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HBOS corporate head to appeal FSA action

Former Bank of Scotland corporate division head Peter Cummings is to appeal against a seven-figure fine and “warning notice” imposed by the FSA, according to reports.

The Daily Telegraph reports last month’s FSA report into BoS failings focused on Cummings’ corporate division, saying it was “guilty of very serious misconduct” which meant the bank “failed to comply with its regulatory responsibility”.

The paper reports Cummings has rejected the FSA allegations with the case sent to the independent tribunal body the Regulatory Decisions Committee, which has the power to overturn the FSA decision.

Cummings was appointed head of the HBOS corporate division in January 2006.


Standard Life’s platform assets up 26%

Standard Life increased the total assets under administration on its platform by 26 per cent from £10bn to £12.6bn to the year ending March 31, 2012. In a first quarter interim management statement released today, the firm says the total assets under administration in the UK increased from £11.4bn in the three months from the […]

Two Keydata cases upheld but only one has to pay out

The Financial Ombudsman Service has provisionally upheld two complaints against IFAs who recommended clients to invest in Keydata products but has only awarded compensation in one case. Both cases centre on the suitability of the unnamed advisers’ recommendations to invest in Keydata SLS products in 2005. In the first case, the clients, referred to in […]


FSB slams ‘excessive’ auto-enrolment fines

The Federation of Small Businesses has criticised the “excessive” fines set to be levied on companies that fail to comply with automatic-enrolment rules. Speaking at TheCityUK’s pensions conference last week, FSB policy chairman Mike Cherry said the initial non-compliance fine of £400 is excessive. He said: “We are concerned that employers will be penalised for […]


Nic Cicutti: Dear John, why you should stay post-RDR

Last week, I received an email from an IFA – let’s call him John – whom I have known for almost 20 years and respect hugely. John is highly regarded by a many of my colleagues, who regularly contact him for his views on stories they are writing. I too have often quoted him when […]


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