashton Mortgage & Financial Solutions was the 800th firm to sign up. With 1,000 firms expected by the end of the first year, Uinsure chief executive Simon Taylor says they are now […]

Martin Foden discusses how convenience is affecting the construction of fixed income portfolios

In this short video, Martin Foden, head of credit research at Royal London Asset Management, discusses how convenience is affecting the construction of fixed income portfolios. Watch the video in full The value of investments and the income from them is not guaranteed and may go down as well as up and investors may not […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment

    Close

    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

    Email: customerservices@moneymarketing.com