Another Article

>>Permalink

Another ArticleRSM Tenon Financial Services Limited have been fined £700,000 by the FSA for failings in its advice and sales processes for Lehman-backed structured products. The FSA also found there were failings in preventing unsuitable advice on structured product and pension switching. Further to this fine, Tenon will also have to buy back any products [...]

>>Permalink

Another ArticleFor the last 6 months of 2009, 27,137 compliants were received by the FOS for LLoyds (9,952), Barclays (9,836) and Bank of Scotland (7,349) the Financial Ombudsman Service shows in their latest figures. Financial Intemediary firms St James’s Place and Sesame had 45 and 98 complaints respectively. David Thomas, interim chief ombudsman of Fos, [...]

>>Permalink

The Financial Services Authority (FSA), the UK’s watchdog has allotted a £7.8M compensation bill and also fined the CEO of Park Row Associates Limited. Peter Sprung, the Royal Liver-owned firm’s former chief executive, was fined £49,000 and has withdrawn his approval to perform a controlled function at Park Row. He has also undertaken not to perform a significant function at any firm for five years.

>>Permalink

Another ArticleThe state of the slow lending in January was apparently due to the heavy snowfall and an over inflated December lending activity, according to the British Bankers Association. Sounds to me like British Rail’s excuse of leaves on the track causing delays in Autumn! Fancy, having snow in the winter! Join Our Blog

>>Permalink

Another ArticleThe Law firm “Regulatory Legal” is gaining the support of IFAs to challenge the FSCS’ £70m interim levy. In February 2010 the FSCS announced it would be imposing a £70m levy on the 6,500 firms operating as investment intermediaries to pay for claims relating to Keydata, and stockbrokers Pacific Continental and Square Mile. The [...]

>>Permalink

Another ArticleThis week the FSA has fined two stockbrokers for poor sales practices and in one case, Wills & Co, failure to implement remedial action from previous failings. For the WIlls and Co fine, Director of enforcement Margaret Cole says: “It is shocking that despite previous action, Wills & Co still failed to put its customers’ [...]

>>Permalink

Another ArticleAn interim levy of £70m will be forced on IFA firms who offer investment advice by March 31 2010 to Financial Services Compensation Scheme to cover the recent failings. The failures of Keydata, costing £43M coupled with Pacific Continental and Square Mile which collectively will cost £27m. This is a further blow to IFAs [...]

>>Permalink

Another ArticleThe FSA Chief Executive Hector Sants has resigned and will leave the UK city regulator in the summer. After 3 years in the position, Mr Sants will be handing over the reins to a new chief executive, one who will face a potential hurricane of change if the general election falls to the conservatives, [...]

>>Permalink

Another Article A director of a mortgage and general insurance firm has been banned  by The FSA from holding senior positions in the financial services industry after his failure to comply with rules of handling client money resulted in the loss of approximately £85,000 of his customers’ money. Matthew Sixsmith was the director of Manchester-based [...]

>>Permalink