View more on these topics

BSA chief says make watchdog accountable

The Financial Ombudsman Service has been criticised by Building Societies&#39 Association chairman Martin Ritchley for its lack of accountability on rulings which can cost companies millions of pounds.

Speaking at the BSA annual lunch last week, Coventry Building Society chief executive Ritchley said the FOS should be subject to the same safeguards as the FSA as its decisions can have a major impact on the admin costs and pricing policies of financial institutions.

He questioned why the ombudsman is under no obligation to consult with the industry, respond to any consultations it undertakes or consider the financial implications of changes it recommends. Ritchley also claimed the procedures to appeal against its rulings were unsatisfactory.

Speaking at the same event, Treasury economic secretary Ruth Kelly said mutuals have a major role to play in helping the Government tackle financial exclusion and praised the branch-sharing arrangement between Yorkshire and Britannia. Kelly said she is drafting an order under the Electronic Communications Act to put societies on an equal footing with plcs in terms of e-commerce.

Ritchley said: “The FOS is not a regulator but some of its decisions can have huge imp-acts upon institutions. Unlike the FSA, it does not have to consult or respond to those consultations it does undertake. Moreover, there is no satisfactory appeal procedure against its decisions, which can have costly implications.”


PHL expands sales team

Platform Home Loans is appointing Richard Beardshaw as Southern regional sales manager, packaged business, following over two years as North East business development manager.PHL is also appointing Mark Hayman as Southern regional sales manager, corporate accounts, and Richard Daibell as North East business development manager. Hayman joins from Bristol & West where he was business […]

Investec gets the go-ahead to switch trusts into Oeics

Investec Asset Management has been given the go-ahead to convert its range of 14 unit trusts into two Oeics over the coming month.Unitholders voted overwhelmingly in favour of the conversions, which will take place at the end of November and in mid-December, at an EGM last week.Managing director Jamie MacLeod says he had taken a […]

Equitable puts Roberts in spotlight

Martin Roberts has recently seen his name splashed all over newspaper headlines because, as head of insurance regulation at the FSA, he has been connected to the Equitable Life affair.Roberts&#39 official title is director (insurance and friendly societies). Come N2, he will be in charge of both the prudential supervision and conduct of business regulation […]

Isis tops range with progressive fund

Isis, the retail arm of Friends Ivory & Sime&#39s retail brand, has introduced its fourth fund.The Isis progressive growth fund joins the existing Oeics in the Isis range: UK dynamic, UK smaller markets and Aim growth fund. It aims to produce long-term growth by investing in a broad portfolio of zero-dividend preference shares. The portfolio […]

Guide front cover - thumbnail

Guide: how to… audit your auto-enrolment scheme compliance

As the Pensions Regulator starts to bare its teeth and the changes mentioned in the Budget and Queen’s Speech start to come into force, it is essential that you understand your scheme and the processes you need to undertake to ensure it remains compliant. Our second re-enrolment guide looks at how to audit the key areas of your auto-enrolment scheme.


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