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A mystery solved: how to ensure suitable investment advice
The FSA’s recent mystery shopping assessment of the quality of investment advice given by banks and building societies found that 11% of visits resulted in unsuitable advice, while in another 15% not enough information was obtained. Rebecca..
Online Published Date:
05 June 2013
Appeared in issue:
Vol 25 No 9 - 03 June 2013
There are currently 153,400 interest-only ‘mortgage prisoners’
Research commissioned by the regulator has estimated that 153,400 interest-only residential mortgages are in negative equity, where the outstanding balance of the mortgage is higher than the value of the property. This represents 5.9% of 2.6 million..
Online Published Date:
05 June 2013
Appeared in issue:
Vol 25 No 9 - 03 June 2013
FCA warns on treating interest-only borrowers fairly
Along with findings that high numbers of interest-only mortgage holders may be unable to repay their loans at the end of term, the Financial Conduct Authority is consulting on guidance regarding how to treat these borrowers fairly. It found that..
Online Published Date:
05 June 2013
Appeared in issue:
Vol 25 No 9 - 03 June 2013
The ‘look and feel’ of financial advice
Platform providers are on notice that the regulator intends to scrutinise whether their execution-only services are straying into advice. John Salmon and Luke Scanlon outline how best to be ready.
The potential for platforms to stray into..
Online Published Date:
05 June 2013
Appeared in issue:
Vol 25 No 9 - 03 June 2013
Risks that go bump in the dark
“What you don’t know won’t hurt you,” the saying goes. Adam Samuel begs to differ: both retail product scandals and banking failures have emerged from widespread ignorance of asset quality and inept debt management, he..
Online Published Date:
05 June 2013
Appeared in issue:
Vol 25 No 9 - 03 June 2013
JP Morgan fined £3m for poor wealth management record-keeping
The recent £3,076,200 fine for JP Morgan International from the Financial Conduct Authority illustrates that it’s not just what you do that matters; it’s what you can evidence. The sanction – for systems and controls failings..
Online Published Date:
05 June 2013
Appeared in issue:
Vol 25 No 9 - 03 June 2013
Dawn raids plummet
The number of dawn raids undertaken by the financial regulator has fallen steeply in the last two years, according to data obtained by law firm Reynolds Porter Chamberlain. In 2009 the Financial Services Authority conducted 37 dawn raids, and nearly..
Online Published Date:
05 June 2013
Appeared in issue:
Vol 25 No 9 - 03 June 2013
NED’s conflicts dispute published and referred to tribunal
The Financial Conduct Authority has released a decision notice to ban former non-executive director Angela Burns and fine her £154,000 for not disclosing conflicts of interest. This follows a failed application by Burns to the Upper Tribunal..
Online Published Date:
05 June 2013
Appeared in issue:
Vol 25 No 9 - 03 June 2013
Regulatory rhyme
Horace Fletcher is much exercised by the new tone coming from the Financial Conduct Authority and, as usual, pens his concerns.
We welcome on board Martin Wheatley
Who now has his powers completely
Just remember the City
Pays much to the..
Online Published Date:
05 June 2013
Appeared in issue:
Vol 25 No 9 - 03 June 2013
Regulation, Jim, but not as we know it
The new Financial Conduct Authority will have a more human and sophisticated approach than its predecessor, says chief executive Martin Wheatley. Julian Sampson beams up the latest FCA thinking, but is worried that the supervisor’s unclear..
Online Published Date:
05 June 2013
Appeared in issue:
Vol 25 No 9 - 03 June 2013
The private bank’s open door
EFG Private Bank’s recent £4.2 million fine – the latest in a series resulting from an anti-money laundering thematic review by the regulator – should alert firms to the seriousness of horizontal visits. The enforcement action..
Online Published Date:
05 June 2013
Appeared in issue:
Vol 25 No 9 - 03 June 2013
New rules enhance clarity for platforms and users
The regulator’s drive towards greater transparency will change the way platform services are delivered in both the advised and non-advised markets, say William Maycock and Charlotte Hill.
The Financial Conduct Authority has recently..
Online Published Date:
05 June 2013
Appeared in issue:
Vol 25 No 9 - 03 June 2013