View more on these topics

Thorman says ‘harsh’ Moneywise fine was FSA market warning

Ascentric managing director Hugo Thorman has criticised the FSA fine of Moneywise IFA, saying the sanction was the regulator’s way of letting the platform market know it will come under greater scrutiny.

Moneywise was referred to the FSA’s enforcement and financial crime unit following a thematic review of the platform market in March. This month the FSA fined Moneywise £19,600 for compliance failings around the investment advice it gave to clients.

Despite the failings highlighted by the FSA, the regulator did not find any evidence that clients had suffered financial detriment.

Thorman says the FSA wanted to send a message to the industry that it is looking closely at the platform market following the review.

He says: “It is a new market and the regulator is worried and wants to make sure it is born in the right way but I feel the Moneywise fine was somewhat harsh.”

Thorman says as the financial services sector increasingly moves to adopting wraps, it is clear that firms operating in the platform area need to ensure they are compliant.

He adds: “It is unfortunate that Moneywise was censured the way it was. It is a good firm and there are instances of worse firms out there that have not been picked up.”

Capita Financial Software business development director William Watling says: “The regulator is beginning to take a much closer interest in how IFAs work with platforms. Given its work in this area and industry research showing there are low levels of adviser due diligence around platforms, it is a red rag to a bull.”



Low level of MEP support for EU financial services regulator and ramped-up bank rules

Only one in three members of the European parliament support the creation of an EU single financial services regulator and ramped-up powers for the European Banking Authority, according to research. A Cicero Consulting and ComRes survey of 100 MEPs has found that while MEPs support greater financial supervision by the EU, only a minority agree […]

Swip global equity manager Colin Beveridge quits

Scottish Widows Investment Partnership investment director of international equities Colin Beveridge has quit the group and is leaving by the end of September. The fund manager is leaving the Edinburgh-based group after six years and is expected to take time out of the industry before considering other positions, Money Marketing can reveal. The departure comes […]


Advisers urged to be on alert over property plan

Equity-release specialists have warned advisers to be wary of a new unregulated property income plan from new property company Equity IQ. The product literature says the plan allows clients to release a monthly income from their homes without building up debt or having to make interest payments. The income is paid through Equity IQ from […]


White paper calls for FSA to regulate online sales

Digital marketing company Bigmouthmedia has published a white paper calling for the FSA to introduced specific guidelines governing the sale of financial products online. The company says there is a “growing cause for concern amongst marketers” that the FSA has yet to issue guidelines dealing specifically with how financial marketers engage online. Bigmouthmedia senior finance […]

Global income: preparing for a rate rise…

In the five years since we launched the Artemis Global Income Fund, its manager Jacob de Tusch-Lec has built a distinctive portfolio that is first among its peers. Here he explains why his “quality, cyclical and value yield” stocks, and flexible approach, leave the fund better placed to benefit from uncertainty than funds that depend […]


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