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FSA fines Regency for income withdrawal failings

The FSA has fined Regency Investment Services £14,000 for not obtaining enough personal and financial information from customers with small pension pots before advising them on income withdrawal.
The regulator says between January 2003 and March 2006 Regency failed to record enough information about customers to justify recommending income withdrawal and therefore could not demonstrate the advice was suitable.
During this time it also failed to carry out adequate customer reviews to ensure any future income withdrawal business meets the required standard.
FSA head of retail enforcement Jonathan Phelan says: “Obtaining enough information from customers to ensure the advice given is suitable is an important part of treating them fairly, particularly in areas like income withdrawal, where the wrong decisions could lead to hardship in retirement. The FSA has set out the standards expected in this area and will not hesitate to take action where necessary.”


AWD Chase de Vere takes 500 new Exweb licenses

AWD Chase de Vere has taken 500 new licenses for its Exweb portal. Administrators and advisers within the group will gain individual secure access to the full range of online services, including quotations, e-submissions and research on over 300 products and its speicalist equity release service. AWD Chase de Vere advisers already use Officeweb and […]

For the record

With anglo-american relations possibly at a nadir, it is ironic that the expression “No taxation without representation” should be so relevant to the mortgage industry.

Correspondent’s Week

The week starts slowly, thankfully, as I come straight into work after an overnight flight from Cape Town feeling exhausted, having spent most of the flight attempting to block out fractious babies. Admittedly, it is not my usual commute but I have just spent an interesting week finding out more about emerging markets and the […]

Arrears window

Repossessions Julien Holmes, managing director of Crown Mortgage Management, looks at the prospects of securitisation shock for some lenders

Large-cap growth alpha thesis: seeking risk-adjusted excess returns

Content supplied by Loomis, Sayles & Company — an affiliate of Natixis Global Asset Management For mutual fund investors and managers of large pensions or endowments, a major challenge is to identify those portfolio managers who are most likely to deliver superior risk-adjusted returns in the future. Understanding how an investment philosophy informs a manager’s decision […]


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