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FSA missing &#39vultures&#39 in Equitable mystery shop

The FSA is mystery-shopping IFAs to vet the quality of advice they are giving to Equitable Life policyholders.

It says it will consider action against firms not meeting their “regulatory obligations”. The exercise is expected to focus on firms which have heavily marketed to Equitable clients.

But the move, outlined in the FSA&#39s submission to last week&#39s Treasury select committee inquiry, has provoked concern from IFAs who say it is not looking at direct and execution-only operations where the real problems lie.

FSA spokesman Vernon Everitt says: “The PIA is examining approaches being made by other firms to Equitable policyholders and the advice they are receiving. This work includes the commissioning of a mystery-shopping exercise involving Equitable policyholders seeking advice on what they should do.”

Wentworth Rose managing director Philip Rose says: “There is good reason to control the vulture activities. They should make sure proper standards of advice are being offered.

“But the PIA is not including direct offers or execution-only business and that is where the major vulture activity is going on. They are only coming down hard on the advisory side.”


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Code comfort farmed out to the public

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Edinburgh Java Trust announces year end results

Edinburgh Java Trust&#39s net asset value fell by 53 per cent in 2000 from 13.5p to 6.34p per share. The fall compares with a fall of 51.6 per cent in the Jakarta Composite Indonesian Index, which reflects a 38.5 per cent decline in the Indonesian stockmarket and a 21.4 per cent depreciation in the Indonesian […]

Be whiter than white to prevent laundering

The international financial environment is in a state of flux. Powerful global forces are at work, ushering in a harsh new climate and dramatically reshaping the landscape. Well-known landmarks are being obscured and well trodden paths are constantly shifting. Is there a safe way that professionals can guide themselves and their clients thr-ough this unfamiliar […]


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