View more on these topics

Berkshire IFA is fined £120k over continued pension review failings

A series of pension review failings has led the FSA to impose a £120,000 fine on IFA Ward Consultancy of Hill House, Milley Lane, Hare Hatch, Berkshire.

It is the firm&#39s second fine in five years. In December 1997, it was fined £20,000 with £5,000 costs for a similar offence.

The FSA says the latest penalty was set so high because, despite assurances that the firm would clean up its act following the first fine, it failed to do so and as a result has still not completed phase one of the pension review more than three years after the deadline.

The failings this time included not adequately planning or monitoring its progress in the review, failing to meet deadlines set by the regulator, not correctly demonstrating why cases have been excluded, not issuing no-loss letters to clients and failing to conduct compliance assessments as demanded by the review.

The FSA says Ward Consultancy is not an isolated instance as there are still some 7,000 cases remaining to be completed, the majority from smaller IFAs.

FSA spokeswoman Jackie Blyth says: “There are still other outstanding phase one cases but we are making sure firms are aware of their responsibilities to get things right for consumers.”

Recommended

The Mortgage Partnership to offer divorcees 20 times over standard

The Mortgage Partnership is offering a loan aimed at helping divorcees get a second mortgage to buy a new property after moving out of the family home.The packager claims many divorcees are denied mortgages from mainstream lenders because they are paying off the loan on the family home.It says its New Start mortgage, funded by […]

Talkback

“Yes. It is a market that a lot of people are getting into without realising the potential pitfalls.”David Jerram, Jerram Surlis & Co“No, I think people can make a decision when they are entering a commercial relationship where any lettings can service the mortgage and if they can&#39t they shouldn&#39t be getting involved.”Roger Labbett,Roger Labbett […]

AMP on the trail for franchised network

AMP is setting up a new franchised network of tied trail-based advisers with a promise to foot the bill for start-up costs.The firm is pitching the network at advisers from its tied and IFA rivals who may be reconsidering options in the event of depolarisation. The existing Pearl salesforce will have the option to join.AMP […]

&#39Ageing population will be boost to CI market&#39

More people are considering taking out critical-illness cover because of increased longevity and the higher chance of succumbing to medical problems, according to consumer analyst Mintel.A survey of 2,160 adults found that 11 per cent already have critical cover while a further 11 per cent find the idea appealing. Mintel found that most policies are […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment

    Close

    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm

    Email: customerservices@moneymarketing.com