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Almost all firms fail regulator&#39s test

About 99 per cent of financial services companies fail to meet all regulatory standards, according to a new survey by the Financial Services Authority.

The survey looked at routine visits over the last five years and found only 1 per cent of companies were fully compliant while 99 per cent were ordered to make changes by the FSA.

Most changes focused on issues not affecting consumers directly and just two per cent of cases were referred to FSA enforcement for further investigation.

FSA head of enforcement Dan Waters, said: “This is the real world. We know mistakes get made and we don&#39t expect perfection.”


State pension bill to rise £6bn

The new second-tier state pensions could cost the Government an extra £6bn when it is unveiled in the Welfare Reform and Pensions Bill on Wednesday.The pensions is deemed twice as generous as state earnings related pension which it is replacing.The second-tier pension also boosts entitlements to carers and others earning less than £9,500 a year.

Internet &#39wake up&#39 call

The internet has issued a “wake-up”call to the investment industry according to a new survey.The Deloitte & Touche survey shows activities of new services from execution-only brokers and US on-line stockbrokers had been shaken-up by the industry.The research, which was done with the Association of Private Client Investment Managers and Stockbrokers, found 60 per cent […]

Woolwich feels pinch

The Woolwich admits it is feeling the pressure from new players offering savings rates above the bank base rate.In a statement the bank said it has suffered a net outflow of deposits as a result from competition from new entrants The former building society said it had attracted customers to its fixed-rate savings accounts, but […]

Industry tribute to IFA stalwart

The financial services industry is in mourning following the sudden death of former PIA board member and IFA champion Dennis Brown.Tributes from the industry&#39s highest profile figures have been flooding in since Brown died in his Glasgow home on December 7.Brown, 66, was the creator of the Scottish Independent Intermediary Association, deputy chairman of Fimbra […]

Embrace simplicity!

By Fiona Holmes, proposition communications manager When I first took out critical illness cover, I was overwhelmed. It wasn’t just the form filling, it was finding out about the sheer number of illnesses I was covered for. Did it give me peace of mind that I was covered for neuromyelitis optica or systematic lupus erythematosus? […]


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