View more on these topics

FSA sets probe priorities

The FSA plans to monitor closely the advertising and marketing of equity-release products, sub-prime mortgages and debt consolidation by providers and brokers.

Director of retail themes Anna Bradley says that these areas will be the priorities for the regulator’s financial promotions enforcement division in coming months because the products pose a relatively high risk for vulnerable consumers.

It will be examining whether consumers could be sold unnecessary insurance cover by brokers making inaccurate or false claims.

The division will also be examining firms’ preparatory work for marketing child trust funds, mortgage networks’ regulatory controls on their members’ promotions to customers and early work by firms on the promotion of general insurance under the new FSA regime.

Over the last nine months, the FSA has reviewed 30 websites, resulting in six cases where action has been take. It has reviewed 20 TV and radio promotions, resulting in action in five cases, and 50 direct-mail promotions resulting in 14 cases where action was taken.

The FSA has asked for 44 firms to amend promotions and a further eight to contact customers who had bought a product, offering them the opportunity to withdraw at no cost if they thought they had been misled. It is reviewing 162 cases.

Director of retail themes Anna Bradley says: “As the recent disciplinary action against Axa, Canto and Hemscott illustrates, the real issues remain with firms’ systems and controls and recent monitoring has shown that there is much to do in encouraging some companies to comply with our rules.”



Isle of Man minister Bell dismisses Dublin threat

In an exclusive interview with Money Marketing, Bell says Dublin’s increasing presence as a tax-efficient centre opens up opportunities for joint ventures rather than threatening the Isle of Man’s economy.

Mortgage edge – Mark Howell

Mortgage clubs can help reduce costs by offering support services at reduced rates to intermediaries – the ability to bulk-buy or aggregate applies to the mortgage product and to support services such as sourcing systems.

Product Matters

The latest capital-protectedcomes from Clerical Medical in the shape of the secure investment plan. To all intents and purposes, it is an open-ended structured product with a five-and a-half-year term with the capital guarantee at maturity.

Benefits - thumbnail

Global benefits predictions for 2015 from Jelf International

According to Doug Rice, managing director of international services, in 2015, managing their international duty of care will become an increasing focus for UK-based overseas organisations in both managing their short- and longer-term challenges. As a result, strong independent advice and innovative technological solutions will become more important than ever in managing their global benefits.


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm