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Apcims throws down N2 gauntlet to FSA

The Association of Private Client Investment Managers and Stockbrokers is challenging the FSA to meet the November 30 deadline for N2.

At an FSA presentation on PIMS 2001 which focused on the regulator after N2, Apcims chief executive Angela Knight voiced serious doubts over whether the FSA would have all its powers by November 30.

Knight said the chances of passing all secondary legislation needed to transfer authority before this date are very slim, given the impending House of Commons summer break.

The FSA says it is working on an internal timetable to have everything completed well head of the deadline but conceded it may not be possible to have all the legislation passed in time.

FSA spokesman Rob McIvor says: “In terms of our internal preparation for N2, we are ready. The legislative side, however, is out of our hands. But there are currently no indications of any problems with the legislative timetable.”

Apcims chief executive Angela Knight says: “There is still a lot of secondary legislation to go through. The Commons will break at the end of July and not return until six weeks before N2. There is a serious timing issue here. The FSA will have to decide whether to proceed before it is passed or let N2 slip, which means a lengthy interim regulatory environment for firms.”


IFA fined £15k in review

Leicester IFA The Pearce Murphy Partnership has been fined £15,000 by the PIA for pension misselling. The fine follows an investigation by the pension review monitoring department between September 1999 and February 2000 which identified several failings in the company. Its report cited a failure to correctly exclude cases from the pension review and issue […]

The commission mission is to show the low points

Consumers think commission is too high, according to the Financial Services Consumer Panel, while many IFAs argue commission on some products is too low. These views are not irreconcilable. To deal with consumers first. In stark monetary terms, commission can take a sizeable chunk out of a product. In advisers&#39 defence, distribution is a necessary […]

Standard all-clear for 98% on endowments

Standard Life has issued alm-ost 98 per cent of its mortgage endowment customers with green “all-clear” letters amid increasing numbers of life offices admitting shortfalls. The latest Money Marketing Focus survey reveals what percentage of policyholders have received green and red endowment shortfall letters. Life offices issuing mainly green letters include NPI (99.14 per cent), […]

BT Cellnet offers portal in link-up with Misys

BT Cellnet is moving into the financial services arena by linking up with Misys to launch a business-to-business portal. BT&#39s Connected site will provide specialist inf-ormation and services for the financial services sector from this week, with Misys&#39s IFA portal M-Link available on the site as an online trading platform for IFAs. It is also […]


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