Hector Sants was head of the FSA from 2007; he announced his resignation in March 2010 before being persuaded to stay on by Chancellor George Osborne; he quit in June 2012; in 2013's New Year's Honours List he was knighted for services to financial services and regulation.
Two senior managers of Gracechurch Investments have been banned by the FSA after the firm put pressure on its clients to invest in small caps.
Advisers will be forced to write to all investors who were put in the CF Arch cru Investment and Diversified Funds to ask if they would like their case reviewed under a new redress scheme detailed today by the FSA.
The FSA has warned asset managers about outsourcing operational activities to external service providers such as international banks.
The FSA has proposed new rules and regulations for financial benchmarks in the wake of the Libor scandal which ripped through financial markets in late July.
The IMA has expressed concerns about the FSA’s plans to include risk-related information in certain funds' literature, arguing it would not cover all relevant investment products available in the UK.
The regulator is consulting on options for a new approach to be taken by the Financial Conduct Authority (FCA) which could involve the temporary banning of products without a prior consultation.
More than one-third of advisers do not believe their clients understand how they will be paying for their service next year, while a further 29% require help in explaining the impact of RDR, according to Defaqto.
Research by the FSA suggests advisers will not dump their mass-market clients after the retail distribution review (RDR) is implemented next year.
The FSA has issued the first of two consultation papers on the implementation of the EU-driven Alternative Investment Fund Managers Directive (AIFMD) in the UK.
The hefty fine handed down to Ashcourt Rowan in the wake of an FSA Section 166 order should serve as a reminder to the wealth management sector that the new kids on the block mean business.
Ashcourt Rowan has today announced its wholly-owned subsidiary Savoy Investment Management has been fined £412,000 by the FSA for regulatory failings.
