View more on these topics

Helm Godfrey in past business review over Ucis advice

Helm Godfrey has been ordered to conduct a past business review of Ucis sales carried out between 2007 and 2010 due to concerns about the advice given. 

The firm says a section 166 skilled person report is being prepared for the FCA. 

Helm Godfrey says it is talks with the individual adviser involved in the sales.

Chief executive Graham Cross says the firm has revised its procedures around Ucis advice. 

He says: “We deeply regret any lapse in standards of compliance with the rules about sales of Ucis. We have thoroughly revised our processes and systems in the three years since the issue became apparent and our due diligence is now among the most robust in the advisory marketplace.

”Helm Godfrey has an excellent record of looking after its clients and we are able and willing to make good any customer detriment that is identified. We believe the business is strongly placed to succeed in the post-RDR environment.”

Recommended

First State shuffles co-managers on four funds

First State has made a raft of changes to the managers on its emerging market funds, which has seen Tom Prew replace Glen Finegan on the £4.4bn First State Global Emerging Markets Leaders fund. Prew will co-manage the fund with Jonathan Asante, who he has worked with since 2011 on the Ireland-domiciled $73m (£46m) First […]

Senior-Businessman-Pension-Pensioner-500x320.jpg

Boost for drawdown savers as GAD hits 3.25%

Savers in drawdown have received a boost after the GAD rate, which is used to calculate the maximum income a person in drawdown can take, increased from 3 per cent for September to 3.25 per cent for October. According to LV=, the rise in the GAD rate means a 65 year in income drawdown with a £100,000 […]

Ingram-David-PFS

PFS appoints David Ingram as president

The Personal Finance Society has appointed Aim Two Three partner David Ingram as president. Ingram succeeds HK Wealth Managers managing director Garry Hale in the role. Phoenix Temple Wealth Management Brendan O’Ciobhain has also been named as vice president, while Chadney Bulgin joint managing partner David Thomas retains his vice presidency. Ingram says: “Garry Hale […]

David Morrey, BDO
1

BDO: Number of S166s could hit 1,000 a year

The number of skilled persons reports ordered by the FCA could increase 10-fold to 1,000 a year, warns consultants BDO. Skilled persons reports, also known as section 166 reports, check for weaknesses or failings in a firm’s practices. The regulator orders these reports to be carried out where it has concerns, and firms have to […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

There are 3 comments at the moment, we would love to hear your opinion too.

  1. Good grief! What hope for any of us? This firm is one of the most respected doyens in the industry, with some of the highest profile and best qualified personnel. I find it hard to believe they have anything to answer for. What next? Rob Reid being fined for pension failings? The world has truly gone mad.

  2. I quite agree with you on this one Harry !

    One thing I would like to know is ? what qualifications have the FCA staff determining this judgement of a 166 ? and if the FCA response is “none” that’s why we have ordered a 166 skilled persons report then it just highlights a very worrying and expensive outcome for all of us.

  3. I thought that S166 reports were confidential until fully investigated so what is the motivation for someone leaking this? Do they have it in for Helm Godfrey?

    Another paper called me up but would not name the source saying it was someone at Helm Godfrey but then Helm sent me a copy of their statement which is accurately reflected here.

    Seems like an abuse of process to me but lets wait for the completed report to see if it has any substance

Leave a comment

Close

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

Email: customerservices@moneymarketing.com