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 Financial Services Compensation Scheme has declared self-invested personal pension operators Stadia Trustees, Brooklands Trustees and Montpelier Pension Administration Services in default. The lifeboat fund has received around 150 claims for compensation relating to the three businesses. Those claims relate to how the businesses set up, operated and administered Sipps through which people invested in […]
The Department for Work and Pensions has confirmed it will not change the pensions triple lock and will explore bolstering the powers of The Pensions Regulator in the forthcoming legislative period. The DWP published its “single departmental plan” yesterday, which sets out five objectives it is working towards over the next four years. It has […]
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