Bankhall joint CEO Simon Taylor’s old IFA firm has been declared in default by the Financial Services Compensation Scheme.
SJ Taylor and Associates, the defunct IFA based in Cheshire, had a claim against it relating to a collective investment scheme. The FSCS states that a firm is in default if it is unable or likely to be unable to pay claims against it. Taylor closed down the IFA firm in 1998 to concentrate on establishing Bankhall with partner Paul Hogarth. He has not been told of the nature of the claim against SJ Taylor and Associates. A spokesman for Simon Taylor says: “Simon is completely in the dark about this and therefore cannot defend a claim that he knows nothing about. “If, having looked at the merits of the case, and if a complaint was upheld, I am sure that he would do what any decent and honest individual would do and consider it on the individual terms.” IFAs have questioned how firms where defaults may arise can be handed over to the FSCS – effectively to be paid by the IFA community as a whole – when the individuals who ran the firm may be in a position to pay any claims. Master Adviser principal Doug Brodie says: “Why should I have to pay for this? Surely, as the body regulating these firms, the FSA should take responsibility and make sure that people who can pay, do so. This says to me that regulation is not working.”View more on these topicsNews
Coulson buys into mortgage broker
Former Zurich Advice Network director Richard Coulson is understood to have bought into broker Enterprise Mortgage Specialists with former Zurich colleagues. Coulson is now listed with the FSA as director of the Stanmore-based broker along with former Zurich ally Keith Baldwin, who is listed as director as well as chief executive. Baldwin is best remembered […]
Severn says FSA is a slow-moving glacier
Progress in the relationship between IFAs and the FSA has been a case of one step forward and two steps back, Aifa director general David Severn told Money Marketing roadshow delegates last week.
Cartel throws lifeline to NMS members
Mortgage intermediary Cartel is offering a lifeline to members of Perthshire mortgage processor National Mortgage Services following its closure to business on April 1.
FSA assurance on confidentiality
In the Money Marketing article headlined, FSA aims to boost its service standards, you report that IFAs have questioned the confidentiality of the questionnaire which will be held by NOP, the marketing agency we have appointed. I can assure MM readers that NOP will not be giving us the names of the firms which respond. […]
Why auditing your employee benefit schemes is vital
With continuing legislative changes dominating an already evolving market, regularly auditing your employee benefits schemes has never been more important.
Newsletter
News and expert analysis straight to your inbox
Sign up Pensions regulator to share DB transfer intelligence with FCA
The Pensions Regulator has agreed to share market intelligence on defined benefit transfers on a regular basis with the FCA and The Pensions Advisory Service so trustees can ensure members fully understand the risks involved. In a new formal agreement, TPR will share its reports on DB market intelligence roughly every two weeks with the […]
Advice in the regions: Why serving the silver generation works in the North East
Advisers explain how out-of-town offices are preferable to city centres and why the retirement market is key It is easy for outsiders to make assumptions about the North East based on the so-called North/South divide. While acknowledging the real challenges in this part of the UK, local advisers are keen to highlight the positives that […]
Are top-fund lists worth looking at?
Advisers are questioning the value that best-buy fund lists have after Hargreaves Lansdown’s opinion-splitting decision to reform its flagship Wealth 150. According to a recent report from consultancy Platforum, 61 per cent of advisers use the services of fund research agencies, while an increasing number of providers and fund supermarkets are launching lists of the […]
Comments