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Editor’s comment of the week: FCA needs to investigate the FOS riding roughshod over its rules

The Financial Ombudsman Service seems to be making its own decisions which are in direct contravention of FCA rules. 

The right to cancel ongoing advice charges was derived from the rules which came into force on 31 December 2012, and related to advice on investments given after that date and to individual cases transferred to new advisers after that date.

It did not relate to relationships before that date, nor where no advice had been given, nor where policies transferred wholesale on business merger. 

Whatever the memorandum of understanding between the FCA and FOS says, it cannot be allowed to degenerate into this kind of free-for-all that we have at the moment. The FCA should be invited to investigate and comment, as surely it does not want to see its own rules being rewritten and ridden roughshod over either.

Gillian Cardy


AFH Alan Hudson 700

Advice firm AFH to list on AIM and raise £3m

IFA consolidator AFH Financial is set to raise almost £3m as it looks to list on AIM next week. The group has conditionally raised £1.46m through a placing and subscription of new ordinary shares at 10p each with  new investors  and existing shareholders at a price of 140p per share. A further £1.46m has been […]


Brokers attack armed forces Help to Buy rules

Brokers have hit out at Treasury and EU rules that prevent armed forces personnel from taking up the Help to Buy mortgage guarantee if they have used the Forces Help to Buy scheme to raise their deposit. Previously branded as the Long Services Advance of Pay scheme, the Forces Help to Buy scheme allows armed […]


Succession hires former Broadstone director as corporate benefits head

Former Broadstone pensions director Bernadette Briggenshaw has joined Succession Group as corporate benefits national director. The consolidator says it plans to add another ten corporate benefits specialists to the ten already within the group. The firm says Briggenshaw will develop a white-label corporate wrap proposition for firms staging under auto-enrolment. Succession currently white-labels a version […]


MP: ‘Forward guidance is like an unreliable boyfriend’

Bank of England governor Mark Carney has defended his forward guidance policy after a Treasury select committee member likened it to an “unreliable boyfriend”. In February, Bank of England governor Mark Carney scrapped the policy of beginning to consider increasing interest rates when unemployment fell below 7 per cent. Forward guidance is now based on a […]


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