IFA network Financial Limited has changed the wording on its website amid concerns that some of it could have breached financial promotion guidelines.The website featured a claim that collective investments are almost guaranteed to make money. When Financial Limited’s managing director realised this, he admitted it was an error by a website editor. The firm’s website stated: “Investing for the long term in stocks and shares, whether directly or through collective investments like unit trusts, is almost guaranteed to make money over long periods.” This has now been amended to read: “Investing for the long term in stocks and shares, whether directly or through collective investments like unit trusts, can make money over long periods.” The FSA rules on financial promotions, which include website content, insist that product descriptions must include a description of the risks associated with the product. The Cob rules also outline that past performance must not be used as a blanket indicator to current performance of investment products without specific caveats. Managing director Charles Palmer says: “We should not be using the word “guarantee” in this context and when we found out we had, it was amended immediately.” FSA spokeswoman Sam Bennett says: “Our rules state that financial promotions must be clear, fair and not misleading. They must also offer a balanced view of the product or service.”
Standard Life has brought in Scottish Power finance director David Nish as group finance director.
Prudential’s new deferred self-invested personal pension is a Sipp that is structured as a fund option for Prudential’s flexible retirement plan.
The FSA’s rock band is making a come back at this year’s Compliance Register OStCaR awards although there are a few line-up changes since last year’s epic performance which included classy covers of Alice Cooper’s Poison and the Stones’ Jumpin’ Jack Flash. The night will also feature the immense vocal talents of Compliance Register’s Ben […]
Stockbroking firm Collins Stewart has established the Aim Portfolio Service which aims to reduce potential inheritance tax liability and provide capital growth.
Holly Cassell, Assistant Manager of the Neptune UK Opportunities Fund The decision of the Federal Reserve not to raise US interest rates at its September meeting was met with surprise by many, and has been blamed by some as the chief catalyst for the global market volatility that followed. How does this affect the timing […]
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The Children’s Investment Fund has asked the FCA and Bank of England to appoint a new chairman at the London Stock Exchange over fears corporate governance is not up to scratch. TCI, which holds a five per cent stake in the exchange, feels the forthcoming departure of LSE chief executive Xavier Rolet has not been […]
When the pension freedoms were first introduced, I could not help thinking it was a clever device to accelerate the income tax take. Instead of waiting many years to take income tax against modest annuity income payments, the government could grab a larger handful straightaway. After a couple of years of reflection, I still think […]
Money Marketing’s account of the curious goings-on in the world of financial services from our Wells Street offices