View more on these topics

Fined firms take lead roles at FSA fair day

Six of the eight regulated firms that spoke at the FSA’s Treating Customers Fairly conference last week have racked up combined fines of over £4m for not treating their customers fairly.

Among speakers at the event in London were representatives from Prudential, Royal Bank of Scotland, Britannia, Friends Provident, Sesame and Investec.

All six have been hit with regulatory fines in the last six years for various offences totalling £4.4m.

Among the regulated firms on the bill, only Professional Partnerships and Just Retirement, which has only been in business for two years, have not been fined.

Pru was hit with a £650,000 penalty in 2001 as part of the pension review and subsidiary Scottish Amicable got a £750,000 fine in 2003 for endowment misselling.

Britannia received a fine of £500,000 in 1999 for pension misselling, Sesame was fined £290,000 in 2004 over pension unlocking offences and Friends Provident was fined £675,000 in 2003 for misselling mortgage endowments.

Royal Bank of Scotland was fined £750,000 for money-laundering control failings in 2002 while Natwest Capital Markets and Natwest Bank jointly paid £320,000 for breaking SFA principles.

Investec subsidiary Carr Sheppards Crosthwaite was fined £500,000 in 2004 for consumer protection failures.

Facts & Figures Financial Planners managing director Simon Webster says: “Maybe the FSA is starting to realise it has alienated so much of the financial services sector it feels it must reach out to the people it has previously fined.”


Quay and Royal Liver deal to aid Irish brokers

Quay Software has signed a deal with Royal Liver to create a bespoke back-office system for its Irish broker subsidiary.Citadel Financial Advice is based in Dublin and Quay has had to redesign its point of sale and back-office system to accommodate advisers registered in Ireland.The new system, which is a version of Quay’s client care […]

Spending spree

Is it any wonder that debt is rising when TV ads encourage you to overspend?

Paternoster in £70m DB buyout

Paternoster has taken on over £70m in assets from the buyout of five final-salary schemes.


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm