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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As the outlook for the UK’s economy remains uncertain, how can advisers prepare portfolios for any change in inflation? As higher inflation fails to appear on the horizon and wages grow faster than expected, fund managers are weighing up their portfolio moves for any potential changes in the economy. The UK consumer prices index rose […]
IFA directors Kevin and Cheryl Neal have been banned from being company directors by the Insolvency Service for six and four years, respectively. The married couple ran the now-defunct Hertfordshire-based Kevin Neal Associates Wealth Management. They were disqualified for taking assets from an insolvent company. The firm had been incorporated to take over the business interests […]
Hartley Pensions has bought the “untainted” assets of the Lifetime Sipp Company, which went into administration earlier this year. An update published today on the website of Lifetime’s administrators Kingston Smith & Partners says Hartley Pensions has also agreed to administer the tainted Sipps held by Lifetime Sipp. The administrator described tainted assets as those where […]