Christine Dawson

CII names new president

The Chartered Insurance Institute has appointed ex-Personal Finance Society president, Nick Turner as president of the board. Turner (pictured) was president of the PFS board from 2016 to 2017, becoming deputy president of the wider body, CII, in 2018. He is also chairman of MSIL, NFU Mutual’s advice subsidiary. The CII says Turner has worked […]

Ex-UBS compliance officer found guilty of insider dealing

The FCA has won a case against a former UBS compliance officer and her friend in which the pair were convicted of insider trading. The Financial Times reports a jury in Southwark Crown Court yesterday found Fabiana Abdel-Malek, 36, and day trader Walid Choucair, 40, guilty on three counts of insider trading between June 2013 and […]

1

FCA writes to wealth managers over fraud concerns

The FCA has written to wealth managers and stockbrokers saying it plans to tackle firms that enable fraud as one of its top priorities, Money Marketing has learned. The Dear CEO letter seen by Money Marketing was sent to firms on 13 June and asks them to consider whether their business operations harm the wider […]

Handshake
1

Tenet snaps up North West network member of 24 years

National advice network Tenet Group has acquired a Preston-based advice firm, adding to its existing hub in the North West. Colin Galbraith Independent Financial Services joins Derbyshire Booth, purchased in April, and Elementum Ltd, acquired in October last year- both also based in Preston. Principal, Colin Galbraith, has been a Tenet network member since 1995. […]

13

FCA letter addresses PI insurers’ concerns over higher FOS limit

The FCA has written to professional indemnity insurers to explain how high value compensation awards might look since the ombudsman increased the award limit to £350,000. The regulator says in the letter, dated 17 May, it thinks the information will “help address some of the issues or questions stakeholders have raise regarding the ombudsman service […]

Handshake

Tenet network signs up Tatton for managed portfolio service

National advice network Tenet has signed up Tatton Asset Management to run a managed portfolio service for its appointed representatives and directly authorised advisers. Tenet had previously decided to remove its own centrally supported model portfolios in early 2020. Tenet chief executive Mark Scanlon says the three-year contract does not impact advisers’ independence: “We remain […]

6

Unregulated introducer on 40% commission wound up

The High Court has wound up an unregulated investment introducer firm which was receiving up to 40 per cent commission from bond issuers. Asset Backed Management Limited was put into provisional liquidation in April following an investigation by the Insolvency Service. At a High Court ruling on 7 May the Official Receiver was appointed as […]

FCA building FCA fees
2

Ex-broker banned for trade rigging

The FCA has banned a former broker from any regulated financial activity after finding he rigged trades for personal profit. The regulator says Terry Farr, “acted dishonestly and lacked integrity, and as a result is not fit and proper to perform any function in relation to any regulated activity.” Farr previously worked at wholesale broking […]

FCA building FCA fees

FCA wins case against £1m fake forex investment scam

The FCA has won a case against a £1m unauthorised investment scheme. The High Court ruled last week that Xcore Capital Limited and Jonathan Chitty had taken at least £1m from investors, but only a small amount of the investors’ money was ever used for trading. Consumers gave money to Xcore in return for a […]

File image of Welders at work in steel forge
5

British Steel enters insolvency

British Steel is due to enter the insolvency process after the collapse of rescue talks between parent company Greybull Capital and the government. The move puts 5,000 jobs at risk and is the latest blow to the embattled industry. Reuters had previously reported multiple sources saying the £30m government loan requested had not materialised, placing […]

Technology-Business-Computer-700x450.jpg

SimplyBiz drops free third party fund research

Support service provider SimplyBiz has ended its contract with Synaptic which was providing a free fund research service to advisers. SimplyBiz says it has invested in its own end-to-end investment and financial planning system Centra, which covers off the functionality Synaptic was providing. Centra, which launched last year, was developed with ratings and technology business […]