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Davies warns firms against back office cutbacks

The FSA chairman has warned firms not to prune their back office functions too far in a speech this week.

Davies told the London Human Resources Group conference that a number of firms have been disciplined this year for failures such as poor reconciliations and miscalculations.

“In some of these cases, significant amounts of compensation had to be paid to customers. And we know that poor administration and inaccurate record-keeping damages consumer confidence in financial firms and may be a cause of distress to individuals.”


Independent View by Donna Bradshaw

The jury is still out over the recent news of the launch of Advice First, Aifa and IFA Promotion&#39s joint marketing initiative. Perhaps it is a case of “same old” but then again it may be a positive step forward, if somewhat overdue. However, a great deal rests on it coming up with a winning […]

Superstars&#39 IFA buys rival

Sports star specialist IFA Kingsbridge Holdings has bought local rival Benson McGarvey in a deal worth £13.5m in cash and shares.Kingsbridge has now purchased five firms since it was launched on Aim last July. Kingsbridge includes football stars Andy Cole, David O&#39Leary and David Ginola as well as golfer Lee Westwood as clients.

Revenue tax switch gives boost to offshore bonds

The Inland Revenue&#39s decision to change the way offshore bonds are taxed makes them more attractive than onshore bonds, says Scottish Life International. The claim follows the Revenue&#39s disagreement with Eurolife&#39s interpretation of tax rules, requiring tax on high-income bonds be levied on an income tax basis rather than a capital gains tax basis. Taxing […]

iShares follows technology twist

iSHARES iBLOOMBERG EUROPEAN TECHNOLOGY Type: Exchange traded fund. Aim: Growth linked to the Bloomberg European investable financials index.Minimum investment: Subject to negotiation with stockbroker. Maximum investment: None. Investment split: 100 per cent linked to the Bloomberg European investable financials index. Place of registration: Ireland. Isa link: Yes. Pep transfers: Yes. Charges: Annual 0.5 per cent. […]


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