View more on these topics

FSA fines Bradford & Bingley 650,000

The FSA has today fined Bradford & Bingley 650,000 for the widespread mis-selling of precipice and with-profit bonds.

B&B has also agreed to pay 6m in compensation to the 6,800 customers affected.

The FSA says the firm did not make suitable recommendations to customers, did not maintain adequate records of sales, and did not have in place adequate systems and controls to prevent and ultimately address these failures.

Director of enforcement Andrew Procter says: “This is a very serious case of mis-selling which was made worse by the fact that Bradford and Bingley had prior warning of the specific concerns about its record keeping. However, the firm failed to pay sufficient attention to these warnings and take adequate action, which put thousands of its customers at risk of financial loss.”


Direct sales forces most likely to be hit for with-profits bond sales – Reid

Banks and building societies’ direct sales forces will be hardest hit by misselling of with-profits bonds says Syndaxi Financial Planning director Robert Reid.Responding to the 650,000 fine given to Bradford & Bingley by the FSA for misselling of with-profits bonds and precipice bonds, Reid said IFAs were less likely to be affected if they had […]

Sarasin gets it Reit

Sarasin Chiswell

Sarasin CI Global Property Portfolio

Sesame revenues down 8 per cent

Reported revenues in Sesame are eight per cent lower than last year, although seven per cent higher than the second half of last year. Sesame says this increase compared to last year reflects the uptake of new products, generally improved savings market conditions and increased registered individual productivity. The mega network also says that operating […]

Retirement - thumbnail

Pension freedoms: stop the scams

At the beginning of 2015, we highlighted that the new pension freedoms that come fully online on 6 April also represent a very attractive opportunity for the criminal fraternity to scam savers out of some, or all, of their accumulated retirement savings.


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    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