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FSA will recruit independent to hear complaints

The FSA is recruiting an independent commissioner to head its new complaints sch eme set up to investigate con sumer and industry grievances against the regulator.

Under the new body, IFAs could receive compensation if the FSA is found guilty of misconduct in areas such as poor admin or lack of integrity in its dealing with them.

The complaints commissioner will be independent of the FSA and will have the res ources to conduct full investigations and publish reports on issues of public interest.

The FSA starts a consultation period this week but the complaints scheme will not come into effect until later next year when the FSA assumes its full powers.

The appointment of the commissioner will be subject to Treasury approval but the FSA will be advised on the appointment by the non-executive deputy chairman of the FSA, the financial services practitioners forum and the chairman of the financial services consumer panel.

The complaints commissioner will not be based at the FSA and the scheme will be staffed by employees independent of the regulator.

FSA spokesman Robin Gordon-Walker says: “We want to keep the recruitment pro cess as open as possible. The right person for the job might not necessarily be from the financial services industry.”

Maddison Monetary Man agement managing director Mark Howard says: “There was a big fear the FSA would become a police force you could not properly criticise but if it is prepared to say it is wrong and potentially pay out, this could mean a positive wind of change.”


Mortgage Business designs flexible buy to let

The Mortgage Business has designed a flexible buy-to-let mortgage that allows borrowers to buy up to ten properties. Investment Portfolio has a maximum loan to valuation of 85 per cent and tracks the Bank of England base rate for the mortgage term. Flexibility is ensured by the ability to make overpayments, underpayments, payment holidays and […]

Imro fines Lloyds TSB £100,000

Lloyds TSB has been fined £100,000 by City regulator Imro for failings in its now deceased custody business that looked after share certificates and other valuable documents for customers. The failures included inadequate procedures for holding bearer bonds, which attract thieves because owners are not registered by the issuer. In November 1997 Lloyds lost track […]

David Aaron Partnership publishes trustee investments guide

IFA David Aaron Partnership has published a guide dealing with the implications of the Governments trustee bill and the changes made to capital gains tax. Called Trustee Investments-The New World, David Aaron Partnership claim the guide will help trustees, beneficiaries and IFAs. Currently £55 billion is held in trusts nationwide and the Government hopes the […]

Channel tunnel vision

Multi-ties look set to become integrated into the financial product distribution system and fears are rising for the future of the networks.A survey by financial services law firm Armstrong Neal shows 83 per cent of IFAs believe networks will become multi-tied. The industry seems torn over whether networks will play a significant role in multi-ties, […]

Leading Edge June – Investment panel debate

RLAM’s asset class specialists discuss some of the findings from the panel session at our recent Investment Conference. By Rob Williams, Head of Distribution Welcome to the latest edition of Leading Edge. It has been an eventful six months since the last e-zine. The European Central Bank announced ongoing stimulus measures, while the immigration crisis in Europe threw the […]


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