Advisers

3

Claimants of collapsed Norwich IFA in line for more payouts

Clients who received the Financial Services Compensation Scheme’s maximum compensation amount after being defrauded by Norwich-based IFA Taylor and Taylor may receive further payouts. In an update on the case today, the FSCS said those with losses that exceeded the amount police were able to retrieve from the firm could still approach it to cover […]

Technology-Computer-Binary-700x450.jpg

TSB to face regulatory scrutiny over tech failure

TSB will be investigated by the FCA over the failed April launch of its computer system which left 1.9 million people without online banking access. Some of TSB’s five million customers are still experiencing problems after it moved to a system run by the bank’s Spanish owner Sabadell more than six weeks ago. TSB chief […]

9

SJP trainee adviser banned and fined for faking qualifications

A St James’s Place advice recruit has been fined and banned after he falsely claimed to hold CII qualifications. Former SJP trainee adviser Alexander Stuart has been ordered to pay a £34,000 fine by 28 September after telling senior supervisors at the firm that he was fully qualified to provide advice. According to the FCA […]

19

Claimants to pursue Liberty Sipp over unregulated investments

A group of 27 investors is taking action against Liberty Sipp over allegations it was responsible for losses incurred from risky investments. Wixted & Co Solicitors has issued a case in the Circuit Commercial Court in Bristol against Liberty Sipp. The firm is also acting on behalf of investors in a claim against Berkeley Burke. […]

FCA logo new 3 620x430
1

FCA to pay redress over poor correspondence

The Complaints Commissioner has criticised the FCA for its correspondence with a complainant and ordered it to pay redress. The complaint related to the FCA failing to respond to a report sent to it by the complainant at the regulator’s request, about professional indemnity insurance. According to the Complaints Commissioner decision, the complainant initially drew the […]

Tax thumbnail
1

IFAs urged to mitigate rising IHT bills

The government is boosting its income from inheritance tax bills because advisers may have failed to communicate the full advantages of new exemptions. Speaking at a seminar yesterday morning, Prudential senior technical manager Graeme Robb pointed to the rise people affected by the increase in the residence nil rate band to £1m for married couples […]

Simplified advice cover 170714.jpg
2

FCA updates guidance on ‘basic advice’ under Mifid II

Advisers will not be able to give ‘basic advice’ on stakeholder products that fall under Mifid II and the Insurance Distribution Directive, the FCA has confirmed. Basic advice rules, which date back to 2005 and allow the provision of simpler and lower-cost advice to consumers on a range of stakeholder products using pre-scripted questions, previously […]

Home-House-Money-Property-700x450.jpg
4

FOS penalises adviser over Harlequin Sipp property investment

The Financial Ombudsman Service has told Kingswood Financial Advisors to compensate a client over a Sipp investment in an unregulated Harlequin property fund. The case concerns Mr B’s complaints about the advice he received regarding two unregulated investments: one into a Harlequin property fund and the other into Green Oil. The ombudsman’s ruling relates to […]

Tablet-Technology-Computer-Business-700x450.jpg

Pensions dashboard could face 15 million requests

The pensions dashboard could face requests from 15 million consumers when it goes live and must be built accordingly, according to technology provider Origo. The firm has come to this figure through its own research and discussions it has had with providers and banks who operate consumer-facing platforms. The infrastructure underpinning the pensions dashboard must […]

Tax-Corporate-Calculator-Business-Finance-700x450.jpg
1

Webb slams HMRC for pension tax calculator blunder

Former pensions minister Steve Webb has urged HM Revenue and Customs to take down a web page which gives users the wrong information about how much money they can put into pensions. Royal London spotted the blunders on the website and raised the issue with HMRC on Monday 16 April but the information remained in […]

Boardroom-Hire-Hiring-Appointment-General-700x450.jpg

Aim-listed advice firm revamps board

Aim-listed advice firm Harwood Wealth Management has made a number of board changes as part of the reorganisation of the business. This is partly driven by the group’s evaluation of how best arrange its internal structure and reporting lines to cope with forthcoming changes to the Senior Managers Regime. Current joint chief executive Neil Dunkley […]