The Advertising Standards Authority has upheld a complaint against a claim management company for giving misleading information about the success rate of CMCs compared with individual complainants.The complaint was brought by the FSA against CPH Financial Advisory Services, an IFA firm that also acts as a CMC, in connection with an advert from September 2005.The ad included the line: “If history is anything to go by, we expect to win the vast majority of cases. This contrasts with the experience of DIY complainants, most of whom fail.”The ASA says the literature broke codes on substantiation and truthfulness and warned the firm against repeating the statement in future.CPH says the statement was made in error and apologises for the mistake. It provided the ASA with a current version of the ad that does not include the claim.An FSA statement says: “Our action was in line with our statutory objectives of securing the appropriate degree of protection for consumers. We work closely with the ASA to ensure financial advertisements are clear, fair and not misleading.”We will continue to refer to the ASA advertisements that we consider do not meet this standard but which fall outside our regulatory scope.”Affluent Financial Planning managing director Carl Melvin says: “This is a small victory for advisers highlighting the arrogance of some of these firms and the need for regulation.”
Specialist pensions IFA Richards Jacobs has threatened to name and shame two leading product providers unless they radically improve their post-A-Day offerings. Jacobs, director of Richard Jacobs Pension & Trustee Services, says the providers, one of which is a top five insurer, are both failing to offer customers the full range of opportunities presented by […]
Royal London’s new Riley investment bond product is designed to give investors the option of investing in a passively managed FTSE 350 tracker or picking an actively managed 350 fund while building in the flexiblity for the investor to pick or choose their respective level of exposure to both.
The Government’s destructive mugging goes on with A-Day and Asp
The FSA has sent Dear CEO letters to firms it expects to be subject to the Capital Requirements Directive. Firms have until September 22 to say if they agree with the regulator’s preliminary analysis of its requirements.
In recent months bond bears have been reinvigorated, and market commentary suggesting “the end of the bond (bull) market is near” has become commonplace. We think these comments are premature. Explaining the global government bond sell-off October has seen renewed pressure on global government bonds, initially provoked by a Bloomberg article suggesting that the ECB […]
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The rise in IHT takings has prompted complaints around the new residence nil rate band’s impact
The Association of Investment Companies will not be hosting the new key information documents on its website saying to do so would be irresponsible. Since 1 January, Priips legislation has meant advisers have to publish a stand-alone, standardised KID to their client including performance scenarios, risks, and the total cost of products. However, trade bodies […]
The Financial Services Compensation Scheme has paid out £5.7m so far to nearly 800 customers of collapsed discretionary fund manager Strand Capital. The payments were made to 796 investors over the past two weeks. The payments related to client cash only. The compensation was paid directly into customers’ self-invested personal pensions. An administrator’s report published in […]