Martin Wheatley, head of the UK FSAs Conduct Business Unit (CBU), has set out plans to tackle incentive schemes used by financial services firms, which he said are driving mis-selling and leading to consumers being sold more risky products.
The FSA has stepped up its review of wealth manager businesses with an initiative to judge the suitability of client outcomes and direct assessment of firms systems and controls.
The FSA has published proposals to ban the promotion of Unregulated Collective Investment Schemes (Ucis) to the vast majority of retail investors in the UK following a consultation on the products.
The FSA has fined Adrian Mark Mosley of Mosley & Company £10,500 and prohibited him from holding a significant influence function or acting as a sole trader.
The FSA has urged “all stakeholders” in the financial services sector to engage with its Financial Services Compensation Scheme (FSCS) funding review in order to produce a system that is as fair as possible.
As soon as banks and their regulators – both the FSA and the Bank of England – go back to doing their most basic functions the better off we will all be.
The FSA has contacted a number of advisory firms, as well as lawyers and accountants, which it believes may wish to revoke their permission to provide investment advice after the implementation of RDR.
Following the FSA’s investigation into ‘regulatory misbehaviour’ that resulting in the possibly illegal fixing of Libor, the SFO is to launhc its own criminal investigation.
As the maelstrom of bad news continues to overwhelm the banking sector the FSA has declared it has found serious failings in the sale of interest rate hedging products to some small businesses by Barclays, HSBC, Lloyds and RBS.
It is hardly surprising that in the 2011/12 annual report issued by the Financial Services Authority, outgoing-CEO Hector Sants pointed the finger any which way other than at himself.
The EEA Life Settlements Fund, which was forced to suspend trading in the aftermath of the Financial Services Authority’s branding of traded-life policies as “toxic”, has outlined three options it is preparing to offer investors when it reopens.
The FSA announced today that it has banned and fined an IFA £60,000 for advising clients to invest in a Ucis fund when unsuitable. It should be taken as a forewarning to the industry at large.
