Industry news and views from Panacea and our partners.
Regulation_
FSA Oddity- the circuit's dead, there's something wrong?
So another key RDR architect, Peter Smith, the FSAs head of investment policy is to leave in June and will head to Dubai to join the Dubai Financial Services Authority.
Compliancy Services eNewsletter
A call has been made for the Financial Services Authority (FSA) to cover the cost of carrying out a section 166 report, it has been reported
Situation vacant. Engagement Champion at the FOS- a job for you?
Now I suspect this may just make you feel a little cross. The FOS are looking to spend your money on recruiting a person with: Enthusiasm, imagination and energy to get people clicking? Were looking for an engagement champion who understands exactly what to do to make our people click. Someone who ...
Compliancy Services eNewsletter
The regulator says the failings related to high risk customers, were serious and systemic, and were allowed to persist for almost three years.
Who breaks a butterfly upon a wheel?
A beam of light shone brightly, albeit briefly, into the regulatory darkness when I read that the Prudential had branded the FSA legacy proposals as ludicrous and horrendous for consumers.
FOS- fact or fiction?
IFA Paolo Standerwick has been engaged in a one-man fight with the FOS over receiving what he sees as unfair treatment relating to a complaint made against his firm.
Compliancy Services: FSA staff face investigation ban
Employees of the Financial Services Authority (FSA) could face being excluded from an investigation after they improperly obtained a firm's emails, it has been reported.
What His Honour Judge Bidder QC said about the Longstop
For those of you who have read about the recent judgement handed down by Judge Bidder, you may be interested in reading the transcript.
IFA letter of the week: Adviser Alliance
The lack of a 15 year longstop has caused concern for some considerable time
Schroders: Solutions in a post RDR environment
There is currently a fierce debate on how much investment products should cost. With the Retail Distribution Review (RDR) around the corner, established fund managers have started slashing their fees and many are planning to bring new low-cost funds to the market, or have already done so.
Barristers launch service advising on financial services law and regulation
Two barristers have joined forces to offer a special legal advice service to IFAs, individuals and businesses in the financial services industry. Peter Hamilton and Alison Potter, both with Chambers at 4 Pump Court in the Temple, are barristers who have specialised in the law and regulation of financial services.
Stupid is as stupid does?
We hear, with a mixture of sadness and Schadenfreude that the EU, in its Mifid 2 reforms proposals, could be about to overturn the RDR ban on the payment of commissions.
IFAs would be a lot more worse off?
Putting to one side the gramatics I was quite taken aback by this statement as it would imply that IFAs are already at the worse off starting block under the investigative eye of the FOS. On what quantative scale a lot MORE worse off is found, is unknown but clearly not good news.
Extended Warranty insurance- the next miss-selling scandal?
Regulation, despite its many failings, exists to protect consumers from the effects of bad advice, miss-selling of unsuitable products and sometimes even miss-buying.
IFA letter of the week: Something Is Rotten in the State of Denmark!
The FSA is a member of the executive. The executive branch of government is the part of government that has responsibility for the daily administration of the state bureaucracy.
IFA Letter of the week
As Shadow Chancellor you have today accused the Government of choking off economic recovery and you are calling for VAT to be cut temporarily to boost spending.
Resources Compliance - Compliance Tip - July 2011
The FSA published CP11/10, their Consumer Complaints consultation paper in May. This paper actually contains 'made' final rules relating to changes in the complaints handling (DISP) procedures and some associated matters
You couldnt make it up, or could you? Claims management firms in the spotlight.
PanaceaIFA.Com finds itself in the strange situation of agreeing with the FOS and its Chief Ombudsman Natalie Ceeney regarding claims management firms.
You couldnt make it up, or could you?
PanaceaIFA.Com finds itself in the strange situation of agreeing with the FOS and its Chief Ombudsman Natalie Ceeney regarding claims management firms.
Lansons: Regulatory Forum 13th July
We shall be considering the latest position on the Governments proposal to reform the regulatory framework.
Yesterdays news, tomorrows U turn?
So RDR is a little over 19 months away. There is growing concern about what consumer reaction will be to what has been done in their name by the FSA. There are only so many high net worth clients out there, what will happen to the mass market advice model, what will happen to the "orphan clients", will we see the return of the "Man from the Pru" and provider sales forces?
Yesterdays news, tomorrows U turn?
So RDR is a little over 19 months away. There is growing concern about what consumer reaction will be to what has been done in their name by the FSA..
FOS contractors paid on cases closed?
This week MM reported that FOS figures just released show that IFAs made up 1.5 per cent of 206,121 cases in 2010/11, around 3092 cases, compared to 2 per cent of 163,012 cases the previous year, around 3260.The FOS says IFA complaints were skewed upwards for 2010/11 due to a large number of complaints against one particular firm- Towry. A spokesman said Towry had worked hard to resolve the issue according to FT Adviser.
FOS contractors paid on cases closed? And the beat goes on, la de da de da!!!
Tiner stated in his report that "after discussions with the FOS, they advised him that they "very rarely" exercise their discretion to look at cases beyond the existing 3 and 6 year time limits, let alone beyond 15 years ago and cases that are looked at are unlikely to exceed three figures each year.
Data Protection and Retention of Data
One of the more unusual responses to the Panacea FOS survey was from a firm who was concerned that keeping client information indefinitely was arguably necessary given the lack of a 15 year longstop, but could be in breach of the Data Protection Act 1998 (DPA).
FOS failures- Fact or Fiction?
It may be that the IFA perception of what the FOS should do and how it goes about it is wrong, or it may be that the FOS has lost whatever direction and good intentions it had.
Data Protection and Retention of Data.
One of the more unusual responses to the Panacea FOS survey was from a firm who was concerned that keeping client information indefinitely was arguably necessary given the lack of a 15 year longstop
Have your say on the FOS
When it comes to listing some of the most contentious areas of regulatory impact there is little doubt that the FOS comes pretty near the top of the list for most IFAs and a surprising number of providers too.
Open letter to Vince Cable, John Cridland and Natalie Ceeney
Dear Sirs and Madam, I understand that workers may find it harder to take their employers to an employment tribunal because it is thought desirable to attempt to deter vexatious claims.
Liar, liar!
I never cease to be amazed at the sheer near criminal audacity of some people who purport to have been miss-sold some 20 years or so after the event.
Liar, liar!
I never cease to be amazed at the sheer near criminal audacity of some people who purport to have been miss-sold some 20 years or so after the event.
IFA letter of the week
I found the article 'It takes two to tango' on the FOS particularly useful. Luckily I have not, so far, had any complaints myself which have gone to the FOS, but everyone who has given advice at some time can consider it a distinct possibility these days as folks have become more litigious.
IFA letter of the week
I found the article 'It takes two to tango' on the FOS particularly useful. Luckily I have not, so far, had any complaints myself which have gone to the FOS, but everyone who has given advice at some time can consider it a distinct possibility these days as folks have become more litigious.