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FSA seek to hold senior executives personally responsible

The FSA is seeking to hold senior bank and life office executives personally accountable for management failings according to the Financial Times.

The move, outlined in a report published by the FSA proposes individual directors and senior managers be fined over company failings resulting from mis-management.

Under the proposals the regulator would vet executives before they could take up their posts.

FSA chairman Howard Davies told the FT, the prime focus of the authority would still be on firms, but he highlighted how many high profile cases in which it has become involved, have been brought about by actions of an individual.


Correspondent&#39s Week

As a man who has sat next to a pathologically patriotic Scotsman for thepast 10 months at work, I have had much to endure.Apparently, Scotland, now with its own Parliament, is “Europe&#39s premierrugby side” and was “the dark horse for the Cricket World Cup”.As an Englishman and lover of all things sporting, these constant digs […]

L&G welcomes Government&#39s commitment to 1 per cent stakeholder charge

Legal & General has welcomed the Government&#39s continued commitment to the 1 per cent annual management charge on stakeholder pensions.The life office says the idea of charging extra fees for additional advice is a sensible suggestion, but it believes the majority of people will only need basic stakeholder advice.Responding to the latest Consultation Brief on […]

Johnstone Douglas appoints head of stakeholder development

Employee benefits specialists Johnstone Douglas has appointed John Carr as associate director in charge of stakeholder pensions development.His role will be to gain an &#39unfair&#39 share of pensions and computer software market resulting from the introduction of stakeholder pensions.Previously semi-retired, Carr has been working for the IFA in the capacity of compliance officer.Formerly he has […]

Government will scrap radio wealth warnings

The Government is to scrap wealth warnings on television, radio and cinemamortgage advertising.The move was announced in the Consumer White Paper, Modern Markets:Confident Consumers, published by Trade and Industry Secretary StephenByers. The change follows extensive lobbying by the commercial radioindustry.The warning, “Your home is at risk if you fail to keep up with yourmortgage payments” […]


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