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FSA launches scathing attack on Prudential

The Financial Services Authority has publicly humiliated and savaged Prudential&#39s management for failing to put investors before costs.

The attack this week is the result of a monitoring inspection which forced Pru to pull its 5,500-strong salesforce off the road for three days in June.

The FSA found: "A deep-seated and long-standing failure in management which prevented Prudential from recog- nising its own shortcomings. A cultural disposition against compliance which filtered through Prudential&#39s branch offices, their managers and advisers. Prudential had an organisational structure which allowed the cost of its own compliance arrangements to take precedence over the interests of its investors."

It says Pru contravened principles under section 47A of the Financial Services Act 1986.

Pru chief executive Sir Peter Davis says: "No one should doubt our determination to ensure that we have the best industry practices."


New managing director for MMB

IFA MMB has appointed Sean Gilchrist as its new managing director. The appointment completes a major reorganisation.

Rush of registrations in bid to beat PIA deadline

The PIA expects most member firms to beat the March 27 deadline for submitting individual registration forms. Latest figures show that some 30,000 forms have been returned out of an expected 87,000. About 4,000 forms are being returned a day. The PIA has warned that any firm which misses the deadline will face a £250 […]

DB transfers – one more factor to consider

Jim Grant – Senior Product Insight & Technical Support Analyst We look at how higher DB transfer values could cause a lifetime allowance issue and how that affects the advice process. Advisers are receiving an increasing number of requests from clients looking to transfer their pension from final salary schemes to personal pensions. This is a […]


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