View more on these topics

Tiner says principles don’t mean new FOS rules

The FSA has moved to allay concerns that the move to principle-based regula-tion and the rewriting of Cob will result in the Finan- cial Ombudsman Service creting new rules to fill the vacuum.

Speaking at the Apcims annual conference in Bar- celona last week, FSA chief executive John Tiner said he acknowledged industry worries that the move to more principles could mean FOS interpreting high-level rules differently from the regulator.

But Tiner said these fears are misplaced as less than 5 per cent of FOS decisions turn on the interpretation of FSA Cob rules and even fewer in other sectors.

He told delegates that he did not envisage NewCob resulting in any significant changes to case outcomes or the FOS developing a new approach to replace a rule that has been removed.

He said: “The anxiety is that firms which believe they are complying with the FSA’s requirements may nevertheless find complainants are able to win their cases at the FOS. I understand why this worries you but I think that your fears are misplaced.”


Skandia in £25bn multi-manager milestone

Skandia UK has passed the £25bn funds under man- agement mark for the first time. The company says this makes it the biggest multi- manager business, having pioneered open architecture more than 15 years ago. The £25bn is spread across its self-select fund range, which currently offers more than 400 funds from over 40 fund […]

First-time buyers 60 per cent worse off than parents

The ratio of house price to income has risen by an average of 60 per cent in the UK between 1970 and today with London, East Anglia and the South West having the highest ratios.The research from Alliance Trust found that Scotland and North England have the lowest ratios while London is the least affordable […]

Boulger calls for end to redemption confusion

John Charcol senior technical director Ray Boulger says lenders should only call redemption penalties exit fees in their literature to avoid confusing consumers. His call comes as the FSA is set to rule on whether lenders unfairly increase their fees during the term of a contract. Boulger says: “The FSA’s requirements could be met by […]

Tenet says business should be booming

Advisers should not have any problems selling protection products because Google is getting more than 660,000 related enquiries a month, says Tenet. The distribution group recently looked at the number of search enquiries Google UK received a month on life insurance. The terms “insurance life” brought up 450,508 search requests a month, which chief executive […]

The investment clock

While Trump blazes blond in the political foreground, it’s easy to overlook the economic background to the new political dimension of 2017. Political risk will be a feature of the year: the unpredictable and untested Trump administration has already created uncertainty, which is unlikely to diminish, especially if protectionist rhetoric starts to outweigh promises of […]


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