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8th May 2008 FSA calls for all insurance comparison websites to provide consumers with clear, fair and not misleading information A Financial Services Authority (FSA) assessment of the insurance comparison website market has found evidence of both good and bad practice, but the regulator is looking for all websites to ensure that users are treated fairly. In a review of... |
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7th May 2008 Hector Sants speaks at the Building Societies Association Annual Conference Financial Services Authority (FSA) Chief Executive Hector Sants acknowledged the important role of mutual building societies in the financial system in a speech to the Building Societies Association Annual Conference in Manchester this morning. "Mut... |
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29th April 2008 FSA publishes Market Watch 26 The Financial Services Authority (FSA) today published Market Watch 26, which focuses on market conduct and transaction monitoring issues. Market Watch 26 is a general review of the FSA's strategy to tackle market abuse, in particular insider dealin... |
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29th April 2008 FSA publishes an RDR Interim Report and feedback on the review of personal investment firms' prudential requirements FSA/PN/035/200829 April 2008 The Financial Services Authority (FSA) published an interim report today setting out the current thinking on the Retail Distribution Review (RDR) following a six-month consultation with the market. Feedback to the... |
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24th April 2008 Do more to protect customers' personal details, warns FSA The Financial Services Authority (FSA) is urging firms to change their attitude to data security and do more to help prevent their customers falling victim to identity fraud and other types of financial crime. The warning follows an FSA review of s... |
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23rd April 2008 Naguib Kheraj to advise FSA FSA/PN/033/200823 April 2008 The Financial Services Authority (FSA) today announced the appointment of Naguib Kheraj as Senior Advisor to the Supervisory Enhancement Programme, reporting directly to Hector Sants, Chief Executive of the FSA. K... |
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9th April 2008 Third party administrator fined GBP525,000 for customer document failings The Financial Services Authority (FSA) has fined third party administration firm Liberata Financial Services Limited (Liberata) GBP 525,000 for failures in its systems and controls for producing and issuing documents to life and pensions policyholder... |
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2nd April 2008 FSA fines stockbroker GBP122,500 for poor sales practices The Financial Services Authority (FSA) has fined Mansion House Securities Limited (Mansion House) GBP122,500 for giving customers unsuitable and inaccurate advice when selling higher risk shares. The FSA reviewed 30 recommendations relating to highe... |
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31st March 2008 FSA confirms principles-based approach to platforms The Financial Services Authority (FSA) has today published feedback to its Discussion Paper on platforms, published in June 2007, which confirms its commitment to the current, principles-based approach to platforms. In the Discussion Paper, the FSA... |
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31st March 2008 Mortgage review findings will help shape future of FSA regime The Financial Services Authority (FSA) today published the findings of the second stage of its Mortgage Effectiveness Review, which focused on consumer experiences in the sub-prime and lifetime mortgage sectors of the market. Dan Waters, Director o... |
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26th March 2008 FSA moves to enhance supervision in wake of Northern Rock The Financial Services Authority (FSA) today published a summary of a review carried out by its internal audit division into its supervision of Northern Rock. The review identifies a number of areas for improvement in the execution of supervision, wh... |
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20th March 2008 FSA publishes discussion paper on information transparency in the commercial insurance market The Financial Services Authority (FSA) has today published a discussion paper (DP) that looks at intermediary commission disclosure and wider issues of transparency in the commercial insurance market. In December 2007 the FSA published an independe... |
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19th March 2008 Management changes at the FSA Hector Sants, Chief Executive of the Financial Services Authority (FSA), announced a series of management changes today. In a note to FSA staff, he said: "It is with regret I announce that Clive Briault is leaving the FSA by mutual agreement at th... |
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19th March 2008 FSA fines firm for inadequate capital and for providing misleading information The Financial Services Authority (FSA) has fined Blake Independent Financial Services Limited (BIFS), of Barnsley, South Yorkshire, GBP31,500 for failing to maintain adequate capital and for providing misleading financial information to the FSA. FS... |
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19th March 2008 FSA warns on market abuse The Financial Services Authority today confirmed that it is investigating trading in UK financial shares in recent days. Sally Dewar, managing director, wholesale and institutional markets, said: "There has been a series of completely unfounded rum... |
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14th March 2008 FSA suspends registration of Ethnic Mutual Ltd The Financial Services Authority (FSA) has suspended for three months from 14 March 2008 the registration of Ethnic Mutual Ltd, an exempt charity registered by it as an Industrial and Provident Society. The FSA has issued a warning on its Moneymadec... |
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11th March 2008 FSA publishes commentary on systems and controls, in light of the Societe Generale 'rogue trader' The Financial Services Authority (FSA) today published Market Watch 25, which focuses on firms' reviews of their systems and controls in light of the Societe Generale (SG) 'rogue trader' incident. Since SG's announcement on January 24 2008, FSA sup... |
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10th March 2008 FSA appoints two new Directors The Financial Services Authority (FSA) has today announced the appointment of Colin Lawrence as Director of its newly created Prudential Risk division, and Paul Sharma as Director of Wholesale and Prudential Policy. The appointments will take effect ... |
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6th March 2008 FSA launches consultation on the sponsor regime The Financial Services Authority (FSA) today published a consultation paper on amendments to the sponsor regime for Listed companies. Companies with Primary Listed equity securities or new applicants seeking a Primary Listing of their equity securit... |
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6th March 2008 FSA helps investors get GBP1million back from boiler rooms The Financial Services Authority (FSA) has helped 153 investors to get back over GBP1m, after they were illegally sold shares by unauthorised, overseas investment firms also known as boiler rooms. As part of its continuing work in this area, the FS... |
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3rd March 2008 FSA publishes new rules on telephone recording The Financial Services Authority (FSA) today published new rules requiring firms to record telephone conversations and other electronic communications to help deter and detect market abuse in the UK. From March 2009, firms will have to record all t... |
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3rd March 2008 FSA campaign to help homeowners worried about meeting their mortgage repayments New figures published by the Financial Services Authority (FSA) today show that one in five mortgage holders are concerned about meeting their repayments in the next 12 months. When asked how they would meet these costs, a quarter of them said they h... |
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3rd March 2008 FSA to lead 'pathfinder project' delivering a national money guidance service The Financial Services Authority (FSA) welcomes the Thoresen Report published today, and the announcement from HM Treasury that the FSA will lead a two-year pilot project to test delivery of the UK's first national money guidance service. The Thores... |
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27th February 2008 Hector Sants underlines commitment to risk-based regulation Hector Sants, Chief Executive of the Financial Services Authority (FSA), told an industry audience today that recent market turbulence and the problems at Northern Rock would not deflect the FSA from its commitment to more principles based regulation... |
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26th February 2008 FSA appoints Alexander Justham as Director of Markets The Financial Services Authority (FSA) today announced the appointment of Alexander Justham as its new Director of Markets. He succeeds Sally Dewar who became Managing Director of Wholesale and Institutional Markets in January this year. Justham is c... |
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22nd February 2008 Further progress on access for retail customers to alternative investments The Financial Services Authority (FSA) today set out further progress on allowing UK retail consumers to invest in funds of hedge funds and other alternative investments authorised in the UK. A Consultation Paper confirms the policy of introducing ... |
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19th February 2008 FSA proposes further simplification of investment advice disclosure The Financial Services Authority (FSA) has today published a Consultation Paper containing proposals which aim to further help investment advisers provide consumers with clear and simple information about services and costs. The FSA's new regime fo... |
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13th February 2008 'Fake' Stockbroker sentenced to 15 months. An unauthorised stockbroker, Mr William Anthony 'Robin' Radclyffe, of Salisbury, was sentenced on Monday 11 February, at the Central Criminal Court, London, to 15 months imprisonment for offences of dishonesty including theft. The sentencing follows... |
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11th February 2008 FSA bans broker and fines him GBP21,000 for dishonesty and misleading customers The Financial Services Authority (FSA) has banned Mr Mohammed Suba Miah (Mr Miah), a former broker at Square Mile Securities Limited, and fined him GBP21,000 for selling high risk shares to customers without their consent and deliberately misleading ... |
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6th February 2008 Financial Services Authority publishes its 2008/9 Business Plan The Financial Services Authority (FSA) today published its Business Plan for 2008/9. The plan sets out the FSA's programme of work for the year ahead to address the risks highlighted by the Financial Risk Outlook, published last week (29 January). T... |
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29th January 2008 FSA publishes its 2008 Financial Risk Outlook The Financial Services Authority (FSA) today published its Financial Risk Outlook (FRO) warning firms and consumers of the risks inherent in a significantly less benign economic environment. Its central scenario identifies the following five priority... |
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22nd January 2008 Insider Dealing: Two appear at City of London Magistrates' Court Former General Counsel of TTP Communications Christopher McQuoid of Royston, Hertfordshire, date of birth 13 May 1968 and James William Melbourne of Ripley, Derbyshire, date of birth 9 September 1933 today appeared at City of London Magistrates' Cour... |
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22nd January 2008 FSA's enhanced strategy for small firms begins The Financial Services Authority's (FSA) enhanced strategy for small firms will kick off in Northern Ireland in March with the first of a rolling programme of assessments that will cover 11,300 retail intermediaries in the next three years. The new ... |
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21st January 2008 Northern Rock HM Treasury, on behalf of the Tripartite Authorities, today announces a new financing structure that could be made available to Northern Rock and other interested parties, for a possible private sector solution for the entire company. This new financ... |
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16th January 2008 FSA fines HFC Bank GBP1.085 million for PPI failings The Financial Services Authority (FSA) has fined HFC Bank Ltd (HFC) GBP1,085,000 for failing to take reasonable care to ensure that the advice it gave customers to buy Payment Protection Insurance (PPI) was suitable, and for failing to have adequate ... |
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14th January 2008 FSA publishes a review of the structure of the Listing Regime The Financial Services Authority (FSA) has today published a Discussion Paper reviewing the structure of the UK Listing Regime. The paper discusses ways to re-label the Primary and Secondary listing segments to help participants in the markets unders... |
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14th January 2008 FSA fines stockbroker GBP250,000 for using high pressure sales tactics The Financial Services Authority (FSA) has today fined Square Mile Securities Limited (Square Mile) GBP250,000 for persistently using high pressure sales tactics and misleading information to sell customers shares they did not want or could not affor... |
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10th January 2008 FSA appoints Sally Dewar as Managing Director, Wholesale The Financial Services Authority (FSA) today announced the appointment of Sally Dewar as its new managing director of wholesale. She succeeds Hector Sants who became chief executive in July last year. Sally is currently the director of markets at the... |
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28th December 2007 FSA survey finds people too scared to open their post-Christmas bills New figures published today by the Financial Services Authority (FSA) show that 48% of people are more likely to go on a diet or book a holiday than try and sort out their finances in January (13%); while just under a quarter (24%) of 16 to 44-year-o... |
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19th December 2007 FSA publishes a review of the liquidity requirements for banks and building societies The Financial Services Authority (FSA) has today published a Discussion Paper (DP) reviewing liquidity requirements for banks and building societies. The paper draws some early lessons from recent market turbulence, suggests how future liquidity poli... |
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19th December 2007 FSA imposes a public censure on PB Roberts Limited The Financial Services Authority (FSA) has today published a public censure in respect of PB Roberts Ltd, a Liverpool-based mortgage broker, for poor record keeping and publishing unclear advertising material. FSA investigations found that PB Robert... |
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18th December 2007 New FSA travel insurance regime will protect consumers The Financial Services Authority (FSA) today published a Consultation Paper setting out its detailed plans for regulating travel insurance sold alongside a holiday - known as Connected Travel Insurance (CTI) - which is mainly sold by travel firm... |
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18th December 2007 FSA cuts back on detailed insurance selling rules but tightens up where customers are not being treated fairly The Financial Services Authority (FSA) today published its new Insurance Conduct of Business sourcebook (ICOBS) which sets out the standards and requirements for general insurance firms on how they deal with their customers. Dan Waters, FSA Directo... |
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17th December 2007 FSA fines Norwich Union Life GBP1.26m for exposing its customers to the risk of fraud The Financial Services Authority (FSA) has fined Norwich Union Life GBP1.26 million for not having effective systems and controls in place to protect customers' confidential information and manage its financial crime risks. These failings resulted in... |
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17th December 2007 FSA bans pet insurance broker The Financial Services Authority (FSA) has today banned David Holland, sole director of Flett Sinclair Insurance Brokers Limited (FSIB) and Petsure Limited, for misusing customers' assets. This is the first time the FSA has taken action against a pet... |
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14th December 2007 FSA bans four individuals for dishonest behaviour in the reinsurance market The Financial Services Authority (FSA) has prohibited John Hubert Whitcombe, Jeffrey Ronald Butler, Nicholas Brown and Christopher Reginald Colin Henton for their dishonest involvement in reinsurance business that funnelled very significant losses in... |
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14th December 2007 FSA and CONSOB sign regulatory cooperation agreement Following the merger, on 1 October 2007, of the London Stock Exchange Group plc and Borsa Italiana SpA (Borsa Italiana), the Financial Services Authority (FSA) and Commissione Nazionale per le Societa e la Borsa (CONSOB) have signed a Memorandum of U... |
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14th December 2007 FSA bans former Chief Executive of Insurance broker The Financial Services Authority (FSA) has today banned James Richardson, former Chief Executive Officer of Insure & Go Insurance Services Limited (Insure & Go), for attempting to mislead the FSA and for not being candid in his dealings with ... |
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10th December 2007 FSA announces further work on commission disclosure and the commercial insurance market The Financial Services Authority (FSA) today announced a further programme of work to consider possible inefficiencies in the commercial general insurance market before taking a decision on whether to mandate commission disclosure. This follows an in... |
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4th December 2007 FSA announces RDR timetable The Financial Services Authority (FSA) today announced a change to the timetable for publishing feedback on the Retail Distribution Review (RDR) Discussion Paper. An interim paper will be delivered ahead of schedule in April 2008, with full implement... |
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4th December 2007 FSA calls on lenders to protect themselves against a possible worsening of liquidity and credit risks The Financial Services Authority (FSA) today urged lenders to protect themselves against a possible worsening of liquidity and credit risks. Clive Briault, FSA Retail Managing Director, told the Council of Mortgage Lenders Annual Conference: "The... |
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3rd December 2007 Firms must do more to ensure their Appointed Representatives treat customers fairly A review by the Financial Services Authority (FSA) has found that firms are not doing enough to ensure that their Appointed Representatives (ARs) are treating customers fairly in the sale of general insurance, mortgage and investment products. As a ... |
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28th November 2007 FSA encourages growth of Islamic finance in the UK The Financial Services Authority (FSA) has today published a paper setting out its role in the development of the UK as the major European financial centre for Islamic financial products and services. Worldwide, Islamic finance has grown in recent ... |
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28th November 2007 FSA calls for all firms to ensure their promotional websites are fair, clear and not misleading A Financial Services Authority (FSA) review of advertising on financial firms' websites has found that three-quarters met the standards required. However, the findings, published today, also show that a significant minority of the websites sampled fa... |
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26th November 2007 FSA will work with industry to improve mortgage advice - and clamp down on brokers unwilling to change A series of reviews by the Financial Services Authority (FSA) has found that in spite of some improvements, several mortgage brokers continue to operate well below standard, with senior management failing to adequately monitor and control their firm'... |
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21st November 2007 FSA publishes review of 'waiver' on the handling of complaints in relation to unauthorised overdraft charges The Financial Services Authority (FSA) has completed its review of the 'waiver' of its complaints handling rules in the context of unauthorised overdraft charges. The waiver removes the obligation to deal with unauthorised overdraft charges complaint... |
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19th November 2007 FSA fines two firms and bans a third for sub-prime failings The Financial Services Authority (FSA) has penalised three firms found failing to meet its requirements during its sub-prime investigations published in July. All three had inadequate mortgage sales and advice procedures which exposed their customers... |
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16th November 2007 FSA fines Toronto Dominion Bank (London branch) GBP490,000 for systems and controls failings and bans Mr Simon Richard Brignall from carrying out regulated activities The Financial Services Authority (FSA) has fined Toronto Dominion Bank (London branch) (TD Bank) GBP490,000 for systems and controls failings in relation to one of its trading books. These failings occurred from the beginning of 2005 until 9 March 20... |
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14th November 2007 FSA update on funds of alternative investment funds The Financial Services Authority (FSA) today issued an update on its proposals to allow UK retail consumers to invest in funds of hedge funds and other alternative investments sold by firms authorised in the UK. The FSA had planned to issue a polic... |
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13th November 2007 Reformed funding model for Financial Services Compensation Scheme to operate from next year The Financial Services Authority (FSA) today confirmed the future funding arrangements for the Financial Services Compensation Scheme (FSCS) which will operate from 1 April 2008. The new funding system will: considerably increase the funding ava... |
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12th November 2007 FSA proposes greater disclosure of 'Contracts for Difference' The Financial Services Authority (FSA) has today published a consultation paper proposing greater disclosure of significant 'economic interests' in a company's shares held through derivatives such as Contracts for Difference (CfDs). The consultation... |
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6th November 2007 Financial Services Authority calls for renewed energy to deliver Treating Customers Fairly The pace of progress must increase if firms are to meet next year's deadlines, according to the latest report from the Financial Services Authority (FSA). Launched today at the FSA's third Treating Customers Fairly (TCF) Conference, the report, 'Tr... |
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2nd November 2007 Two men arrested in FSA's first criminal investigation on boiler rooms The Financial Services Authority (FSA), assisted by four police forces, on Wednesday 31 October 2007 arrested two men in connection with an investigation into "Universal Management Services" (UMS) which it believes has been helping illegal overseas b... |
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1st November 2007 FSA's new investment rules come into force The Financial Services Authority's (FSA) new and radically simplified regime for the conduct of investment business - the Conduct of Business Sourcebook (COBS) - comes into force today. Reform of the FSA's investment rules has been a fla... |
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31st October 2007 FSA fines stockbroker for poor risk warnings and advice The Financial Services Authority (FSA) has today fined Wills & Co Stockbrokers Limited (Wills & Co) GBP49,000 for failing to ensure that its customers understood the risks involved with penny shares, and for being unclear, unfair and misleadi... |
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18th October 2007 FSA fines mortgage firm for lifetime mortgage selling failures The Financial Services Authority (FSA) has fined The Minel Group Limited (Minel) GBP10,500 for exposing consumers to the risk of being sold an unsuitable equity release (lifetime) mortgage. In addition, Minel, based in Newcastle Upon Tyne, has to r... |
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5th October 2007 Eligible Assets Directive implementation provides clarification for UCITS managers The Financial Services Authority (FSA) today set out proposals to implement the EU Eligible Assets Directive (EAD) and the related Committee of European Securities Regulators (CESR) guidelines for operators of Undertakings for Collective Investments ... |
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3rd October 2007 Chris Pond appointed as Director of Financial Capability for the FSA The Financial Services Authority (FSA) has appointed Chris Pond, currently Chief Executive for the National Council of One Parent Families, as Director of Financial Capability. This is a new position within the FSA and reflects the growing importance... |
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2nd October 2007 New measures to help small firms from FSA The Financial Services Authority (FSA) today announced it is introducing new measures to increase its contact with small firms. The aim is to help firms make faster progress in meeting the FSA's Treating Customers Fairly (TCF) initiative and to ident... |
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1st October 2007 Compensation Scheme to cover 100% of depositors' claims up to GBP35,000 The Financial Services Authority (FSA) has increased the limit of Financial Service Compensation Scheme (FSCS) cover for deposits to 100% of the first GBP35,000 of each depositor's claim. This increase applies from 1 October 2007. The previous compe... |
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28th September 2007 FSA launches a more principles-based regime for unit-linked investments Important changes which will allow life insurance companies to invest in a wider range of unit-linked assets will come into effect next month. The current Financial Services Authority (FSA) 'Permitted Links' rules, which govern which assets the GBP7... |
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27th September 2007 FSA tells firms to ensure proper management of with-profits funds In a letter sent to with-profits insurers, the Financial Services Authority (FSA) has reinforced the need for firms to ensure that they treat policyholders fairly. The letter follows reviews of two aspects of the management of with-profits funds whic... |
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26th September 2007 FSA publishes latest findings on PPI The Financial Services Authority (FSA) has today published the findings of its latest review of Payment Protection Insurance (PPI) selling standards. They show improvements in some areas, but also that many firms are still failing to treat their cust... |
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25th September 2007 FSA shuts down UK based firms for assisting boiler rooms Two UK based firms, Chesteroak Limited (Chesteroak) and Bingen Investments Limited (Bingen), incorporated in Gibraltar, have been placed into compulsory liquidation by the High Court for assisting boiler rooms. The boiler rooms were unlawfully prom... |
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12th September 2007 University freshers should be smart about their money and get a check up with their university money doctor With thousands of young people preparing to leave home for the first time to attend university, the Financial Services Authority (FSA) has assembled five key pieces of financial information that no young person should be without. Shop around - to... |
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6th September 2007 FSA fines mortgage firm and its chief executive for re-mortgage and PPI selling failures The Financial Services Authority (FSA) has fined Hadenglen Home Finance Plc (Hadenglen) GBP133,000, and its chief executive GBP49,000, for inadequate systems and controls when recommending re-mortgages and Payment Protection Insurance (PPI) to custom... |
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4th September 2007 Industry Guidance key role in Principles-Based Regulation The Financial Services Authority's (FSA) new framework for recognising Industry Guidance comes into effect today - an important step in the move towards Principles-Based Regulation. Trade associations, professional bodies and firms will be able to s... |
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3rd September 2007 New term for FSA's Independent Complaints Commissioner Sir Anthony Holland has been reappointed as the Independent Complaints Commissioner for the Financial Services Authority (FSA) for a second term, beginning on 3 September 2007. Operating independently, the Complaints Commissioner is responsible for... |
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3rd September 2007 Mortgage broker fined for financial promotion and sales-related failings The Financial Services Authority (FSA) has fined Select Mortgage Services (Select) GBP10,500 for poor financial promotions, inadequate sales processes and inappropriate systems and controls to manage its business. A review by the FSA last year of f... |
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1st August 2007 Two firms fined, one censured for management failings on mortgage advice The Financial Services Authority (FSA) has taken action against three mortgage brokers for management failings discovered during its work last year on the quality of mortgage advice processes within firms. Lawrence Scoffield Mortgages Limited (LSML... |
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1st August 2007 Mortgage exit administration fees (MEAFs): an update The Financial Services Authority today updated on how mortgage lenders have responded to concerns that mortgage exit administration fees (MEAFs) have been increased unfairly. A Statement of Good Practice, issued by the FSA in January, highlighted th... |
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31st July 2007 FSA aims to streamline regulatory returns The Financial Services Authority (FSA) is proposing to make it easier for firms to complete both the Complaints Return and the Retail Mediation Activities Return (RMAR) by simplifying and shortening them. The volume of information that firms must re... |
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30th July 2007 FSA confirms decision to retain consumer protection measures in revised investment rules The Financial Services Authority (FSA) has today published a Policy Statement confirming that it will retain a number of specific consumer protection measures when its new rulebook for investment business - Conduct of Business Sourcebook (COBS)&... |
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27th July 2007 FSA grants waiver to firms on complaints handling The Financial Services Authority (FSA) today (Friday 27 July) issued a 'waiver' from its complaints handling rules that apply to unauthorised overdraft charges complaints. This follows the decision by the Office of Fair Trading (OFT) and some firms t... |
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27th July 2007 New FSA Training and Competence regime will be simpler and more principles-based The Financial Services Authority (FSA) today confirmed the introduction of a more outcome-focused and flexible Training and Competence (T & C) regime - including a new, shorter, simpler and more principles-based T & C Sourcebook. Dan Waters... |
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26th July 2007 FSA issues latest publications to support delivery of TCF initiative: Culture and Management Information The Financial Services Authority (FSA) has today issued its latest publications to support the delivery of the Treating Customers Fairly (TCF) initiative, which continues to be a key priority for the FSA's work in the retail market. The first publi... |
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26th July 2007 Financial Services Authority confirms Portman Building Society merger with the Nationwide Building Society The Financial Services Authority today announced that it has confirmed the proposed transfer of the engagements of the Portman Building Society to the Nationwide Building Society. Copies of the FSA's written decision [PDF] are available on the FSA ... |
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16th July 2007 FSA issues Guidance on provider and distributor responsibilities The Financial Services Authority (FSA) has today published Guidance on the responsibilities of providers and distributors of product and services for the fair treatment of customers. The Guidance arises from the FSA's Treating Customers Fairly initi... |
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13th July 2007 Hector Sants appointed FSA chief executive Hector Sants has been appointed chief executive of the Financial Services Authority (FSA). He will take up the post on 20 July 2007, succeeding John Tiner who steps down at the Annual Public Meeting on 19 July.Hector Sants is currently managing direc... |
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12th July 2007 Firms agree to change the way they sell PPI over the internet Major finance firms have agreed to change the way they sell payment protection insurance (PPI) over the internet, following action by the Financial Services Authority (FSA). Firms were offering loans on their websites where PPI was automatically incl... |
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12th July 2007 Financial Services Compensation Scheme Board Appointment The Financial Services Authority (FSA) has appointed Max Taylor as a non-executive Director of the Financial Services Compensation Scheme effective from 1 September 2007.Max Taylor is deputy chairman of Insurance Broker Aon UK, and Executive Director... |
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5th July 2007 FSA publishes a review of Personal Investment Firms' Prudential Requirements The Financial Services Authority (FSA) has today published a Discussion Paper (DP) reviewing the prudential requirements for Personal Investment Firms (PIFs). The paper discusses options for changing these rules in order to help reduce the impact of ... |
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5th July 2007 FSA launches discussion on oversight of trading in MTF shares The Financial Services Authority (FSA) has today published a discussion paper that considers the potential issues raised for the FSA's oversight of markets for multilateral trading facility (MTF) shares. This is as a result of the proposed modernisat... |
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4th July 2007 FSA finds poor practice by intermediaries and lenders within sub-prime market The Financial Services Authority (FSA) today published its latest review of the behaviour of intermediaries and lenders within the sub-prime mortgage market, which services consumers with impaired credit histories. It has found weaknesses in responsi... |
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2nd July 2007 FSA publishes conclusions of M&A inside information review The Financial Services Authority (FSA) has today published the results of its review of controls over inside information in relation to public takeovers and sets out its next steps. The results are contained in the newsletter MarketWatch 21. The rev... |
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29th June 2007 FSA sets out a principles-based future for general insurance regulation The Financial Services Authority (FSA) today published a consultation paper proposing to radically reform the rules firms need to follow in carrying out general insurance business with their customers. A differentiated approach to insurance conduct o... |
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29th June 2007 FSA publishes feedback and further consultation on Listing Review for Investment Entities The Financial Services Authority (FSA) has today published a combined consultation and feedback paper, CP07/12, on the Investment Entities Listing Review. The FSA announced in April its intention to proceed on the basis of a unitary listing regime f... |
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21st June 2007 FSA publishes Annual Report for 2006/07 The Financial Services Authority (FSA) today published its Annual Report for the year 2006/07. The report details how the FSA has delivered outcomes for both firms and consumers throughout the year under the three headings which cover all of the FSA... |
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20th June 2007 FSA appoints new Director of Retail Firms Division The Financial Services Authority (FSA) has appointed Sheila Nicoll, currently Deputy Chief Executive of the Investment Management Association (IMA), as its new Director of the Retail Firms Division. Sheila, who will take up her post in September, ha... |
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20th June 2007 FSA begins recruitment drive for university Money Doctors From tuition fees to loans and credit, students face more financial responsibilities today than ever before - but for many students, university will probably the first time they will have handled their own finances. In recognition of this, the... |
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11th June 2007 FSA publishes feedback on private equity risks The Financial Services Authority (FSA) has today published its feedback to Discussion Paper 06/6 Private Equity: A discussion of risk and regulatory engagement, which examined the impact that growth and development in the private equity market has on... |
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11th June 2007 FSA fines adviser firm 42,000 GBP for management and complaints handling failings The Financial Services Authority (FSA) has fined Kilminster Financial Management Limited (Kilminster), a network of Independent Financial Advisers, 42,000 GBP for management and complaints handling failings from 1 January 2004 to 23 August 2006.... |
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7th June 2007 FSA bans illegal insurer from management for life The Financial Services Authority (FSA) has banned David William King from managing, controlling or having significant influence over any person or companies allowed to carry out FSA regulated activities. The FSA took this action against Mr King bec... |
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31st May 2007 New investment business rules mark significant move to principles-based regulation The Financial Services Authority (FSA) today published a Policy Statement that will lead to a radical simplification of the rules firms need to follow in carrying out investment business with their customers. The reform of the Conduct of Business ru... |
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31st May 2007 FSA publishes final regulatory fees and levies for 2007/08 The Financial Services Authority (FSA) today published the final FSA fees and Financial Ombudsman Service (FOS) levies for regulated firms for 2007/08. The FSA has finalised fee rates for 2007/08 at levels that, for most firms, are lower than those ... |
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23rd May 2007 Portman and Nationwide Building Societies: merger confirmation hearing The Financial Services Authority (FSA) today announced the arrangements for the hearing of the proposed transfer of the engagements of Portman Building Society to Nationwide Building Society. The confirmation hearing will be held at The Norfolk Roy... |
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22nd May 2007 FSA finds significant improvement in home and motor insurance press advertising The Financial Services Authority (FSA) today announced the outcome of its review of the use of savings claims in general insurance press advertising, which has found a significant improvement in standards since it raised concerns in January 2007. T... |
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22nd May 2007 FSA tells small retail firms they are on the regulatory radar The Financial Services Authority (FSA) today dismissed the 'folklore' that small retail firms are under the regulatory radar. Speaking at a conference for financial advisers, Stephen Bland, Director of Small Firms, warned that a misconception that ... |
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21st May 2007 FSA concludes split capital investment trust investigation The FSA has been conducting an investigation into the activities of certain fund managers and brokers in the split capital investment trust sector between September 2000 and February 2002. The FSA has now resolved and discontinued its investigation... |
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17th May 2007 FSA expects firms to do more to treat consumers with life insurance products fairly The Financial Services Authority (FSA) has today published an insurance sector briefing on thematic work which suggests that some advisers are not providing sufficient ongoing advice for with-profits policyholders. It also shows that after-sales comm... |
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16th May 2007 FSA confirms Industry Guidance on outsourcing The Financial Services Authority (FSA) today confirmed that its supervision of outsourcing by firms will in future take account of industry guidance which has been issued by MiFID Connect. This is the first guidance developed by industry which the ... |
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15th May 2007 FSA fines Charterhouse 122,500 GBP for unauthorised portfolio management The Financial Services Authority has fined Charterhouse Consulting Wealth Management Limited ("Charterhouse") 122,500 GBP for carrying out discretionary portfolio management without permission and for various conduct of business failings. Char... |
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10th May 2007 FSA fines BNPP Private Bank 350,000 GBP for weak anti-fraud controls The Financial Services Authority (FSA) has today fined BNP Paribas Private Bank (BNPP Private Bank) 350,000 GBP for weaknesses in its systems and controls which allowed a senior employee to fraudulently transfer 1.4 million GBP out of clien... |
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9th May 2007 Contracting out of SERPS/S2P: FSA finds no widespread mis-selling The Financial Services Authority (FSA) has concluded its investigation into the sales of policies used to contract out of the State Second Pension (S2P), previously known as the State Earnings Related Pension Scheme (SERPS), and found no evidence of ... |
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8th May 2007 FSA announces progress made on TCF and sets further deadline The Financial Services Authority (FSA) today reported an increase in commitment by senior management to the principle of Treating Customers Fairly (TCF) but warned firms who have failed to engage that they face tough action. To ensure rapid engagem... |
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1st May 2007 FSA prohibition action following failings in connection with pension transfers The Financial Services Authority (FSA) today prohibited Ivan and Valerie Richards from performing certain controlled functions related to regulated activities. The case relates to advice provided by Alexanders, an independent financial advice compan... |
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26th April 2007 Retail distribution review: Conference will update on progress The Financial Services Authority (FSA) will set out the key issues for discussion on its major review of the retail distribution market at a conference on 27 June 2007. The Retail Distribution Review, launched in June 2006, involves the FSA, indust... |
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25th April 2007 FSA tells firms to improve general insurance sales standards when cold calling The Financial Services Authority (FSA) today said firms must improve the standards of cold calling when selling general insurance over the telephone to ensure they are treating their customers fairly. The FSA reviewed a sample of 43 firms to look at... |
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23rd April 2007 FSA sets out future of regulation The Financial Services Authority (FSA) today published a paper setting out its current thinking on its move towards a more-principles-based regulatory regime. The paper, entitled 'Principles-based Regulation - Focusing on the Outcomes that Matter', a... |
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19th April 2007 FSA fines Sesame 330,000 GBP for SCARPs complaints handling failures The Financial Services Authority (FSA) has fined Sesame Limited (Sesame) 330,000 GBP for failing to treat its customers fairly by not handling complaints concerning Structured Capital At Risk Products (SCARPs) adequately. The problems with Ses... |
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17th April 2007 FSA finds many small firms that employ compliance consultants are not acting on the advice they are given Small firms using compliance consultants should act on the advice they are given if it would help them comply with their regulatory requirements, the Financial Services Authority (FSA) said today. The financial regulator carried out work in late 200... |
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13th April 2007 FSA maintains a tough stance with small firms on minimum standards The Financial Services Authority (FSA) said today that it had maintained a tough stance towards small firms that failed to meet its minimum standards in 2006/07. The FSA has minimum requirements or threshold conditions that all firms must fulfil in o... |
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12th April 2007 FSA fines former finance director 30,000 GBP for principles breaches The Financial Services Authority (FSA) has fined Mr David Whistance, the former Finance Director of W Deb MVL Plc (WDM), 30,000 GBP for breaches of FSA Principles by failing to exercise due skill, care and diligence in carrying out his role and ... |
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11th April 2007 Financial Ombudsman Service funding arrangements: Feedback Statement The Financial Services Authority (FSA) and the Financial Ombudsman Service have today published a Feedback Statement describing responses to the discussion initiated last year about how the costs of funding the ombudsman service's compulsory jurisdic... |
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11th April 2007 FSA bans insurance broker for management failings The Financial Services Authority (FSA) has prohibited Alan Dennis Garlick, Director of Chapel Finance Limited (Chapel), from carrying out regulated activities for management failures and a lack of skill, care and diligence.The FSA found that Mr Garli... |
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10th April 2007 Mortgage Effectiveness Review: focusing on higher risk areas The Financial Services Authority announced today that the second stage of its review of the effectiveness of its mortgage regime will focus on areas where the risk of consumer detriment may be higher, such as sub-prime and lifetime mortgages. It wi... |
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5th April 2007 All systems go for new home finance regulation From tomorrow (6 April) the Financial Services Authority is introducing new protections in the housing market. Older consumers wanting to release equity in their homes through a Home Reversion Plan (HR) will enjoy these protections as will consumers ... |
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4th April 2007 FSA updates on investment entities listing rules The Financial Services Authority (FSA) has today published an update on the investment entities listing review. In response to the feedback received to CP06/21 - Investment Entities Listing Review the FSA will consult on the introduction of a single ... |
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29th March 2007 Consumers to benefit from PPI refunds agreement Consumers who have bought payment protection insurance (PPI) with a single premium will benefit from a series of measures relating to the fairness and transparency of refunds agreed between the Financial Services Authority and the PPI industry. Cliv... |
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29th March 2007 Solicitors made bankrupt for assisting boiler room A solicitor, Adrian Sam has been made bankrupt by the Financial Services Authority (FSA) because his previous law firm, Adrian Sam & Co (ASC), assisted an illegal overseas boiler room. This follows the FSA's attempts to enforce a High Court rul... |
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28th March 2007 FSA frees up rules for unit-linked investments The Financial Services Authority today sets out proposed changes to its 'Permitted Links' rules that govern which assets the 650 billion GBP unit-linked insurance sector can invest in. The current Permitted Links rules have been in place for 13... |
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28th March 2007 FSA announces funding for three development workers for the Scottish Centre for Financial Education The Financial Services Authority (FSA) has announced funding for three new positions within the Scottish Centre for Financial Education (SCFE), which is part of Learning and Teaching Scotland, to help develop financial education resources to meet the... |
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27th March 2007 Wider access for retail customers to alternative investments The Financial Services Authority (FSA) today set out proposals that would allow UK retail consumers to invest in funds of hedge funds and other alternative investments sold by firms authorised in the UK. Retail investors here are already able to ge... |
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26th March 2007 Lone parent, carer and elderly groups to benefit from FSA's Innovation Fund Lone parents, carers and the elderly are just some of the groups that will benefit from the latest round of funding being awarded by the Financial Services Authority (FSA) to help people become more financially capable. The 200,000 GBP Innovat... |
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26th March 2007 FSA publishes review of the commodities market The Financial Services Authority (FSA) has today published a paper which examines the recent growth in investment in commodity markets. The paper, 'Growth in Commodity Investment: risks and challenges posed for commodity market participants', conclud... |
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21st March 2007 FSA moves towards a more principles-based and proportionate approach to general insurance regulation An interim report published today by the Financial Services Authority demonstrates that consumer experiences and risk of detriment vary substantially across the various markets for general insurance products. The FSA has decided, therefore, to consid... |
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20th March 2007 FSA sets out reforms to funding of Compensation Scheme The Financial Services Authority (FSA) today set out proposals to reform the funding of the Financial Services Compensation Scheme (FSCS). The reforms are designed to create a funding system that will: be more robust and sustainable than the pres... |
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20th March 2007 FSA fines analyst for market misconduct The Financial Services Authority (FSA) has today fined Roberto Casoni, a former equities analyst, 52,500 GBP for failing to observe proper standards of market conduct while carrying out his role as an Approved Person. This was in breach of Princ... |
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14th March 2007 FSA supports IOSCO Principles for the valuation of Hedge Fund Portfolios The Financial Services Authority (FSA) has today supported the paper released by IOSCO on the valuation principles that should be used by hedge funds in valuing their investment portfolios.Dan Waters, FSA Asset Management Sector Leader and Chair of t... |
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13th March 2007 FSA tells general insurance intermediaries no excuse for failing to protect client money The Financial Services Authority (FSA) said today that general insurance intermediaries holding client money have no excuse for failing to protect it adequately after recent work found that those who used its new Client Money Guide showed a marked im... |
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12th March 2007 FSA launches 2 million GBP campaign to help consumers get a grip on insurance The Financial Services Authority (FSA) has launched a 2m GBP campaign, reaching across radio, newspapers and websites, to help consumers feel more capable and confident about buying insurance. The FSA conducted a survey to assess consumers' und... |
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7th March 2007 FSA publishes updated measure of UK market cleanliness The Financial Services Authority (FSA) is today publishing the results of its latest work to measure the cleanliness of UK financial markets OP25 - Updated Measurement of Market Cleanliness. The recent exercise extended the period examined to in... |
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6th March 2007 FSA tackles financial crime in the insurance industry Under the new system insurance firms and intermediaries are being called on to inform the FSA when they suspect criminal behaviour, so that the FSA can decide whether to investigate further. This may arise when an insurer terminates an agency agreeme... |
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28th February 2007 FSA simplifies training and competence rules for retail business The Financial Services Authority today set out proposals for a shorter and more outcome-focused Training and Competence (T&C) Sourcebook that will apply only to retail firms and business. This is part of the FSA's drive to simplify and streamline... |
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27th February 2007 FSA acts to stop UK firm from assisting overseas boiler rooms The High Court has placed The Inertia Partnership LLP (Inertia) into compulsory liquidation after the East Sussex-based company assisted boiler rooms which were unlawfully promoting and selling shares to UK consumers. The order was made against the c... |
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26th February 2007 FSA imposes a public censure on Cathedral Motor Company Limited The Financial Services Authority has today imposed a public censure on Cathedral Motor Company Limited (Cathedral) for failures relating to its sale of Payment Protection Insurance (PPI) in connection with vehicle finance agreements.Cathedral is a fr... |
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26th February 2007 Almost 70% of people shop around to get the best deals on new gadgets. But only 43% bother to compare deals on life insurance New figures published today show that people are savvier when shopping for home gadgets than they are when searching for life insurance to protect their families. During research to devise a checklist of five questions to help people when shopping fo... |
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23rd February 2007 1 million GBP a year saving for firms in Approved Persons simplification The Financial Services Authority (FSA) today confirmed it will merge the customer functions in its Approved Persons regime into a new single category, following strong support from the industry for the proposal. The change eliminates the need for fir... |
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22nd February 2007 FSA fines investment firm 14,000 GBP for 'income withdrawal' failings The Financial Services Authority (FSA) has fined Regency Investment Services (Regency) 14,000 GBP for not obtaining enough personal and financial information from customers with small pension pots before advising them on income withdrawal. Incom... |