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Paper tiger

The FSA’s failures over Northern Rock are a body blow to the regulator. The one silver lining is that its internal audit committee did not shirk responsibility and produced a hard-hitting report.

IFAs will be livid about the lost paperwork when many of have been unable to defend against complaints because they do not have paperwork. In some cases, this has been lost by their old networks or was not required in the first place. How it must grate.

Advisers are also wondering whether the FSA’s assessment of risk between big and small players does not need a radical rethink. Money Marketing suggests that, among other things, the FSA readdresses its processes to check for unfairness towards the regulated as well as checking on its ability to do the job of regulating in the first place.

We believe the FSA has far too much on its plate and some radical reorganisation may be required. This could see several functions moved and even new bodies created, such as one promoting financial capability. We believe the FSA is required. It should not see its powers hived off to the Bank of England but its job is to regulate and it should concentrate on that.


Fortis to hold off on move in protection

Fortis is understood to have postponed its entry into the UK protection market until May after delays in agreeing product specifications with reinsurers Swiss Re and SCOR.The Belgian insurer is still planning on entering with a combined life, critical-illness and income protection plan as part of a menu-based proposition. The product will automatically top up […]

Turnaround Capital to take advantage of ailing businesses

Turnaround Capital is to a launch a fund that will look to turn struggling businesses into profitable ones within a set timeframe.The group is looking to raise £1.6m in pre-IPO funding and will take stakes of 10 to 70 per cent in private companies that have struggled due to bad management, restricted cash flow or […]

Intelligent Office linking in with Axa’s Elevate platform

Intelligent Office has become the first adviser office IT system to be directly integrated with Axa’s Elevate wrap platform.Software provider Intelliflo says cooperation between the two firms will continue as they seek to integrate systems further.Elevate launched earlier this year with six consultative adviser partners being the first to have access to the platform, followed […]

IMA stats see end to outflows

Funds under management in the UK saw an upturn for the first time in three months according to the latest figures from the Investment Management Association.Funds under management rose by 2 per cent to £441.3bn but were still down on the £443.9bn figure from February 2007.The results follow two months of record outflows with £377m […]

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Guide: Johnson Fleming’s managed auto-enrolment service for SMEs

Johnson Fleming has launched its new managed auto-enrolment service, designed to support SME businesses of up to 250 employees. The managed auto-enrolment service is not just about providing businesses with a software system for them to manage themselves, but more about outsourcing the administration of the project and scheme to Johnson Fleming’s auto-enrolment staff.


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