View more on these topics

FSA completes network probe but won’t name mystery four

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 […]

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 […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment

    Close

    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

    Email: customerservices@moneymarketing.com