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FSA lays down law for directors

The Financial Services Authority is setting out proposals to ensure directors have clearly defined responsibilities, making them more accountable to their staff.

Senior managers are expected to be held directly responsible for compliance and regulatory requirements.

The plans should become law next year.


CA calls for Barclays to compensate customers

The Consumers&#39 Association has called for pay-outs to be made to ex- Barclays Bank mortgage borrowers.The watchdog believes customers may have been unfairly stung with big penalties for surrendering loans early. NatWest has repaid cash to 7,000 ex-customers hit with high charges for surrendering mortgage deals early.CA principal money researcher Neil Walkling, said: “Some of […]

Reliance on brink of insolvency – expert claim

Reliance Mutual is on the brink of insolvency according to a top industry analyst.The small life office was forced to shut its doors to new life and pensions business last week because of the cost of pensions misselling.And the same misselling liability, which is set to grow further into “tens of millions” could place such […]

Isas hit record high

Isa sales hit their highest mark in October since they were launched in April, according to the Association of Unit Trusts and Investment Funds. The Isa fund value for October 1999 reached more than £4.5bn. This compared to about £3.5bn in September 1999. Anne McMeehan, director of communications at Autif, said: “There is no reason […]

IFA warning on selling stakeholder for poor

IFAs will be reluctant to recommend stakeholder to low paid workers while state pensions are means tested according to research by Scottish Life.The research conducted during the life office&#39s “Unplugged” pensions roadshows found 92 per cent of IFAs attending the “gig” would be worried about recommending stakeholder to the low paid because of the potential […]

The Investment Clock: Keep calm and Macron!

Trevor Greetham, Head of Multi Asset In a marked contrast to the surge in risk sentiment that followed President Trump’s election in November, markets greeted Emmanuel Macron’s victory in the French presidential election with satisfaction and relief, rather than euphoria. After rallying strongly on opinion polls that accurately predicted the outcome, the euro held onto […]


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