The FSA is already taking action against rogue IFAs uncovered in its latest mystery-shopping exercise, says leader of the retail intermediaries sector Stephen Bland.The study, which visited a wide range of IFAs, found that almost all firms claimed to offer full advice but only a third undertook a full review of customers’ needs and objectives. The FSA has revealed plans to take robust action from next March against firms which fail to embed its treating customers fairly principles in their business. However, Bland says it is already taking enforcement action against firms which breach its principles, as well as its prescriptive rules. He says: “We will be absolutely strict. We are already taking action against firms with major failings identified in the report. We are confident in our findings. In other reports on the financial advice sector, the phrase disappointing has come up a lot. “Breaching the spirit of the law can be even worse than breaching the letter of the law. It is all about intent.” The FSA will phone 10 per cent of IFA firms over the next few weeks to talk through the results of the survey. It will also run a series of courses on TCF this autumn, costing £150 a head. Bland rejects recent accusations from the practitioner panel that its mystery shopping and thematic exercises are statistically useless because they use small sample sizes. He argues that covering more firms would be too expensive.
House prices increased by 0.2 per cent in July following successive declines in May and June. The Halifax house price index adds that the strengthening UK economy and improving buyer confidence gave the housing market more momentum than expected in the first half of 2006.The lender has slightly increased its forecast for house price growth […]
Mortgages plc, the UK lender and subsidiary of Merrill Lynch, has today entered the prime buy to let market by launching a range of products which includes prime buy to let and ‘house to let’ options.
Jelf Employee Benefits has released a guide to help employers communicate the recent raft of pension legislation to staff. ‘Your Guide to Pension Freedom’ will help employers meet their duty of care in explaining the changes to employees and in turn will help employees take more control over their pensions and retirement decisions.
- Top trends
- Top trends
- Lifetime allowance 2018/19 increase confirmed but pensions absent
- Revealed: Fidelity International director investigated over harassment claims
- How much are advisers charging for pension transfers?
- Steve Bee: Why still no justice for Waspi women?
- Robert Reid: Don’t let social media comments diminish our profession
News and expert analysis straight to your inboxSign up
Latest from Money Marketing
I always try to check my Twitter feed over breakfast. Recently, a tweet from IFA Philippa Gee caught my eye. She had taken her time to attend an investment conference and found she was the only woman there. Comments followed that this occurrence is far too common. According to Unbiased, just 13 per cent of […]
Consumer champion Martin Lewis has today issued High Court proceedings against Facebook over scam adverts published on the site that use his name, picture or reputation. Lewis, who is the face of website Money Saving Expert, is bringing a lawsuit against the social media juggernaut for defamation seeking exemplary damages. Lewis says any money paid […]
Michael Klimes examines if advisers can resolve all drawdown issues themselves or if a wider effort is needed