The FSA fine imposed on former Millfield chief executive Paul Tebbutt could herald a wider clampdown on senior managers by the regulator’s enforcement division, says a specialist financial law firm.
TLT Solicitors head of financial services regulation Philip Ryley says the FSA’s transition to principle-based regulation and its treating customers Fairly regime are leading to an increased focus on senior managers’ responsibility. Tebbutt was fined 35,000 by the FSA last month for providing misleading information. He failed to alert the regulator that the 3m funding that had been promised to plug any deficits when Millfield merged with financial adviser group Inter-Alliance could not be provided. Ryley says FSA head of enforcement Margaret Cole has indicated that the regulator will take an uncompromising approach to failure at senior management level. He predicts that this will result in an increase in enforcement action against senior managers. Ryley says: “The FSA has said recently that it will be bold and resolute with enforcement. If the FSA does not take action against senior management after all its tough talk, then it will lose credibility.”View more on these topicsNews
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More whitewash?
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White paper — Qatar International Insights
Jelf Employee Benefits highlights new legislation, key requirements and policy considerations when structuring international private medical insurance (IPMI) for expatriate employees in Qatar. This edition will be of particular interest to global human resource directors, compensation and benefits specialists and mobility managers who have employee populations in Qatar.
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Adviser trade body calls on govt to save pension dashboard
Adviser trade body Pimfa has called on the government to go forward with the pensions dashboard as rumours swirl that ministers are considering abandoning the idea. Pimfa’s call comes after reports claim work and pensions secretary Esther McVey believes that the pensions dashboard would be a distraction to rolling out universal credit and so should […]
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Is a fund better off with a sole manager or a team?
The year so far has been full of manager and senior staff moves. Earlier this month, eight senior staff at Standard Life Aberdeen left to go to Aviva Investors, to join former Standard Life Investments equities head David Cumming. With moves like this in mind, is a management team or sole manager the better choice? […]
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