A Midlands financial advice firm has had its credit licence revoked after a series of hearings by regulatory bodies.CF Consulting of Berry Dale, Northampton was found to be a risk to consumers. The firm is run by husband and wife team of Riaz and Shomaila Ali. It specialises in financial and corporate advice to businesses in the Midlands. The firm lost round one of the battle after a hearing before the Office of Fair Trading. At the public hearing in May, it was revealed that Mr Ali was an undischarged bankrupt and both partners had provided incomplete information on a variety of occasions in relation to licence applications. CF Consulting went to appeal and a special independent panel hear, the case. The panel has confirmed the OFT ruling. It ruled that CF Consulting had, through non-disclosure, breached section 7 of the Consumer Credit Act 1974. It also said Mr Ali had failed to co-operate with the Official Receiver in the bankruptcy proceedings and was still an undischarged bankrupt. The panel found the business was a serious risk to consumers and unfit to hold a licence. The firm could still appeal to the High Court on points of law.
Scottish Equitable is extending its post A-day pension range with the launch of a group Sipp from July 24.The group Sipp is an extension of its group personal pension plan, allowing clients to choose the self-investment function as and when appropriate. Although Scot Eq believes group Sipp will become more mainstream it says the majority […]
The home information pack regime has been left in disarray after a dramatic U-turn this week which has seen home condition reports axed. The Department for Communities and Local Government says HCRs will not be compulsory when Hips are launched next June. The move has raised question marks over whether the scheme will be watered […]
Bubbles can be described as situations where the price of an asset exceeds its actual value. When these assumptions are realised to be unattainable, the market suddenly falls back. Mini bubbles occur everyday in capital markets. The bubbles we are talking about here are far more menacing, involving a level of mispricing that could undermine a whole economy and cause enormous loss of wealth.
Midas income and growth trust has outperformed its benchmark by 2.6 per cent since Midas Capital was appointed investment manager last August.
Call us old fashioned, but we want to get to know you personally. That’s why we give you a named case manager and underwriter to look after all your cases from start to finish. Your underwriter will happily give you their number, so you can ring them directly with any questions you have. And your […]
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It is likely the increased regulatory scrutiny on fund managers’ value could filter down to advice firms in the future In my last article, I considered the influence a non-executive director could have in challenging an advice firm’s business model in light of the pension transfer issues. Now, in its asset management market study final […]
The financial services industry has failed to find ways of nudging consumers to think about their options at retirement, despite three years of pension freedoms. A panel at the Association of British Insurers retirement conference today lamented the way companies talk to people about pensions and the lack of engagement it inspires. ABI director general […]
The new chief executive of the single financial guidance body can expect a salary of £175,000 a year, according to a job advert posted online. The advert, posted on the Cabinet Office website says applications will close in mid-May with final interviews held in early July. The date for announcing the successful candidate has not […]