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Arrears, repossessions and lenders’ duties
The Mortgages: Conduct of Business rules (MCOB) in the FSA Handbook impose duties on both mortgage lenders and mortgage administrators with regard to fair treatment of customers who may find themselves in arrears or ultimately facing repossession. Philip Ryley, solicitor and John Virgo, barrister provide an overview of Chapter 13 of MCOB and consider the outsourcing of arrears handling and repossession work to solicitors.
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01 July 2004
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Vol 16 No 10 - 01 July 2004
Coming…ready or not!
The Financial Services Authority’s new mortgage regime will be here before we know it (on 31 October), and the new insurance mediation regime comes into force just a few months later (on 14 January). So there’s not much time left to ensure full compliance with the FSA’s insurance mediation and mortgage regime. Emma Radmore and Sara MacKenzie of Denton Wilde Sapte highlight a number of areas where practical compliance with the FSA’s requirements may not be easy, even for firms who are already authorised and familiar with the regime.
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01 July 2004
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Vol 16 No 10 - 01 July 2004
Piggybacking, sticky money and riding shotgun in the omnibus: handy hints from the hedge funds handbook
“It is intolerable when investment professionals - who have a duty to serve the best interests of their customers - instead put their own interests first. That way of thinking is antithetical to the responsibilities investment advisers, broker-dealers, and their employees owe to mutual fund investors. Mutual fund investors have a right to expect fair treatment, and when they do not receive it, we at the Commission will demand it on their behalf.”[1]. Helen Parry of London Metropolitan University investigates market timing and late trading on both sides of the Atlantic.
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01 July 2004
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Vol 16 No 10 - 01 July 2004
The Sandler suite - bad shoes for poor people?
The aim is worthy, the need great but will stakeholder products catch on and how will the basic advice regime work in practice: Adam Samuel considers.
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01 July 2004
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Vol 16 No 10 - 01 July 2004
Tough at the top
Timon Molloy, Editor
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01 July 2004
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Vol 16 No 10 - 01 July 2004
No longer a Potemkin village*
Timon Molloy, Editor. For details of City and Financial events please visit www.cityandfinancial.co.uk
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01 July 2004
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Vol 16 No 10 - 01 July 2004
Equitable Life former chief executive banned as not fit and proper
Christopher Headdon, former appointed actuary and chief executive of the Equitable Life Assurance Society, has been banned for holding a significant management role in an authorised firm until May 2010. In 1999 Equitable sought to cover its..
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01 July 2004
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Vol 16 No 10 - 01 July 2004
FSA issues proposals on sale of Child Trust Funds
Children born on or after 1 September 2002 will qualify for a Child Trust Fund (CTF), whether a stakeholder or a non-stakeholder equity-based account. The Government will contribute £250, and an additional £250 to children from low-income..
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01 July 2004
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Vol 16 No 10 - 01 July 2004
Interdependence Ltd pays £125,000 for poor supervision
The FSA fined Interdependence Ltd, an intermediary which operates an IFA network, £125,000 last month for “serious failings” in its supervision of appointed representatives (ARs) who advised customers on early vesting of pension..
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01 July 2004
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Vol 16 No 10 - 01 July 2004
Hargreaves Lansdown fined £300,000 for risk notification failures
Secure Growth Portfolio (SGP), a discretionary service sold principally through direct offer by Hargreaves Lansdown Asset Management Ltd (HLAM) between 1992 and 2002, was marketed as “lower equity risk” but the firm’s failure to..
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01 July 2004
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Vol 16 No 10 - 01 July 2004
Due diligence failings cost Scotts Private Client Services £25,000
“Schemes that sound too good to be true usually are,” Andrew Procter cautioned as the FSA announced a £25,000 fine against Scotts Private Client Services Ltd. The firm failed to carry out adequate checks on Dobb White & Co, in..
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01 July 2004
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Vol 16 No 10 - 01 July 2004
FSA sets out basic advice model for stakeholder products
FSA proposals for a simplified, low-cost advice regime were published last month on the day when the Government announced which stakeholder products it would cover.The stakeholder range is the cash deposit (a form of cash ISA); the medium-term..
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01 July 2004
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Vol 16 No 10 - 01 July 2004
News
MADness strikes
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01 July 2004
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Vol 16 No 10 - 01 July 2004
Summer annual
Amongst the pile of paperwork to emerge from 25,The North Colonnade in June was a hefty tome, which, though it does not call for response, repays study and perhaps discussion.The FSA Annual Report 2003/04, yearbook and benchmark of the..
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01 July 2004
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Vol 16 No 10 - 01 July 2004