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.”Recommended
FSA fines Berry Birch & Noble former chief
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 […]
Mackay tempted back to Skandia with elevated role
Billy Mackay is returning to Skandia after leaving the firm to join Barclays Wealth Management just last month.
Eeasybrokers selling Invalid motor insurance policies
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 […]
Advisers don’t like talk of Gartmore bidding for Jupiter
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 […]
Artemis Income’s Adrian Frost: On economics, politics – and his philosophy
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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HSBC faces legal action from 400 investors over film tax scheme
Law firm Edwin Coe has commenced litigation on behalf of 400 investors against HSBC over its role in facilitating the operation of the Disney film financing investment scheme known as Eclipse. Money Marketing first reported that affected investors including celebrities and football managers were eyeing up a landmark legal challenge 18 months ago. The legal […]

Lucy Brown: Protection providers need to go further on cancer contracts
Earlier this month, World Cancer Day raised awareness of the disease that continues to affect so many of us. There are few people who will not know someone who has been affected by cancer in some way. Cancer affects people of all ages and health types; it does not discriminate and those affected can often […]

Adrian Boulding: Drawdown investment pathways deserve another look
As part of its retirement outcomes review, the FCA has been looking at non-advised income drawdown policies; specifically, the fact too many people are leaving their savings in cash regardless of how long they intend to keep the money there for. The regulator wants customers to set out their plans for the five years ahead. […]
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