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Tiner pledging clampdown on record-keeping

The FSA has criticised IFAs&#39 record-keeping in a letter to industry leaders, including chief financial ombudsman Walter Merricks, and pledged to give full weight to record-keeping standards as part of proposals for enforcement on misselling.

In a letter circulated to attendees of a June misselling round table and seen by Money Marketing, FSA consumer investment and insurance managing director John Tiner raises concerns that the industry is leaving itself open to misselling because it is unable to keep adequate records of advice given to clients.

Tiner says: “Action is required by firms…to address what in too many cases remain poor standards of record-keeping.”

FSA spokeswoman Louise Buckley says: “Historically, we have always said the industry needs to pull its socks up on this issue but recently this has come more to the fore in our thinking.”

LIA head of public affairs John Ellis says: “This is a new emphasis for the FSA. I do not think it has done enough on this issue but it may be for the best of reasons. If the FSA was focused on record-keeping, it would probably be seen as heavy-handed and creating red tape.”

Aifa director general Paul Smee says: “Good record-keeping will help IFAs to stay out of trouble but the point is to get towards a proper definition of misselling and we are not even close to that.”


NU boosts sector share to 45%

Norwich Union has increased its share in the equity-release market to 45 per cent in the first half of 2003, according to figures from trade body Safe Home Income Plans. The life office says its equity-release sales totalled £252m in the first six months of 2003 out of total Ship sales of £560m- which cover […]

Scottish Equitable International offers redemption to cash rich companies

Scottish Equitable International has created a capital redemption version of its Dublin private client portfolio. The capital redemption private client portfolio differs from the company&#39s existing portfolio bond in that no lives are assured. The capital redemption structure is more appropriate for businesses and corporate trustees because the death of an individual will not automatically […]

Thinc Group sets out multi-pronged strategy

Zurich Advice Network franchisee Thinc Group is to launch a fee-based IFA, a multi-tie operating under the Zan umbrella, a mortgage broker and a commercial lender as part of its depolarisation plans. The London-based firm, which has 60 RIs spread across its five divisions, aims to grow to 500 by 2005. It is one of […]

Rationale thinking

I wrote in these pages last month about the need for the financial adviser sector to take ownership of its reputation by a determined effort to improve its practice and performance. Obviously, to take this forward, there would need to be organisation. The big question is whether any of the existing representational or educational bodies […]


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