Communication

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Graham Bentley: Factionalism is rearing its head in the advice industry

Those who sell their version of the truth, and deride all else in the process, are no less than fanatics The activity of financial advice is the process of maximising the purchasing power of an individual, family or enterprise. Its key features include organising the accumulation and protection of capital, organising clients’ affairs to legitimately […]

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FCA to question 3,000 firms on DB transfer risks

The FCA has confirmed that the fourth phase of its multi-firm supervision exercise on pension transfers will involve a market-wide data request to all firms with defined benefit transfer permissions. In a Freedom of Information request, the watchdog says it expects 3,026 firms will be completing its questionnaire. The probe is the fourth phase of the […]

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MP pressures for changes to FOS review

Financial Ombudsman Service plans to review past decisions remain too process-driven despite an important change to how they will be judged says MP Nicky Morgan. FOS is planning to review decisions made soon after it reorganised in 2016, and has provided details of its proposed methodology to the Treasury select committee. It outlined a two-stage […]

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Fears protection commission disclosure will turn clients off advisers

As new disclosure rules bring the full extent of protection commissions into the spotlight, experts are asking if this will see clients ditch their advisers in favour of execution-only services. Under the Insurance Distribution Directive, from 1 October advisers have had to provide clients with information before a product sale about any commission received, which […]

FCA register puts ‘integrity of data’ as priority

FCA chief executive Andrew Bailey says the watchdog’s main priority for its register will be the accuracy of data displayed about individuals. In a letter to MP Nicky Morgan, Bailey responded to comments Morgan made in the Daily Telegraph that the Treasury select committee would raise the issue of the register when the FCA next […]

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Advisers fear crypto-assets, research shows

Less than two in five advisers are confident in their ability to discuss crypto-assets with clients due to widespread scepticism of them, research suggests. A study commissioned by the global investment platform eToro surveyed the attitudes of more than 200 financial advisers towards crypto-assets. The study shows nearly three quarters, or 74 per cent, of […]

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FCA proposes rejected PPI complaints be revisited

The FCA has proposed firms should write to around 150,000 specific payment protection insurance complainants, previously rejected, saying they can make a new complaint about non-disclosure of commission. The complainants would have to make the most of this second opportunity before next year’s deadline of 29 August. In updated guidance issued today, the watchdog says it […]