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FSA considers enforcement action over web VCT marketing

The FSA has raised concerns over the web-based financial promotions of 11 intermediaries marketing VCTs and is considering enforcement action against the worst offenders.

The regulator identified VCTs as an area of potential risk to consumers in March 2005 and also wrote to intermediaries in August over worries investors were not being given a balanced view of the risks and advantages of the product.

The FSA found most web-based promotions did not contain adequate explanation of how a VCT works, with some sites providing no explanation at all.

FSA director of retail themes Vernon Everitt says: All financial promotions must be clear, fair and not misleading and- particularly with investments such as VCTs -must be balanced. Most web-based promotions we reviewed did not explain all the main risks prominently.


Tories call a truce with the regulator after talks

The Tories will hold fire on the FSA over the next few months and await the outcome of its latest strategies after a recent meeting with FSA chairman Callum McCarthy. Shadow Treasury Financial Secretary Mark Field says his meeting with the regulator was very useful and helped allay some fears over excess bureaucracy. At the […]

Theme perks

Moderate growth in the UK market has been driven mainly be takeover activity and speculation.

Clerical Medical extends fund selection

Clerical Medical is extending its fund links for individual pension customers to 69 funds from 20.The funds available, from six fund houses, wil now include Fidelity International, Insight Investments, Invesco Perpetual, Newton Schroders and UBS. Policyholders with a Clerical Medical individual pension product will now be able to access a wider range of asset classes, […]

Letting agents exaggerate rental returns by up to 25 per cent

Letting agents in some regions of the UK are overstating rental returns by up to 25 per cent according to buy to let broker Landlord Mortgages.The broker advises prospective landlords to thoroughly research properties before making any purchasing decisions.London agents inflated rental returns by up to 25 percent followed by Birmingham agents who increased rental […]


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