View more on these topics

FSA gap still wide open

New FSA authorisations of IFA firms fell by nearly 10 per cent to 74 in the second quarter of this year from 81 in Q1.

The Maximas quarterly review of FSA authorisations and cancellations reveals authorisations of mortgage broker firms have remained stable at 23.

Advisers and brokers have shown “consistently high auth- orisations” over Q1 and Q2 and collectively represent over one-third of authorisations for the second quarter.

Authorisations for the corp- orate finance, fund management, hedge fund, wealth management and private equity sectors rose by 17 per cent from 65 in Q1 to 76 in the last quarter. Cancell- ations halved from 33 to 16.

Overall, the second quarter saw the first increase in author- isations since Q1 2008 to 282, up from 257 in Q1 this year.

Maximas says overall cancellations reached 631 in the last quarter compared with 773 in Q1 but these statistics were not broken down by sector.

The report says: “Further improvements in the health of the UK-regulated financial services sector is required before the gap between FSA authorisations and cancellations closes.”

Pension Transfer Solutions managing director Carl Melvin says: “The retail distribution review and the economic climate are driving consolidation in the sector, so many IFAs that were previously directly authorised may look to join networks or merge. I expect the trend in cancellations to accelerate in the run-up to the RDR.”



Déjà vu- Keydata under review

Questions have been raised over regulatory standards after it emerged that Keydata was reportedly subject to scrutiny by the FSA eight years ago over potentially “misleading” Isa guides.

Schroders multi-manager view – The worst is behind us

Market sentiment clearly has improved dramatically since the first part of this year, along with growing evidence that the worst of the recession is now behind us. Whilst the hard evidence to date has only served to prove that the rate of deterioration is slowing, it is irrefutable that economic prospects look vastly better than they did just a few short months ago. As a result, not too many analysts and economists are talking about depression anymore, which is progress in itself.

Lloyds starts compensation payouts to Lehman clients

Lloyds Private Banking has begun compensating clients who lost out after it advised them to invest in structured products backed by Lehman Brothers. Money Marketing has learnt that some clients are being repaid their initial capital, interest and adviser fees. An early day motion by Conservative MP Ed Vaizey highlighting the plight of over 6,000 […]


Death of Keiron Root

What Investment editor Keiron Root has died at the age of 47 after a suspected heart attack. Root, who was editor of the magazine for over 20 years, was a well respected figure in the financial services and investment world, recently winning the Association of Investment Companies award for financial consumer journalist of the year, […]

Childcare - thumbnail

Three questions for employers…

The Family and Childcare Trust’s annual survey has been widely reported in the media and the two headline figures were these: the average cost of a nursery place for a child under two has risen by 33 per cent since 2010; and the costs have risen by five per cent in a single year.


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