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B&B misselling occurred despite regulatory warnings – FSA

The FSA says B&B’s misselling of precipice and with-profits bonds was made more serious because B&B was warned there were significant issues with the quality of its customer records but failed to act.

The regulator says B&B was warned on a number of occasions from 1998 onwards but failed to appreciate the significance of those warnings. It says the failings exposed 6,800 customers to a higher risk of financial loss than they were willing to accept.

Director of enforcement Andrew Proctor says: “During the period in question, BBG was the largest IFA in the UK and its brand had widespread public recognition which raised amongst its customers the expectation that the service it provided to them would be of a high standard. Customers therefore went to the firm with the expectation that it would provide a competent and professional financial advisory service.

“However, BBG’s advisers sold precipice and with-profits bonds without having in place adequate systems and controls to ensure the products sold were suitable. The FSA has repeatedly stressed to firms through supervision and guidance the importance of keeping adequate records of sales but BBG failed to do so in these cases.”


FSA fines Bradford & Bingley 650,000

The FSA has today fined Bradford & Bingley 650,000 for the widespread mis-selling of precipice and with-profit bonds.B&B has also agreed to pay 6m in compensation to the 6,800 customers affected.The FSA says the firm did not make suitable recommendations to customers, did not maintain adequate records of sales, and did not have in place […]

Millfield agrees Intelliflo MBO

Millfield has agreed a management buy out of Intelliflow for 250,000.Millfield says the deal will achieve annualised savings of 375,000 for Millfield. Intelligent Office provides a full suite of functionality for financial advisers. The MBO was headed by Nick Eatock, Chief Executive Officer of Intelliflo. Under the terms of the MBO, Millfield Group retains the […]

Threadneedle enjoys Royal appointment

Threadneedle Investments funds will now be offered on Royal Skandia’s offshore platform.Offshore investors will be able to access Threadneedle’s strategic bond and dollar funds aong with the growth fund managed by Andrew Holliman.Threadneedle already has 10 funds on offer through Skandia’s life and pensions platform and a further 15 available through its multifundshop.Threadneedle director of […]


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