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.”
Swiss Re’s annual industry protection report reveals that the life assurance protection gap remained static at £2.3 trillion in 2005/6 for the first time ever but the income protection gap grew to £170bn.
It looks as if we could still be in for years more of argument over pensions
Critical-illness cover is stuck in the past and innovation is needed to ensure products are relevant to consumers, says Prudential head of protection Paul Cowman. He says medical advances have brought the need to revamp the product as definitions drawn up 20 years ago no longer relate to today. Pru is introducing a product at […]
Nationwide is warning hat it might take another three years before the major lenders launch full-scale equity- release products. Chief executive Philip Williamson says he is concerned that Nationwide could become embroiled in a missell-ing scandal if it enters the market too soon. He fears that consumers could complain to the Financial Ombudsman Service that […]
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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The Financial Services Compensation Scheme has declared self-invested personal pension operators Stadia Trustees, Brooklands Trustees and Montpelier Pension Administration Services in default. The lifeboat fund has received around 150 claims for compensation relating to the three businesses. Those claims relate to how the businesses set up, operated and administered Sipps through which people invested in […]
The Department for Work and Pensions has confirmed it will not change the pensions triple lock and will explore bolstering the powers of The Pensions Regulator in the forthcoming legislative period. The DWP published its “single departmental plan” yesterday, which sets out five objectives it is working towards over the next four years. It has […]
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