View more on these topics

Consumer watchdog calls on FSA to look at CitiSolutions

The Consumers&#39 Association is urging the FSA to investigate Citigroup&#39s UK home-service business ahead of mortgage regulation in October.

CA principal researcher Teresa Fritz says it is extremely concerned that consumers may be offered unsuitable life and mortgage products by agents with minimal training from CitiSolutions, the home-service division of Citigroup&#39s UK financial arm.

CitiSolutions agents visit clients in their homes and complete a financial needs questionnaire with them.

The CA has contacted the FSA asking it to investigate the way the agents work and at what point in the sales process authorised representatives are involved in examining investors&#39 financial circumstances and recommending a product. It says one of its main concerns is that consumers contacted by CitiSolutions are looking at complex products such as critical illness and life insurance.

Fritz says: “We are extremely concerned about this operation. We believe that this type of set-up will not be able to operate once regulation is brought in.”

Citigroup declined to comment.

Recommended

Investment edge

Is Fidelity&#39s incentive of £50 for IFAs and £25 for their clients a bribe too far for reregistering existing holdings on FundsNetwork? Is this the next misselling scandal? Most IFAs will have clients who have accumulated Peps, Isas and other investments with a number of different fund managers. Suppose for a moment they are all […]

Skandia surprised by negative views on enhanced bond

I read the commentary from Hargreaves Lansdown on Skandia&#39s new enhanced allocation bond (Money Marketing, April 29) with some surprise. At Skandia, we are constantly striving to provide innovative solutions to meet differing client needs. This pioneering approach has brought many new ideas and products to the market which have generally been well received by […]

Keydata presses accelerator

Keydata is offering a stockmarket accelerator plan that triples any growth in the FTSE 100 index over a six-year period up to a maximum of 60 per cent. Capital invested in the Keydata dynamic growth plan 9 product is guaranteed unless the index falls by more than 40 per cent over the period and fails […]

Inter/BBB breakdown shows industry trends

Durlacher analyst David Pannell says the breakdown of merger talks between Inter-Alliance and Berkley Berry Birch demonstrates the significant issues facing the IFA industry. He says personality, misselling liabilities, and the inability of the sector to demonstrate a profitable business model all lead to the decline in talks. Pannell believes until the larger IFAs consolidate, […]

A bull case for US equities?

Neptune video: a bull case for US equities?

Watch Felix Wintle, head of US equities at Neptune, discuss why he believes US equities are in a structural bull market and the key factors that can drive the S&P 500 higher.

In the video, Wintle addresses the following:

• The US market and why — despite equities rising from 2009 — he believes the structural bull market only started in 2013
• Key economic and corporate factors that can drive the S&P 500 higher
• Investment themes and sectors offering exposure to the domestic recovery

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment