View more on these topics

IFAs getting human rights for first time, says ProAct

IFAs are to have human rights for the first time as disciplinary procedures pass from the PIA to the financial services tribunal after N2, claims law firm ProAct Legal.

It says the Lord Chancellor&#39s Department, which adm-inisters courts and tribunals, has directed that the tribunal must comply with the European Convention on Human Rights, giving IFAs all the safeguards that citizens have bef-ore other courts.

ProAct says IFAs will have the right to a fair hearing, disclosure of key documents and to challenge the FSA&#39s evidence, unlike under the PIA&#39s system. Critics had argued that the PIA procedure did not comply with the rules of natural justice.

IFAs will be able to challenge the case against them on procedural grounds as well as the case itself, which means the FSA will have to be sure of its case before taking proceedings.

The statutory framework of the regulatory system will also make it harder for the FSA and networks to enforce immediate suspensions of IFAs without compelling evidence.

ProAct principal Gareth Fatchett says: “The whole process gives IFAs an armoury of defences of fairness that they never had before. It means IFAs are in a position where they can be judged on an equal footing with their accuser.”

New Life Financial Plan-ning principal John Burnard says: “It is still early days and I would like to see the system in action.”

Recommended

Isis techs a gamble

Friends Ivory & Sime has established the Isis technology venture capital trust (VCT) to take advantage of undervalued technology companies in the UK.This VCT will be managed by Stephen Grant and Glen Nimmo. Grant currently runs the Ivory & Sime UK smaller companies investment trust and shares responsibility for the discovery trust with Nimmo. Nimmo […]

DBS blames N2 as it ups member charges

DBS has increased members&#39 charges, blaming the increased cost of regulation post-N2. Under the new pricing structure, members with turn-overs below £80,000 a year will see DBS&#39s commission share rise from 12.5 per cent to 15 per cent and they will pay a new “investment adviser” fee of £100 a month per RI. DBS says […]

Wanless thing to worry about

Whoever drafted Gordon Brown&#39s pre-Budget speech decided to present us with a new political mantra – Wanless. In fact, to much Tory mirth, the Chancellor repeated the word Wanless so often in the section of his speech on future NHS funding that it took on its own chant-like effect. Maybe that was Brown&#39s int-ention. Repeat […]

Fidelity warning IFAs to ignore Isas at their peril

Fidelity is urging IFAs not to write off the coming Isa season, warning that they could be in danger of losing market share to the banks and tied salesforces. Contrary to the current wave of pessimism in the fund management industry, which has seen several groups slash ad budgets to as little as 20 per […]

US election

Capital Market Notes, November 2016 David Lafferty, chief market strategist at Natixis Global Asset Management, looks at the impact on markets and portfolios since the somewhat surprising outcome of the US election. Click here

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment