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MM leader: Words aren’t enough to solve advice gap

One accusation often levelled at the FCA is that it is not sufficiently clear in setting out what it expects from firms. In its defence (which does not happen very often in these pages) it has tried to overcome this through its use of good and bad practice examples. But among advisers sometimes it feels […]

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FSCS: We must raise awareness of compensation for poor advice

The Financial Services Compensation Scheme says greater awareness should be raised of compensation for poor advice. A report by the lifeboat scheme says it should work with the industry to raise awareness of compensation for poor advice in order to improve confidence in the sector. In a report on consumer trust in financial services published […]

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HBOS report slams FSA over ‘flawed’ investigation

The long-awaited report into the failure of HBOS has criticised the FSA for its “flawed” investigation into the bank. The report concludes that ultimate responsibility for the failure of HBOS rests with the board and senior management. It says the FSA failed to give proper consideration to investigating other senior individuals and the bank itself. […]

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HSBC profit boosted by lower redress costs

HSBC has reported a pre-tax profit of $6.1bn (£3.9bn) for the third quarter of 2015, up by 32 per cent year-on-year. The figure compares to a pre-tax profit of £3bn in Q3 2014, with the bank attributing the rise to lower regulatory costs. HSBC says the increase reflects lower fines, settlements and UK customer redress. […]

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