View more on these topics

FSCS rules finalised

The final rules for the Financial Services Compensation Scheme due to come into effect on December 1, 2001 have been finalised. The new single scheme will replace the eight existing schemes including the Investors Compensation Scheme. IFAs will have their own category, which will not include the cost of redress for the pensions review. Anytime an IFA firm goes into default the rest of the IFAs will share the cost of compensating investors or paying liabilities. Like now, there is a voluntary arrangement with providers which sees them pay 85 per cent of the levy. In addition, IFAs will pay a fee for costs of running the scheme, which is 1.5 per cent of the fees they currently pay the FSA.

Recommended

Firms urged to enter for Queen&#39s Awards

The DTI has embarked on a drive to encourage financial services firms to enter the Queen&#39s Awards for Enterprise. It says while the industry accounts for a third of UK exports, only seven of the 102 applications for the awards have come from financial services firms. International Financial Services London chairman Lord Levene is writing […]

PIA suspends IFA Complete Financial Services

The PIA has suspended the investment business of IFA Complete Financial Services of Hillside, Bishops Walk, Shirley Hills, Croydon because it has failed to comply with an award made against it by the Ombudsman. The award was made in August 2001, and the firm is contesting the decision made by the Ombudsman and has therefore […]

IFonline sets up single solution for lenders

Electronic trading platform IFonline is setting up a data management system which it claims will dramatically ease the compliance burden of lenders after mortgage regulation comes into force next year. It says the system, which is due to be launched in late October, is designed to give greater control to lenders which are concerned that […]

Book a bench seat

Last week I started to look at the Sandler consultative document which I suggested could and will revolutionise the way in which financial advisers give investment advice to clients and are remunerated for that advice. Although, on the face of it, this document is at this stage only for consultation purposes, there seems little doubt […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment