View more on these topics

TCF failings now feature in 40 per cent of FSA fines

Treating Customers Fairly breaches now feature in 40 per cent of all fines imposed by the FSA, compared to 11 per cent in the previous year.

Research from law firm Reynolds Porter Chamberlain uncovered the large rise, for the year ending March 2007, and solicitor Robbie Constance says it shows the FSA’s TCF initiative is beginning to bite.

RPC also says the number of financial penalty notices handed out by the regulator has risen 58 per cent, from 19 cases to 30, which the law firm says is evidence of the direction the FSA is heading.

Constance says: “The big difficulty with the TCF principle is that it is too vague. By refusing to define or provide guidelines on how to implement TCF, the FSA is causing a headache for firms.

“This state of regulatory uncertainty makes it very costly for firms to attempt to comply.”

He says to meet TCF guidelines firms should fully explain terms and conditions, make customers aware of hidden costs, test promotional material with a non-expert and ensure there are not unreasonable barriers to clients switching service provider.

He also warned of potential problems with the Financial Ombudsman Service when dealing with TCF.

He says: “The FOS will decide whether companies have breached the TCF principle. But the FOS does not work as clearly as a court of law. There is still substantial uncertainty as to how they will deal with TCF.”


Barings proposes fully-funded occupational pension scheme

Baring Asset Management has called on the Government to introduce a fully-funded occupational pensions system in the UK to be managed along the lines of the Dutch civil servants fully-funded scheme ABP.Barings director of fixed income Toby Nangle believes Gordon Brown has the opportunity to move public occupational pensions schemes to a fully-funded basis when […]

Weir hired to run Atlantis special sits fund

Atlantis Investment Management has announced the appointment of James Weir to manage the Atlantis Asian special situations fund. Weir was previously assistant fund manager to Tony Jordan, who was recently appointed co-chairman of Atlantis Investment Management Limited in London. Jordan says: “James has proven to be an excellent analyst and has consequently built up an […]

Hip power

Former Thinc Destini board director David Collett meets Money Marketing 15 months after his departure from the group to talk about his ambitions for the home information pack market which he believes will transform prospects for advisers and his analysis of the terms of the Axa takeover. Interview by Sam Shaw.


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    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