Pru tops UK list of complained about life firms
Life assurance firm Prudential is the most complained about company in the life and pensions sector, according to the latest data from the Financial Conduct Authority.
FCA
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FCA fines former Keydata exec £350,000
Former Keydata Investment Services finance director Craig McNeil has been fined £350,000 and banned from performing any role of “significant influence” relating to life settlement bond sales that took place six years ago.
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FCA ban for Catalyst director rejected by Tribunal
The Upper Tribunal has rejected an FCA ban of a Catalyst director relating to the promotion of unlicensed Luxembourg-issued ‘death bonds’.
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IFAs at risk of hefty costs without robust complaints system
Financial advisers could be faced with large costs if they fail to adopt a holistic system for handling complaints before next year’s reform, industry players have warned.
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Failed pension transfers rising due to IFA ignorance
The number of pension transfers being rejected by providers is increasing as financial advisers are unaware of the permissions they need to authorise transactions, according to a retirement planning specialist.
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Friends Life and Aviva merger probed by FCA
The Financial Conduct Authority is investigating unusual increases in share price prior to Aviva’s merger with Friends Life, according to reports.
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FCA publishes conduct rules for overseas banks and Solvency II firms
The FCA has published rules on how it will apply its accountability regime – aimed at improving professional banking standards – to overseas banks and Solvency II firms operating in the UK.
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SFO seeks more evidence for final stages of Harlequin probe
Investors into troubled overseas property company Harlequin have been asked to come forward and give evidence to assist the Serious Fraud Office in the final stages of its criminal investigation.
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FCA rules out MiFID II face-to-face client recording requirement
Advisers will not be required to tape face-to-face meetings with clients when the Markets in Financial Directive II (MiFID II) is introduced in January 2017, the Financial Conduct Authority has confirmed.
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Most IFAs tweak business models ahead of ‘sunset’ deadline
The majority of UK-based advisory firms receive most of their recurring revenue from fees, a sure sign that many have made significant changes to their business models in the run up to next year’s ‘sunset’ deadline.
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FCA appoints two following chief exec sacking
The Financial Conduct Authority (FCA) has announced two senior appointments as part of an ongoing reshuffle following the sacking of its chief executive Martin Wheatley.
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FCA issues guidance for firms to prevent product mis-selling
Advisory firms should not “rule by fear” and put undue pressure on staff if they underperform against sales targets, the Financial Conduct Authority has said in new guidance issued on Monday.