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FSA freezes out 600 rogue M&GI firms

The FSA says it has kept more than 600 unsuitable mortgage and general insurance firms out of the industry since the start of regulation.

FSA records show that, at the first stage of the authorisation process, approximately 550 M&GI firms either withdrew or were refused permission to conduct business.

At the second stage of the process where firms can appeal to the Regulatory Decisions Committee, approximately 60 firms withdrew or were refused. The Tribunal is the third and final part of the process, and 11 firms have withdrawn or been refused.


Threadneedle appoints new global equity investment specialist

Threadneedle has appointed Michael Seymour as global equity investment specialist.He will report to head of UK institutional business Madeline Forrester in the newly created role.Seymour is now responsible for representing Threadneedles global equity team to clients, consultants and the media.He joins from Deutsche Asset Management where he was client director and equity portfolio specialist.

Hipwell found guilty

Former Daily Mirror journalist James Hipwell has been found guilty of using the paper’s City Slickers column to manipulate the stock market. Hipwell, along with fellow columnist Anil Bhoyrul, will be sentenced in mid-January following the preparation of a report.Hipwell made 41,000 from trading in shares he tipped while Bhoyrul made 14,000. Today’s conviction follows […]

Trustnet offers exclusive access to Forsyth-OBSR ratings

Trustnet Adviser has become the first independent fund analysis website to offer advisers access to Forsyth-OBSR fund ratings.The ratings form part of a new tool on the site aimed at providing intermediaries with a set of fund recommendations to suit their clients investment criteria.The service focuses on UK authorised funds and UK-friendly offshore funds and […]

‘Misselling threat if A-Day is not delayed’

Advisers will be at risk of future misselling complaints unless A-Day is delayed, warns Alpha to Omega chief executive Stewart Wooles. He is concerned that IFAs are being forced to prepare for A-Day while the final details of the pension simplification rules have still not been released by the Treasury. Wooles says that following Treasury […]


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