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St James&#39s Place fined by FSA

St James&#39s Place has been fined £250,000 by the FSA for inadequate monitoring and record keeping.

A final notice has been issued imposing the penalty which relates to replacement business. SJP says the issues concern the standard of file records it holds and its representatives relating to replacement sales. It says the board carried out a review of its procedures as soon as it found out about the FSA&#39s concerns in December 2001 and has made changes in accordance.

Legal and Research director Hugh Gladman: “We very much regret that previously our record keeping for replacement business was not of the required standard. We also wish to emphasise that the fine does not relate in any way to the suitability of the advice provided by SJP representatives to their clients and that no clients were disadvantaged.”


Multiple pile-up

Recent media claims that borrowers are being encouraged to inflate their salaries to qualify for mortgages they can ill afford have further damaged public perception of financial advisers. But assertions that fraudulent self-certification mortgages are to blame for the property boom do not hold much sway with IFAs. An undercover investigation by BBC&#39s The Money […]

Bob the property portfolio builder

Bob is a UK resident with a foreign domicile. He is a high earner in the UK and has been concerned that he has not been able to take advantage of the perceived tax advantages of his domicile. He has decided to buy a second home in the UK. Is there any merit in his […]


“No. The literature is adequate and IFAs know how to use it.”Vaughan Hart, Vaughan Hart Personal Financial “To an extent. But at the end of the day, provider literature should be compliant and reliable.”John O&#39Hare, Cameron Chase “No. All the information is there to be used and it is reliable for advice.”Paul Green, ACP Independent […]

McCarthy voices concerns over Sandler sales

FSA chairman Callum McCarthy has voiced personal concerns about Government plans to sell equity investments without advice in the planned stakeholder suite of products. McCarthy says he does not believe the products, proposed by Ron Sandler, are suited to forms of selling that exclude advice, particularly the use of structured questions. Some industry figures believe […]

Neptune Global Income: Is Japan the best dividend market in the world?

By George Boyd-Bowman, Fund Manager at Neptune The Neptune Global Income Fund seeks exposure to the very best – and often overlooked – income opportunities from across the world. Unconstrained by benchmarks, the fund currently has 24 per cent invested in Japan, differentiating the high conviction portfolio from many of its peers. Watch Neptune Fund […]


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