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Lautro 12 verdict could open door on naming firms

The Information Commissioner’s decision to order the FSA to name the 12 endowment providers which misused Lautro projections to set premiums could open the floodgates for similar requests, says a leading compliance consultant.

Adam Samuel says the decision, revealed in last week’s Money Marketing, could set a precedent for similar requests to name firms that have come under pressure to pay compensation without publicity.

He says: “The commissioner must be right to conclude that the FSA should not be doing private deals. There is a public interest in the regulator operating in a reasonably open way but there will still be a balancing test to apply.”

The FSA has yet to decide whether to appeal against the commissioner’s decision.

The request for the companies to be named was made by IFA Defence Union chairman Evan Owen in January 2005 and was rejected by the FSA.

The FSA claimed the revelation would affect future informal reviews, damage market confidence and infringe the providers’ rights.

CMS Cameron McKenna partner Simon Morris warns the decision could have dangerous implications in terms of future industry willingness to co-operate with informal FSA work.


Obsessed with making changes

I have to say that the Conservative Party’s plans to discard mortgage regulation and to prune financial services regulation in general sound to me like little more than shallow electioneering. What the financial services community and its customers, of course, really need is regulation that is clearer, fairer, more stable, more consistent, more cost-effective and […]

Protected rights set to get freedom

Self-investment for protected rights could be given the green light by October, removing restrictions that prevent investors directly self-investing in shares, bonds or commercial property.

Cornell is in for Duffy to lead Hamptons’ loan push

Hamptons has picked technical director Jonathan Cornell as managing director of its mortgages division, four months after Kevin Duffy left the broker to join Robert Sterling.Cornell was favourite to succeed Duffy after he took over the day to day running of Hamptons alongside compliance director Paul Williams, who resigned from the broker last month and […]


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