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FCA survives complaint its FOS oversight is failing

The FCA has survived a complaint that it has failed in its duty to oversee the Financial Ombudsman Service. A complainant took their case to the FCA after saying that the regulator had not lived up to its statutory responsibility to make sure that FOS is capable of performing its duties, and has ignored evidence […]

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DFM reviews British Steel transfer deal over exit fee concerns

A Kent-based discretionary fund manager involved in a number of British Steel Pension Scheme transfers has said it is looking at ways to “resolve issues” with exit fees placed on members. Gallium Fund Solutions is understood to have invested money placed with a platform called Vega Algorithms, which was popular with Sipp providers linked to […]

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5

Coutts to compensate Sipp investor over poor advice 

The Financial Ombudsman Service has ordered wealth manager Coutts & Company to pay compensation for advising a client to put £160,000 of their self-invested personal pension into an RBS Navigator investment bond. The upheld decision concerns Mr W who complains he did not fully understand the product he invested in and was unhappy with only […]

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Advisers question DFM fees’ value for money

Advisers are split over whether DFM fees represent good value for money with 42 per cent arguing they do not, according to a Money Marketing poll. 38 per cent of advisers believe DFM fees are good value for money, but a fifth of respondents remain unsure. The FCA is currently looking at DFMs’ role in […]

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