View more on these topics

Brokers bitter that FSA failed to focus on big banks

Advisers have launched a scathing attack on the FSA for its handling of Northern Rock, claiming it chose to overburden small advisers while turning a blind eye to the big banks.

The Mortgage Practitioner sole practitioner Danny Lovey says it was obvious that Northern Rock would get into trouble but the FSA chose to bury its head in the sand. He says: “The FSA is driving the stakes in us small guys every day, usually without cause, yet, on its watch, Northern Rock has collapsed which has affected thousands of people. It goes by its own agenda, not the market’s.”

Highclere Financial Services partner Alan Lakey says that the FSA has continued to focus on small firms despite Financial Ombudsman Service records showing 71 per cent of complaints involve banks and insurers while only 12 per cent concern advisers.

He says: “The potential for disaster in big institutions is huge and will affect thousands of people, yet it was only a few years ago the FSA was suggesting regular vetting for small firms, not the big players. This is indicative of the way the FSA has been working – if they are a big firm, don’t worry about them.”

Master Adviser director Doug Brodie says: “Rather than spending their time and effort running around the smaller IFA firms, this must surely be an argument that the FSA should be spending much more of their budget looking at the firms affecting the thousands, not the hundreds of clients.”


57 % residential mortgages on fixed rates, says L&G

Legal & General’s quarterly index has found that 57 per cent of residential mortgages were on fixed rates compared to just 35 per cent for buy to let.It also found that average loan to value for residential mortgages is 66 per cent versus 76 per cent for BTL.Average two year fixed rates were 5.87 per […]

Blackwell to leave A&L in April

Alliance & Leicester has announced that its intermediary head of sales Mark Blackwell has been made redundant from the lender after just four months in the role.It says this was announced internally to staff this afternoon, with Blackwell set to leave in April.A spokeswoman for A&L says that Blackwell’s job loss was due to its […]

The late shift

In all the preand post-Budget excitement over capital gains tax, non-domiciliaries and inheritance tax, some of you may have forgotten that there are some income tax changes taking effect from April 6.

RoyLon profits are hit hard by turbulence

Royal London blames market turbulence for a 58 per cent fall in profits to £181m last year from £431m in 2006.The firm says the reduction “reflects, to a considerable extent, adverse investment market conditions, particularly in the second half of 2007”.Royal London says the group continues to be well capitalised and has an excess over […]

US election

Capital Market Notes, November 2016 David Lafferty, chief market strategist at Natixis Global Asset Management, looks at the impact on markets and portfolios since the somewhat surprising outcome of the US election. Click here


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    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