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FCA takes action on ‘advisory firms’ spread betting sales

The FCA is looking to impose stricter rules for firms selling risky spread bets and rolling spot foreign exchange products. The regulator said it had concerns about unsuitable advice being given by intermediaries operating in the ‘contracts for difference’ space, including high commissions, and was doing further supervision of these ‘advisory’ firms. The FCA says: […]

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Govt to ban pension cold calling in Autumn Statement

Chancellor Philip Hammond will ban pensions cold calling in the Autumn Statement next week with scammers facing fines of up to £500,000. Under the proposed regime, all calls where a business has no existing relationship with the consumer will be forbidden. This includes scammers targeting those who are opted-in to receiving third-party communications. The announcement […]

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Treasury committee presses for details on RBS redress scheme

The Treasury select committee has pressed the FCA and RBS for more detail on the redress scheme for small business customers that were mistreated by RBS so it can be confident they will get “reasonable compensation”. RBS announced in November it would introduce a new complaints process and refund fees to business customers in its […]

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Burns Anderson clients lose High Court battle with PI insurer

Investors who lost more than £20m were defeated in the Commercial Court last week after their claim against their adviser’s professional indemnity insurance policy failed. The claimants were former clients of adviser Michael Royde who was an appointed representative of Burns Anderson, part of Honister Capital. The claimants were previously advised by Royde to invest in […]

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Defined benefit schemes: Part 2

Justin Corliss, business development manager In defined benefit (DB) schemes part 1, we looked at recent guidance aimed at DB scheme trustees and sponsors. In part 2 we will look at guidance available to pension transfer specialists (PTS). In the first instance, PTS should familiarise themselves with COBS 19. All guidance below is designed to […]

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