View more on these topics

FSA cancels permissions after firm failed to conduct report

The FSA has cancelled the permissions of London investment adviser Omagis Capital for failing to be open and honest in its dealings with the regulator.

The FSA says Omagis breached its rules because it failed to pay a skilled person to conduct a 166 skilled person report, resulting in the review not being undertaken.

The regulator also says the firm failed to provide information despite repeated requests.

FSA head of retail enforcement Tom Spender says: “Skilled persons reports are vital to identify when and where consumer detriment has occurred and the level and extent of redress that might be due. By failing to work with the skilled person and the FSA in an open and co-operative way, Omagis stood in the way of that process.”

The FSA’s first supervisory notice stopped Omagis from conducting regulated activities on February 3.

When a second supervisory notice was issued on April 19, the regulator decided not to rescind the variation of the investment adviser’s permission affected by the first notice.

Omagis’ permissions were finally cancelled on June 17, after failing to refer the decision notice to the upper tribunal within 28 days of receiving it.


FOS chief executive says £25m levy boost was vital

Financial Ombudsman Service chief executive Natalie Ceeney has justified the need for £25m in additional reserves after payment protection insurance complaints caused the FOS to end the year with a £7.6m deficit. Ceeney says the judicial review launched by the British Bankers’ Association in October, challenging the FSA and the FOS over PPI redress measures, […]

Northern Rock up for bids with hopes for £1bn sale

The Government has put Northern Rock up for sale, with reports suggesting the nationalised bank will be valued at £1bn. Speaking during last week’s Mansion House address in London, Chancellor George Osborne said a sale was likely to generate “substantially the best value” for taxpayers. He said: “On behalf of you, the taxpayer, I have […]

Schroders appoints Bob Jolly as head of global macro

Schroders has appointed Bob Jolly to a new role on its fixed income team as head of global macro based in London. Jolly, who joins in September, will also take on lead portfolio management responsibility for a number of macro and multi-sector portfolios managed by a team of ten in London. Jolly will also work […]

Smith & Williamson corporate bond is its most popular fund

Smith & Williamson Investment Management says its short-dated corporate bond fund is its most popular fund among multi-managers and discretionary fund managers. The short-dated corporate bond fund, launched in 2009, aims to produce higher returns than cash without taking on excessive risk. It invests in investment-grade bonds with durations of less than six years, making […]

Nobody expects the Spanish Inquisition

Paul Fidell, Head of Business Development (Investments), writes about one of the primary challenges for those involved in estate planning. He looks at dealing with investment uncertainty in these low growth, low inflation but still volatile investment conditions. Protection of capital, to leave something for beneficiaries, is a fundamental objective of many people’s plans for […]


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