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.”View more on these topicsNews
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.
Newsletter
News and expert analysis straight to your inbox
Sign up
Deutsche Bank appoints Tilney exec to head financial planning
Former Tilney executive Nick Reeves will join Deutsche Bank as the head of UK financial planning from January. The Frankfurt-headquartered bank says the appointment continues a build out of its markets since UK chief executive Michael Morley was appointed in July 2017. Morley says: “We are committed to building a model advice-led wealth management business […]
Savings of 4,000 ex-Greyfriars investors now secure
The money of thousands of investors from troubled Sipp provider and discretionary fund manager Greyfriars Asset Management have been secured through an acquisition. Sipp administrator Gaudi has successfully transferred 4,000 Sipp and Isa accounts from Greyfriars onto its books. The acquisition agreement was signed on 21 September and has now been completed. Gaudi managing director […]
Advisers blame complex regulation for long working hours
One in four advisers are working upwards of 50 hours a week and cite complex regulatory and compliance requirements as the catalyst, Prudential research shows. The 2018 Adviser Barometer surveyed 200 financial advisers across the UK and shows just 14 per cent worked more than 50 hours a week last year. Thirty-two per cent of respondents […]
Comments