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Lawyer urges IFAs to fight watchdog

A solicitor is calling on IFAs to band together and form a defence union to contest decisions made by the Financial Ombudsman Service.

Glasgow lawyer Alasdair Sampson, of Drummond Miller, says the FOS appears to have adopted the principle that IFAs are not only responsible for the advice they give but also for a customer&#39s decision not to follow that advice.

He says the quality of the complaint handling process and the justice of decisions is being brought down by an ombudsman that could “run roughshod over the IFA”.

Sampson points to a recent case where he says the FOS ruled against an IFA when the IFA&#39s customer refused to follow advice to incorporate critical-illness cover into an endowment policy.

FOS head of communications David Cresswell says 60 per cent of IFA cases find in favour of the IFA and half these disputes are solved in mediation before appearing before the ombudsman.


Cavanagh puts the case for professionals

Cavanagh chief executive Andrew Fay is looking to build on the professional focus of business after the group&#39s takeover of Ernst& Young Financial Management. Fay says he wants to exploit the synergies of the two companies. Cavanagh is strong in the legal sector in London and the South and is now targeting lawyers in EYFM&#39s […]


The Diary was remiss last week in not extending our condolences to Bob Monkhouse&#39s family. Bob hosted three of our Money Marketing awards over the years, sharing his inexhaustible supply of gags with our industry. The 2003 awards ceremony performance was his finest. Among the jokes shared with the gathered financial services industry included a […]

Direct Life aiming for principal status as it starts network

Direct Life and Pension Services is to seek principal status from the FSA as it starts a mortgage and insurance network. Sales and marketing director Richard Verdin says the new venture, Enable, will offer all the regular network services including a mortgage club and free mortgage sourcing, plus access to products from leading UK insurers, […]

Halifax set to make equityrelease debut

Halifax is believed to be planning a launch into equity release in the next three to four months. Money Marketing understands that the UK&#39s biggest lender is likely to move into the rapidly expanding market in the next few months, marking the first time a member of the HBOS group has made a foray into […]

Johnson Fleming is a finalist at UK Pensions Awards 2016

The UK Pensions Awards shine the light on excellence and recognise the advisers, providers and investment managers that offer the highest level of innovation, performance and service to occupational pension schemes and their members. This year’s awards looked at advisers and providers across 31 different categories and were rigorously judged by a panel of senior […]


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