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FSA bans insurance to pay fines

FSA regulated firms and individuals will no longer be able to use insurance to pay fines under new rules announced this week. From January 1, any companies fined by the FSA will be forced to pay them out of their own pocket &#45 ensuring the financial burden of regulation is borne directly by the firm or RI in question.

FSA counsel general Andrew Whittaker says: “Insurance to pay FSA fines undermines their impact as an incentive to good conduct. This move will improve the effectiveness of regulation by closing that loophole.”

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Lehman buys sub-prime firm

US investment bank Lehman Brothers has acquired specialist sub-prime lender Preferred Mortgages in its second foray into the UK retail market. Preferred will continue as a stand-alone mortgage business but says, with Lehman Brothers behind it, it will be able to build its business. Lehman, which had global assets of over $48bn in 2002, bought […]

Destini buys top-end Bloomsbury

Destini has made its fourteenth purchase this year with a deal to buy Bloomsbury Financial Planning. London IFA Bloomsbury is run by Sofa director Jason Butler and Campbell Edgar and has six RIs, with four being qualified financial planners. The fee-based company specialises in advising clients with assets of more than £1m. Bloomsbury managing director […]

MP presses for equity-release regulation to avert misselling

A Labour MP is calling for the Government to take action to regulate all areas of equity release, including home reversion, to head off a “huge” misselling scandal. Barry Gardiner will raise his concerns over the “exponential growth” in selling in this area of the mortgage market with Treasuryfinancial secretary Ruth Kelly at an adjournment […]

Guide

Guide: day-to-day tasks ​— can your system manage?

This guide from Johnson Fleming will take you through the required communication and also give ideas for additional actions that will ensure your auto-enrolment project is a success. As well as highlighting what is required from a system to ensure it is up to the tasks, an overview of the following is also provided: data validation; data categorisation; employee communication; opt-in process; opt-out process; produce contribution schedule; contribution reconciliation process; upload of member data to pension provider; upload contribution to pension provider; manage salary sacrifice process; enrolment process; re-enrolment process; and management of increased employee queries.

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