The Financial Ombudsman Service has threatened not to deal with enquiries from the IFA Defence Union after accusing its chief Evan Owen of harassment and intimidating behaviour.Senior legal adviser Louise Reilly has written to Owen describing an email addressed to one of her colleagues as hostile and intimidating. She warns that the FOS will terminate correspondence with Owen if he continues to harass and intimidate staff. Owen told the FOS it does not have jurisdiction over trading entities that ceased operating before the PIA took up its full powers. In an email, he accused a member of the FOS staff of being unqualified to describe the jurisdiction of the ombudsman. He added: “None of you are immune from personal prosecution for your acts and omissions.” FSA managing director for regulatory services David Kenmir recently instructed staff to ignore enquiries from Owen, accusing him of showing a “consistently hostile approach to what the FSA is trying to achieve”. Owen has requested details of FSA spending on staff Christmas and leaving parties and taxi expense claims. FOS spokeswoman Emma Parker says: “I am sure most IFAs would agree our resources are better spent elsewhere than on dealing with Mr Owen’s many and varied enquiries. If anyone is abusive to our staff, in extreme cases we will ask them to take their complaints elsewhere.” Owen says: “This is censorship. The FOS and the FSA are obviously chomping from the same trough and ignoring pertinent questions because they feel threatened.”
Finance4Women co-founder Karen Ritchie has quit to set up a company specialising in financial advice for women after divorce and separation. The new firm, Financial Planning for Women, is an appointed representative of CF Pensions Consultants. It will deal primarily with divorce and pensions and is based in London. The majority of her clients are […]
IFA Promotion is complaining that it is shouldering work it believes the FSA should be doing.
The new 40 per cent tax break for buy-to-let landlords has, not surprisingly, attracted more media attention than any other pension policy for quite some time.
Sesame is in dispute with the FSA over a 2.5m demand it received after an error by the regulator meant it was undercharged last year. Network members could face an extra charge of 670 per adviser if the regulator succeeds in recouping the money it says it accidentally failed to collect last year. The network […]
This guide from Johnson Fleming, entitled ‘Choosing an auto-enrolment provider’, will take you through some key questions you need to ask and what information you want to be finding out in response to these.
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The curious goings-on in the world of financial services
Experts have played down any immediate moves from the FCA towards those firms that are not prepared for Mifid II regulation that comes into force on 3 January 2018. However, concerns remain that a “material number” of small asset managers have not yet started preparing for the major European regulation. The FCA expects firms to […]
OMGI chief executive and star fund manager Richard Buxton is set to lead a management buyout of the single-strategy funds division of Old Mutual Wealth with the backing of TA Associates. The £550m deal is set to be announced before Christmas, Sky News reports. The buyout is part of Old Mutual’s managed separation, which is […]