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A mystery solved: how to ensure suitable investment advice

Online Published Date : 10 June 2022 | Appeared in issue: Vol 25 No 9 - 03 June 2013

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 Prestage examines the report and previous guidelines for clues on how to provide consistently suitable advice.

BSPS compensation: a Pension Review repeat

Online Published Date : 10 June 2022 | Appeared in issue: Vol 34 No 9 - 09 May 2022

Former members of the British Steel Pension Scheme received “significantly higher levels of unsuitable advice than other cases”, according to the Financial Conduct Authority. As the regulator prepares to wield its ‘section 404 powers’ for only the second time and consults on a redress scheme, Adam Samuel opines that we are not learning the lessons of history.

FCA makes foray into use of freezing orders

Online Published Date : 10 June 2022 | Appeared in issue: Vol 34 No 9 - 09 May 2022

Suspicious activity by a fintech start-uphas prompted the Financial Conduct Authority to bring urgent court proceedingsagainst seven bank accounts held by QPay Europe, securing £2 million of allegedcriminal proceeds. Jonah Anderson and Lucy Rogers examine the useof account freezing orders and account forfeiture orders by the FCA and other UKauthorities.

Focus broadens from climate to nature-related disclosures

Online Published Date : 10 June 2022 | Appeared in issue: Vol 34 No 9 - 09 May 2022

On the heels of the United Kingdomadopting new climate-related financial disclosures for a range of firms, aninternational taskforce has released a draft framework for nature-relatedrisks, opportunities and disclosures. The recommended nature-relateddisclosures will be able to capture risks and opportunities that the TCFDFramework does not capture, report Charlotte HillandJessicaHoward.