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FSA fines Kings IFA for misleading financial promotions

The FSA has fined a Maidstone-based IFA 60,000 for approving misleading financial promotions and related control breaches.

Kings IFA has been punished for promotions issued by an unregulated firm Regal Partners Ltd, which acted as an introducer for Kings. The promotions concerned pension unlocking, a process by which a consumer can release their pension assets before retirement.

The FSA says the promotions, which mainly took the form of TV advertisements, direct mailings, and brochures, failed to fairly and adequately describe the risks associated with pension unlocking. They also included misleading claims that pension unlocking amounted to making the most of a customer’s pension assets.

Kings has agreed to appoint an independent third party to review its procedures for approving and monitoring financial promotions.

Director of retail themes Vernon Everitt says:
“Firms must have adequate systems and controls to ensure financial promotions are clear, fair and not misleading, whether they issue them themselves or through another firm.


Focus in partnership with Dashboard

Focus Business Solutions has announced a new strategic partnership with Dashboard Software to deliver ‘best of breed’ technology solutions to mortgage brokers and packagers.The partnership offers brokers, packagers and lenders an instant compliant KFIs service, a new fully integrated ‘out of the box’ lender back-office and intermediary extranet solution and an electronic mortgage application document […]

FSA under pressure to review restrictions on Nurs funds

The FSA’s approval process discriminates against the inclusion of non-Ucits retail schemes in life and pension wrappers, says fund manager Insight. Unlike Ucits funds, there is no automatic approval for Nurs funds as permissible properties for linked life contracts. Providers must apply to the FSA for a waiver to include the funds. Nurs funds are […]

For the record

Under normal circumstances, it is only a very plucky journalist – or a completely mad one – who takes public issue with something his editor has written about only a week earlier. Happily, Money Marketing is, as we all know, a bastion of tolerance and freedom of expression.

PPI says union deal will not mean higher taxes

The Pensions Policy Institute says business leaders are wrong to suggest that the Government’s agreement with unions over public sector pay will have to be funded by higher taxes. The body, which is an independent charitable think-tank which gives non-party pol- itical comment in the field of pensions, has issued a briefing note contradicting the […]

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