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FSA to attach more publicity to enforcement cases

The FSA is to attach more publicity to enforcement action and to the fines it levies against firms in the future, as it believes fines are likely to be small in comparison with the turnover of companies and publicity is more damaging as it diminishes a firm&#39s reputation, brand and future business.

Speaking yesterday chairman Callum McCarthy said: “We will review whether we can act more quickly; and whether we need to act via larger financial penalties. We will act, where justified, against individuals as well as organisations. And always we will remember that enforcement is a recognition of past failure &#45 and that its purpose is to reduce future failure.”


IFA threat of legal action on BBB deal

An IFA who sold his business to Berkeley Berry Birch is threatening to take legal action for the recovery of a final payment of £80,000 that he claims is owed by BBB. Huddersfield IFA Alan Mills says he sold FLP Independent Financial Advisers to Professional Financial Solutions which was then bought by BBB in January […]

Norwich Union keeps bonus rate on hold

Norwich Union says bonus rates and payouts on its with-profits policies will remain unchanged in a review of rates that follows its main bonus announcement in January. Norwich Union chief actuary, Mike Urmston, says: “Following our main bonus announcement in January this year, we have now further reviewed our bonus rates and payouts and see […]

Consumers are well aware of right to complain says ABI

The Ombudsman&#39s annual report shows customers are well aware of their right to complain according to the ABI, with complaints to the FOS for the period April 2003 to March 2004 at a record high. ABI head of life and pensions Chris Kenny says the report indicates industry initiatives to make consumers aware of their […]

FSA sending out the first MTA letters

The first minded to authorise letters have been sent by the FSA to IFA and mortgage networks, allowing them to carry out mortgage business following regulation. A number of IFA firms which are already regulated by the FSA and want to conduct mortgage business have been sent variation of permission letters. Legal & General, Burns […]


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