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New banking watchdog chief warns of punitive fines

Banks and building societies could face fines punitive fines and naming and shaming under proposals from the new head of the banking industry watchdog.

Banking Code Standards Board chief executive Seymour Fortescue says he will look at adding to the penalties available. Currently the board has no power to fine member firms.

Implementation of such rule changes are likely to prove controversial, even leading to banks and societies quitting the voluntary code if the penalties are to punitive.

But Fortescue believes the scenario is unlikely to occur, with the larger banks adhering to the code as they are keen to avoid Governmental intervention.


Partner quits leading IFA firm

London based IFA Holden Meehan has announced the retirement of its founding partner Peter Holden.Holden is leaving the firm to pursue other interests.He founded the firm which specialises in green and ethical issues 14 years ago with Pat Meehan. The firm now has 40 staff 20 of which are registered individuals working out of its […]

IFA involvement in stakeholder vital says network

DBS claims IFA involvement in stakeholder is vital for its success.The network says that currently 60 per cent of personal pensions are arranged by IFAs, making their role is sales of stakeholder essential.DBS believe the needs of the self-employed and the small business are best served by IFAs and the extension of stakeholder availability to […]

Actuaries urge UK life offices to look overseas for opportunities

Actuaries are urging UK life assurance companies to target foreign markets.The call comes in a paper delivered at the Faculty of Actuaries Sessional Meeting in Edinburgh.The paper analyses the prospects of achieving profitable business in a traditional market and an emerging market. The conclusion is that both offer good prospects for the UK life sector.It […]

Premier appoints head of pooled funds

Premier Funds Managers has promoted David Hambidge to head of pooled funds with immediate effect.Hambidge has been with Premier since 1987 and currently manages its Selector Growth and Selector Income funds.Premier managing director Jonathan Fry says: &#34David has an unequalled grasp of the world&#39s markets and unrivalled expertise in the use of pooled investment funds. […]

Artemis Global Income: Making sense of global markets

The rally in cyclical ‘value’ stocks paused for breath in February, as investors took a more cautious tone and switched their attention back to defensive areas. In this article, Jacob de Tusch-Lec, manager of the Artemis Global Income Fund, explains how he has positioned the portfolio, given the many economic, geopolitical and policy risks that […]


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