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Size of bank fines is not appropriate

The fine on Lloyds for serious failings over bonus schemes for sales staff is said to represent 1.5 per cent of the £1.69bn pre-tax profit Lloyds reported for the first nine months of the year alone in October but the FCA recently fined Sesame the equivalent of all their profits for one year.

How can this be fair, when a bank is fined so little for continuous, deliberate failure? It’s about time the people responsible at the banks were prosecuted, then that might direct their minds, and others’ in the most senior positions, to make sure they complied with the rules, but I am not holding my breath.

The FCA, as with past regulators, has clearly demonstrated that it has one rule for us and one rule for their friends at the banks.

David P Barnett

DPB Independent Financial Services


ABI offices 700 x 450.jpg

ABI ‘crippled’ by £4.5m City rent

The Association of British Insurers is being “crippled” by high rents at its City offices at the same time as making senior staff redundant, Money Marketing understands. The ABI agreed a fixed 25-year lease agreement in 1989, the market peak for City rents, to let 51-55 Gresham Street in London until 24 March 2016. The […]


Sue Whitbread: There’s still a long way to go on CPD

As the year draws to a close, many advisers are probably making resolutions to record their CPD activities as they complete them rather than leaving it until the last minute. Under the RDR, various measures were introduced to increase the professionalism of retail investment advisers. Two of those measures were to raise the minimum qualification […]


Bank reforms become law but Treasury warns bailout risks remain

Treasury financial secretary Sajid Javid says future Governments may still be forced to bail out banks despite the biggest regulatory reforms in a generation being signed into law today. The Banking Reform Act 2013 has been given Royal Assent and aims to make the UK banking system safer in the wake of the financial crisis. […]


Money Advice Service cuts budget by just 1% to £77.5m

The Money Advice Service will spend almost one third of its money advice budget on marketing as its cuts its total spend by just 1 per cent from £78.3m in 2013/14 to £77.5m in 2014/15. In its annual business plan, published today, MAS says it is “acutely aware” of the need to demonstrate how its […]


Neptune video: UK economy: a sustainable recovery?

After years of a slowly brewing economic recovery, the UK has seen a strong rise in growth in recent months. Mark Martin, manager of the Neptune UK Mid Cap Fund, discusses the strength of this recovery and whether it is sustainable.

In the video, Martin addresses the following:

• Structural features supporting the UK economy
• UK mid-caps and the potential for M&A activity
• Valuations and opportunities in house builders


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