View more on these topics

FSA warning on Year 2000 compliancy

The Financial Services Authority is putting pressure on financial firms to ensure their computers are Year 2000 compliant.

Chairman Howard Davies told a regulation conference in London last week that firms must be Year 2000 compliant by the end of next year. In the spring, the FSA will take over the regulation of all firms currently supervised by bodies such as the PIA.

IT experts believe that computer systems could crash in 2000 because they have not been programmed to deal with the change of date. Many firms have yet to set up programs to solve the problem.

Davies says he will intervene when firms fail to resolve the problem. It is the first time that the Year 2000 problem has been made a regulatory issue.

Davies fears that failure by firms to prepare adequately for the new millennium could leave consumers unable to access their money and involve non-completion of deals, market disruption, loss of records and business failure.

He says: "Every financial firm should have completed its remedial action and tested its systems by the end of 1998. This will be one of our highest-priority issues next year."

The FSA&#39s risk-based approach is designed to ensure that the industry operates as normal despite the change of date.


Liberty takes over the rest of Portfolio

Liberty International Holdings is buying the rest of the shares of Portfolio Fund Management and injecting £5m to expand the business. It is buying the remaining 30 per cent after taking a 70 per cent stake in January last year. Liberty says Portfolio&#39s funds under management have grown more than fourfold from £20m to £90m […]

Trading standards want financial watchdog role

The Institute of Trading Standards The Institute of Trading Standards The Institute of Trading Standards The Institute of Trading Standards The Institute of Trading Standards The Institute of Trading Standards The Institute of Trading StandardsThe Institute of Trading Standards The Institute of Trading Standards The Institute of Trading Standards The Institute of Trading Standards The […]

Which direction should your training be taking?

So you&#39ve been on all the compulsory courses, you&#39ve reached competent status and you&#39re now involved in continuing professional development (CPD). But how much more new business have you gained as a result? If the answer to the question is “none” or “I don&#39t know” then you&#39ve got a problem. CPD will cost you time […]


Much merriment at the Scottish Life/Scottish Life International annual Christmas bash on December 3. But the Diary hears that the real fun, or perhaps that should be embarrassment, occurred later. Apparently, one of Scottish Life&#39s female party hosts eager to catch the morning train to Edinburgh after a hard night partying stepped out of her […]

Guide cover resized

Guide: Johnson Fleming’s managed auto-enrolment service for SMEs

Johnson Fleming has launched its new managed auto-enrolment service, designed to support SME businesses of up to 250 employees. The managed auto-enrolment service is not just about providing businesses with a software system for them to manage themselves, but more about outsourcing the administration of the project and scheme to Johnson Fleming’s auto-enrolment staff.


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