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Conservatives to appoint Ros Altmann consumer protection minister

Ros Altmann is to be made a peer and appointed as a minister responsible for financial consumer protection and education, if the Conservatives are in government after the election. Altmann’s first task will be to lead a review of the pension reforms, including the future of the Money Advice Service and whether a charge cap […]

Wonga
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Wonga records pre-tax loss following £35m customer redress hit

Controversial payday lender Wonga has reported a pre-tax loss of £37.3m for 2014 after taking a £35m customer remediation hit following an intervention by the FCA. The firm’s full-year results for the 12 months to 31 December 2014, published today, reveal revenues plummeted 31 per cent year-on-year, from £314.7m to £217.2m, driven by a “significant […]

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7IM offers direct platform for orphan clients

7IM has launched a direct platform for orphan clients who no longer have an adviser. The wealth manager says it was seeing demand from orphan clients and did not want to turn them away if they ceased to have a relationship with their adviser. The fee structure is the same as for its advised clients, […]

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