FOS

Regulatory News for Financal advisers and Paraplanners - FCA + FOS = PI Problem

The Health Monitor on my mobile is currently in raptures. It seems I am hitting my steps target every day, but this is not due to a sudden desire to be fit. It is the fall out from the FOS’s barking idea to increase its maximum pay out to £350,000 and the resulting problems with PI insurance. As a result, I am on a perpetual London tour and it’s taking its toll, especially on my knees. more...

Regulatory update for Financial Advisers & Paraplanners - The new FOS limit is an abuse of power

The increase in the FOS limit is a profound abuse of power In December, the FCA issued a consultation paper CP18-11 in which they proposed to expand their upper limit from £150,000 to £350,000. In Libertatem’s response to the consultation paper which was personally delivered to the FCA, it was suggested that instead of raising the limit, the FOS should instead reduce the amount to £25,000. more...

Regulatory comment for Financial Advisers and Paraplanners - Who pays for this? Answer, regulated firms do.

FOS complaints about SIPP’s have almost doubled in numbers over the past 12 months. more...

FOS Survey for financial advisers - Do you believe the FOS help complainants create a complaint where none existed?

This is just one of 15 questions in our current FOS survey. The current ‘score on the doors’ is that 72% reckon the above statement is true. Very worrying indeed, but it is some comments added, beyond a simple yes or no over the last week that should really start ringing bells with the FOS. more...

Better Business for Financial Advisers and Paraplanners - What’s your duty of care on past advice?

Alan Hughes, a partner at Foot Anstey, explains how a recent High Court case, Denning v Greenhalgh Financial Services Limited, has provided some useful guidance on the scope of retainers and how this may impact on the duties an adviser may owe in respect of advice given to a client by a previous firm. more...

Regulation opinion for Financial Advisers and Paraplanners - Firms do not need to turn away insistent clients

In June 2015 the FCA released Factsheet 035 for advisers, setting out its views on pension reforms and insistent clients. This was prompted by the pension freedoms legislation. The issue has been in the news again as the FCA embarks on another suitability review, asking firms for a significant amount of information including data on insistent client cases. more...

Regulatory update for Financial Advisers and Paraplanners - Being a cynic means never having to be disappointed (apologies to Love Story)

The sagacity of operating this mindset was further ratified upon reading the FAMR Final Report. The aspect that most interested me was how the panel dignitaries, comprised mainly of theorists, would deal with the issue of the 15-year longstop. more...

Panacea Survey for Advisers and Paraplanners - Surely still not Pete Tong at the FOS?

The Financial Advice Market Review (FAMR), just published, says that The Financial Ombudsman Service (FOS) “has a crucial role in ensuring redress for consumers, and building confidence in the financial services sector, providing a quicker, easier alternative to the courts”. more...

Panacea Survey for Advisers and Paraplanners - Something rotten going on?

Our FOS 2016 survey is showing some alarming results and even more alarming comments. more...

On-Line Magazine for Financial Advisers and Paraplanners - Scottish Widows Techtalk

Our technical magazine for financial advisers Techtalk is our free online magazine which is written by our technical experts3 and provides technically relevant, up-to-date information. The key rationale of techtalk, and indeed one of the reasons it is so popular amongst financial advisers, is the non-sales, non-promotional approach of the articles. The overall theme is to anticipate, interpret and forecast key industry changes and regulation. more...

Panacea comment for Financial advisers - Under every stone lurks a politician. Aristophanes

The 28th October was an interesting day, and it was the day that I realised that politicians could not care less for anyone, let alone financial advisers. As the late Max Bygraves said, “I wanna tell you a story.” more...

Panacea Comment - Still ‘Pete Tong’ at the FOS?

From the 7th July to 12th August this year, we conducted a survey amongst financial advisers asking them for their experiences of the Financial Ombudsman Service, its perceived fairness and how the overall complaint system could be amended in order to deliver greater efficiencies and fairness. more...

Regulation comment for financial advisers - The Financial Ombudsman Service – Tips of the Trade

Earlier this month the Financial Ombudsman Service (FOS) announced that Natalie Ceeney would be stepping down as Chief Ombudsman. more...

Regulatory comment for financial advisers - Gertcha, cowson, gertcha

It’s called the tipping point. Individually and as an industry we all have one, it’s the point when enough is enough and action has to be taken. more...

Regulation comment for financial advisers - TrailTube- the movie, your movie in fact

With nearly 800 community members so far telling us that the removal of trail will have a catastrophic effect on their business, we feel a sense of duty calls to make sure the concerns of so many are heard…… and hopefully acted upon. more...

Regulation comment for financial advisers - Regulatory & Investment Change

2013 is a year of major regulatory change for the wealth management, retail fund management and the advisory sectors. The investment landscape is proving more positive but still fragile, but how are the clients responding to these challenges? more...

Regulatory comment for financial advisers - Named and shamed

Listening to recent reports, we hear that unless surgeons and consultants make public the ‘death rate’ results of their labours, they will be named and shamed. more...

FOS urges

It is not often that one could say that the FOS has assumed a high moral ground position but this may be just one of those occasions if not an actual regulatory landmark. more...

Longstop - Longstop and enforcing the law

Do you remember the story of Deborah Hunt? She is the (now former) financial adviser who last July drove the wrong way up the M5 without insurance but with twice the legal maximum level of alcohol in her blood. more...

Introduction of the Key Investor Information Documents - Standard Life Investments Introduction of the Key Investor Information Documents

The KIID is a pre-contractual information document which will replace the Simplified Prospectus in the EU from 1st of July 2012 and have a direct impact on intermediaries, clients, financial advisor professionals and also asset managers. more...

Now I suspect this may just make you feel a little cross. - Situation vacant. Engagement Champion at the FOS- a job for you?

Now I suspect this may just make you feel a little cross. The FOS are looking to spend your money on recruiting a person with: Enthusiasm, imagination and energy to get people clicking? We’re looking for an engagement champion who understands exactly what to do to make our people click. Someone who ... more...

FOS- fact or fiction?

IFA Paolo Standerwick has been engaged in a one-man fight with the FOS over receiving what he sees as unfair treatment relating to a complaint made against his firm. more...

What His Honour Judge Bidder QC said about the Longstop

For those of you who have read about the recent judgement handed down by Judge Bidder, you may be interested in reading the transcript. more...

IFA letter of the week: Adviser Alliance

The lack of a 15 year longstop has caused concern for some considerable time more...

Schroders: Solutions in a post RDR environment

There is currently a fierce debate on how much investment products should cost. With the Retail Distribution Review (RDR) around the corner, established fund managers have started slashing their fees and many are planning to bring new low-cost funds to the market, or have already done so. more...

Barristers launch service advising on financial services law and regulation

Two barristers have joined forces to offer a special legal advice service to IFAs, individuals and businesses in the financial services industry. Peter Hamilton and Alison Potter, both with Chambers at 4 Pump Court in the Temple, are barristers who have specialised in the law and regulation of financial services. more...

Stupid is as stupid does?

We hear, with a mixture of sadness and Schadenfreude that the EU, in its Mifid 2 reforms proposals, could be about to overturn the RDR ban on the payment of commissions. more...

IFAs would be a lot more worse off?

Putting to one side the ‘gramatics’ I was quite taken aback by this statement as it would imply that IFAs are already at the “worse off” starting block under the investigative eye of the FOS. On what quantative scale “a lot MORE worse off” is found, is unknown but clearly not good news. more...

Extended Warranty insurance- the next miss-selling scandal?

Regulation, despite its many failings, exists to protect consumers from the effects of bad advice, miss-selling of unsuitable products and sometimes even miss-buying. more...

IFA letter of the week: Something Is Rotten in the State of Denmark!

The FSA is a member of the executive. The executive branch of government is the part of government that has responsibility for the daily administration of the state bureaucracy. more...

IFA Letter of the week

As Shadow Chancellor you have today accused the Government of choking off economic recovery and you are calling for VAT to be cut temporarily to boost spending. more...

Resources Compliance - Compliance Tip - July 2011

The FSA published CP11/10, their ‘Consumer Complaints’ consultation paper in May. This paper actually contains 'made' final rules relating to changes in the complaints handling (DISP) procedures and some associated matters more...

You couldn’t make it up, or could you? Claims management firms in the spotlight.

PanaceaIFA.Com finds itself in the strange situation of agreeing with the FOS and its Chief Ombudsman Natalie Ceeney regarding claims management firms. more...

You couldn’t make it up, or could you?

PanaceaIFA.Com finds itself in the strange situation of agreeing with the FOS and its Chief Ombudsman Natalie Ceeney regarding claims management firms. more...

Lansons: Regulatory Forum 13th July

We shall be considering the latest position on the Government’s proposal to reform the regulatory framework. more...

Yesterday’s news, tomorrow’s U turn?

So RDR is a little over 19 months away. There is growing concern about what consumer reaction will be to what has been done in their name by the FSA. There are only so many high net worth clients out there, what will happen to the mass market advice model, what will happen to the "orphan clients", will we see the return of the "Man from the Pru" and provider sales forces? more...

Yesterday’s news, tomorrow’s U turn?

So RDR is a little over 19 months away. There is growing concern about what consumer reaction will be to what has been done in their name by the FSA.. more...

FOS contractors paid on cases “closed”? “And the beat goes on, la de da de da”!!!

Tiner stated in his report that "after discussions with the FOS, they advised him that they "very rarely" exercise their discretion to look at cases beyond the existing 3 and 6 year time limits, let alone beyond 15 years ago and cases that are looked at are unlikely to exceed three figures each year. more...

FOS contractors paid on cases “closed”?

This week MM reported that FOS figures just released show that IFAs made up 1.5 per cent of 206,121 cases in 2010/11, around 3092 cases, compared to 2 per cent of 163,012 cases the previous year, around 3260.The FOS says IFA complaints were skewed upwards for 2010/11 due to a large number of complaints against one particular firm- Towry. A spokesman said Towry had worked hard to resolve the issue according to FT Adviser. more...

Data Protection and Retention of Data

One of the more unusual responses to the Panacea FOS survey was from a firm who was concerned that keeping client information indefinitely was arguably necessary given the lack of a 15 year longstop, but could be in breach of the Data Protection Act 1998 (DPA). more...

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