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FSA clamps down on auditors

The FSA has referred several auditors to auditing bodies after uncovering serious failings in client asset reports.

The regulator published a consultation paper on improving client asset reports last September following a review in 2009 which found that auditors were providing unchanged or “clean” reports despite significant breaches of client asset rules.

Last week, the FSA put out its final rules for auditors,m which include the requirement for a template to be used for the auditor’s report, the individual carrying out the audit to sign the report and a separate template identifying rule breaches.

Client assets unit leader Rich-ard Sutcliffe says: “We have seen serious failings in relation to auditors’ client assets reports and we have referred a num- ber of auditors to their rele- vant auditing bodies and are considering referring several other cases.”

CMS Cameron McKenna partner Paul Edmondson says: “Protection of client assets will remain a priority when the Financial Conduct Authority takes over the FSA’s client asset unit.”


Suffolk Life appoints Ray Hart as head of sales

Suffolk Life has appointed Ray Hart as head of sales. Hart joins the firm from Standard Life where he spent over twenty years, most recently focused on the provider’s Sipp. Suffolk Life managing director David Hobbs says: “The advice sector is set to change dramatically in the next year as we fast approach RDR and […]

EIS on fire in Budget boost

Investment companies and advisers have welcomed new investment and tax relief rules offered for venture capital trusts in last week’s Budget and believe the sector may boom in the last few days of the tax year. Chancellor George Osborne set out more favourable rules for VCTs and enterprise investment schemes, with some changes bringing both […]

Succession member acquires Leicester IFA

Succession Advisory Services member Berkeley Burke has acquired Leicester IFA firm Baker Richmond Financial Services. Berkeley Burke joined Succession in May 2010, the firm, which has £1.3bn of assets under influence, specialises in corporate pensions with its own Sipp and SSAS products, providing consultancy and administration services to its group DB/DC clients. Successions says that […]


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