The FSA’s investigation into the four mortgage networks that voluntarily agreed not to take on any new appointed representatives has closed but the identity of the quartet remains a mystery.The regulator says its probe is complete but is tight-lipped on whether any of the four are now able to recruit or whether any action has been taken to prevent them hiring. It is likely at least three of the four can continue recruiting as no enforcement action has been made public, as usually happens. It is still not clear whether First4Brokers, which went into administration last month, is one of the four as its administrator Moore Stephens has yet to confirm or deny it was involved. There has been a flurry of speculation about the identity of the firms since the FSA revealed in July that four of the 12 networks investigated had ceased recruiting ARs on a voluntary basis while they improved their systems. FSA spokeswoman Sam Bennett says: “The project is now complete and we have reached a satisfactory regulatory conclusion in all cases.” Legal & General housing director Stephen Smith says: “If it has reached a conclusion, let us hope that it is the only problem the FSA uncovered and let us hope it is not a widespread issue. I am confident that all the networks have their procedures in order.”
Berry Birch & Noble Insurance Brokers former chief executive Paul Harrison has been fined £17,500 by the FSA for failing to have proper systems and controls in place to protect customers’ money held by the firm.BBNIB was authorised as a general insurance broker between Januray 14 2005 and May 8 2006. In July 2005 the […]
Billy Mackay is returning to Skandia after leaving the firm to join Barclays Wealth Management just last month.
The FSA is urging consumers that have bought motor insurance from Double Easy Brokers – trading as Eeasybrokers – to arrange new motor insurance immediately.Eeasybrokers is not authorised by the FSA and it was offering invalid motor insurance policies to the public. Consumers should contact the FSA’s helpline if they have queries as it is […]
Leading investment advisers would not be in favour of a merger between Gartmore and Jupiter after reports that Gartmore’s private equity backers are lining up a bid for the fund firm. There are concerns that any move by Gartmore for Jupiter would result in an exodus of fund managers from the Commerzbank-owned fund house and […]
The manager of the Artemis Income Fund talks about where – and how – he has found his “two or three” good ideas in 2015, and gives his outlook for dividends in the future.
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The Financial Ombudsman Service has appointed Money and Mental Health Policy Institute vice chair Richard Lloyd to lead an independent review into its complaints handling process. The former Which? executive director has been charged with producing a report into FOS’ practices after a Channel 4 documentary earlier this year suggested a number of failures at […]
Aberdeen Standard Investments has voted against multi-million pound payouts for senior executives at housebuilder Persimmon. Persimmon held its annual general meeting today. There was a huge outcry at the end last year when it emerged the chief executive, chief financial officer and managing director of Persimmon were in line for huge pay packets as a […]
Consideration of non-pensions related tax-advantaged investment is becoming more necessary This week I want to take a look at where things stand in relation to pensions and planning using tax-advantaged investments following the Spring Statement. With the increasing impact of the lifetime and annual allowances, consideration of non-pensions-related tax-advantaged investments is becoming ever more necessary […]