View more on these topics

Firms lose authorisation for flouting watchdog

The FSA has removed the authorisation of two IFA firms, saying they

have flouted the Financial Ombudsman by not paying awards made

against them.

Tudor House Financial Services, of 34 Chester Street, Wrexham, failed

to comply with five ombudsman awards and failed to cooperate at all

in dealing with another ombudsman investigation into a complaint made

against it by a client.

Action was initially taken against the firm last November preventing

it from trading on an interim basis pending last week&#39s decision.

The firm withdrew its appeal in March 2003, allowing the FSA to

proceed with the process of withdrawing its authorisation.

Williams Life Pension Mortgage and Insurance Services, of 48 South

Street, Ilkeston, Derbyshire, failed to pay out in two instances when

ordered to do so by the ombudsman.

This firm was prevented from carrying out authorised business last

November on an interim basis. It appealed before the financial

services and markets tribunal but then the FSA was notified in

January that the firm had dissolved the previous August and

therefore, in the FSA&#39s view, it no longer required authorisation.


IFAs &#39struggling to stay afloat&#39 in tide of legislation

Employment law firm Peninsula is warning that changes in workplacelegislation could cause difficulties for financial advisers alreadyoverloaded with administration.Recent legislation includes changes to maternity and paternitypractices and those for families adopting children.The law firm says Trade and Industry Secretary Patricia Hewitt&#39splans to cut red tape surrounding advisers&#39 financial records havealso failed to instil confidence in […]


“No, I&#39m not that impressed. Sesame as in Sesame Street makes us looklike a Mickey Mouse industry.”Roger Versteeg, Versteeg Lister & Co “It doesn&#39t really concern me as I&#39m not a Misys member, but I thinkit is a fairly trivial name for a fairly important industry.”Gregory Braithwaite G Braithwaite/The Ethical Partnership “No. It made me […]

Water way to raise money

The Water Machine is an enterprise investment scheme (EIS) that aims to raise £3m to develop water filtration systems that will be marketed globally. The company owns the patent rights to prototype water purification technologies developed within Cambridge University. Its objective is to use these technologies to establish a brand of water filtration products for […]

Scottish Life – Individual Executive Pension Plan

Wednesday, 7 May 2003 Type: Executive pension plan Minimum premium: Lump sum £2,500, monthly £90, annually £1,080 Minimum-maximum ages: 16-75 Fund links: UK equity, UK ethical, global managed, European, managed, with profits, property, fixed interest, index linked, defensive managed, corporate bond, security 98, security 100, deposit, Japan, Far East, global equity, Pacific, worldwide, UK mid […]

How QE is distorting the gilt market

By Mike Riddell The moves in gilts in August were truly exceptional. Volatility in the gilt market (based off 10-year gilt futures) has soared to close to the highest levels seen this millennium, on a par with the eurozone debt crisis of 2011/12 and behind only the global financial crisis of 2008/09. The first distortion […]


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