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.
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The Budget will lay out Government plans to help build 300,000 new homes a year, according to Chancellor Philip Hammond. The plans will include fasttracking developments with planning permission. Hammond said the Government would use “powers of state” to get homes built on these sites, according to the BBC. The Government will also unveil plans to […]
Old Mutual Global Investors and Jupiter are switching from dual pricing to single pricing across their respective fund ranges, while OMGI is also introducing a fixed ongoing charge for its single strategy UK funds. Both firms say the pricing changes follow reviews and are intended to standardise their approaches with the industry. Vanguard and Axa Investment Managers also […]