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FSA looking to speed up two-year enforcement process

The FSA is considering how it can speed up its enforcement procedure against firms.

The procedure takes 18 months to two years and the FSA wants to speed this up to around a year.

The enforcement process involves at least three possible stages of appeal, with considerable time given to the firm to make responses to any action taken by the FSA.

For example, if the FSA&#39s regulatory decisions committee decides there is a case against a firm, it issues a warning notice. The firm then has 28 days to make oral or written representations and can apply for extra time.

Spokesman Rob McIvor underlines that any changes made would have to be implemented in a way that does not reduce firms&#39 ability to defend themselves. He says any proposals would go out to consultation with the industry.

He says: “We do not have any specific changes in mind. We are reviewing the whole process and how we can make it shorter. Anything we propose will have to be consulted on – this is just blue-sky thinking at present.”


Divorce Bureau offers franchise deal to IFAs

Wolverhampton firm Alexander James is developing a business that generates relationships with solicitors for IFAs. The firm is looking to franchise its Divorce Bureau operation to IFAs wanting to build up relationships with solicitors. The Divorce Bureau enables IFAs to establish professional relationships with solicitors by referring advisers&#39 clients who are going through divorce to […]

Ruegg & Co – NCI Vehicle Rescue

Type: Enterprise investment scheme Aim: Growth by investing in a company providing vehicle breakdown and roadside assistance services Minimum investment: Lump sum:£1,200 Closing date: July 9, 2004 Charges: None Commission: Initial up to 5% Tel: 020 7584 3663

Mortgage Edge – Sally Laker

There has been much debate in the trade press over recent months about what intermediaries should be looking for in their ideal network during the build up to FSA regulation. Some of this is out-andout one-sided propaganda by network representatives with their own agenda while some is actually quite useful. I will try to avoid […]

Start protests against Europe

Hundreds of financial advisers are threatened with closure by European regulations on professional indemnity insurance. However, a further European directive on PI cover is due in April 2006 and this promises a report on the appropriateness of the 2005 requirements. Paul Smee, of the Association of IFAs, is reported as saying: “Given this review, we […]

Graphic content – December; the countries most exposed to a rise in protectionism

President-elect Trump has suggested withdrawing from the North American Free Trade Agreement (NAFTA) and ending negotiations over the Trans-Pacific Partnership (TPP), albeit there is considerable uncertainty over what he will, or even can, do. If one of the main consequences of the election of Donald Trump is US protectionism, it’s worth considering who stands to […]


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