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FSA powers could mean automatic redress

The FSA’s new powers to set up consumer redress schemes may give way to widespread automatic redress for platform clients, according to Capita Financial Software.

The Government recently enacted powers allowing the FSA to set up consumer redress schemes to deal with specific market failures. Capita business development director William Watling questioned how these new FSA powers will be interpreted in the platform market.

Speaking at The Platforum conference, Watling gave a hypothetical example of a client who was not told by his adviser about a variation in platform charges, who was then out of pocket as a result of his adviser’s choice of platform.

He said: “The question is if an adviser gets something wrong and a platform client comes back and complains, does that mean every other platform cli-ent who was treated in the same way would have the automatic right to redress?”


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If I was a public sector worker, I would be brea-thing a mighty sigh of relief. Lord Hutton seems to be on their side if his interim report is anything to go by. He defends public sector pensions to the hilt, especially for those on lower incomes. He says: “Public service pensions should provide an […]


State pension age to hit 66 by 2016

Chancellor George Osborne is expected to hike the state pension age to 66 by 2016 in today’s Comprehensive Spending Review. This will be followed by a further two year increase the retirement age to 68 by 2038, The Daily Telegraph reports. An acceleration in the increase in the retirement age formed part of the Conservatives […]

Jupiter sees assets jump 12 per cent

Jupiter Asset Management has reported a 12 per cent rise in assets under management in the third quarter of 2010. The firm, which listed in June this year, highlighted rising markets and strong inflows into its mutual fund range for the jump. The firm now has £22.2bn of assets under management. In the third quarter […]

Jersey adviser crackdown to mirror RDR

Jersey’s financial services regulator is planning a clampdown on advisers to mirror the RDR, with Guernsey set to follow suit. Jersey Financial Services Commission senior manager Chris Jordan said the regulator wants the regime in place by January 1, 2014. The plans were raised last week at a Chartered Institute for Securities and Investment meeting […]

Trusts and Taxations

Take a look at the trusts and trustee taxation video – The definition and classification of trusts. Once you’ve viewed the boxset, visit our Test Centre to test your learning and get your CPD certificate. View here


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