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Law firm predicts more challenges to FSA decisions

The FSA will face more resistance to its investigations in the next year, claims a leading financial law firm.

Reynolds Porter Chamberlain says IFAs and product providers will feel more confident to challenge the regulator through the Financial Services and Markets Tribunal.

RPC says the tribunal disagreed fundamentally with the findings of an FSA investigation for the first time last year when it found the FSA was wrong to have withdrawn the approved status of stockbroker Geoffrey Hoodless.

Legal & General is contesting the FSA&#39s findings against it over alleged mortgage endowment misselling. RPC says this is the first time that the FSA has faced a referral to the tribunal from a major financial services company.

The law firm says most complaints against financial services firms are stimulated by poor market performance so 2003&#39s improved markets might reduce claims.

But partner Jonathan Davies says: “This is counterbalanced by the increasingly onerous standards imposed by the regulators and the widening scope of regulation.

“Firms have in the past been unwilling to take on the FSA but we feel that the decision in the Hoodless case will encourage more resistance.”


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Insight picks Amex&#39s Burgess for equity chief

Insight Investment has recruited Mark Burgess from American Express Asset Management as its head of equities. Burgess, who is expected to join Insight in March, was chief investment officer at AEAM. He has also worked as the London-based global chief investment officer for Colonial First State and held a number of senior fund management positions […]

Regulate the regulator, says Kennedy

Liberal Democrat leader Charles Kennedy wants to cut the burden of red tape for small businesses by establishing an independent body to regulate the FSA. Speaking at a business forum hosted by the Institute of Chartered Accountants in England and Wales this week, Kennedy pledged to help SMEs escape red tape and bureaucracy. Kennedy said […]

NU cuts payouts by up to 10%

Norwich Union is cutting policy payouts by up to 10 per cent although its with-profits fund saw a return of 11.5 per cent last year. The company has maintained many of its regular bonus rates. However, conventional Norwich Union Life and Pensions life and investment policies with terms of 20 years or more will see […]

The curse of long-term cash

Trevor Greetham, Head of Multi Asset at Royal London Asset Management, reveals why clients should be seriously concerned when short-term holdings of cash turn into a long-term investment. There is nothing wrong with holding wealth in the form of cash on a short-term basis. For many people capital stability is important and access to ready cash […]


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