View more on these topics

Rock crisis will not shift FSA to rules-based

The Northern Rock debacle will not deflect the FSA from its move to more principles based regulation, says chief executive Hector Sants.

At an FSA conference for retail financial services firms Sants said: “We believe that these times of turbulent markets reinforce the importance for both the regulator, and the industry, to focus on the outcomes and consequence of actions. The FSA is, and will remain, a risk-based and evidence-based regulator.”

Sants acknowledged that market conditions and the economic outlook were much less benign than this time last year.

But he said but said firms should not divert attention away from conduct of business requirements and high level principles.

He says: “In particular, you will need to continue the focus on treating
customers fairly and to tackling areas of financial crime. Sants reiterated that the FSA should learn lessons from the events at Northern Rock.

He said: “I commissioned an internal review of our supervision of Northern
Rock in the period up to July last year. We have committed to publishing the conclusions next month.

“I can now say it will show that the supervision of the company did not meet
the standards I would expect of the FSA, although I should also say that it
is by no means necessarily the case that more active supervision on our part
would have prevented what later occurred.”

Recommended

Abbey moves step nearer to rewarding retentions

Abbey is looking at introducing procuration fees for retention business after consulting with selected brokers.The company visited brokers, including Robert Sterling, towards the end of last year to discuss introducing retention proc fees. Only a small number of lenders, including HBOS, Woolwich and Accord, currently offer the fees.There has been speculation that Abbey will look […]

Free services are just the job

Why would an IFA firm usea recruitment agency to find good staff and sales people when we have the free services provided by the nationwide network of job centres at our disposal? I recently needed to recruit an administration assistant and our ad in the local job centre quickly generatedhalf a dozen applicants.I employed the […]

Cash landing

The importance of dividends has come to the fore once again. Take Northern Rock investors. Hundreds of thousands of the former building society members got free shares worth around £4.55 each when it demutualised in 1997.

Japan: the Land of the Rising Dividends

By George Boyd-Bowman, Fund Manager at Neptune Many Western investors have long bemoaned the lack of a true dividend culture in Japan, claiming the corporate culture is not tilted in favour of shareholders. Yet today, in the Land of the Rising Sun, we see a fresh impetus to focus on shareholder returns, which is leading […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment

    Close

    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm

    Email: customerservices@moneymarketing.com