Two firms that have been the subject of FCA warnings offer links to fake register that looks like the real thing. Unauthorised firms targeting UK consumers have devised a devious tactic to convince potential investors that they are fully authorised and regulated by providing a link to a fake version of the regulator’s online ‘register’ […]

FT columnist David Stevenson explains why financial advisers should be concerned by the threat from cyber criminals… I  am, by nature, a deeply cynical person. A few months back, I was asked to write a longish article about cyber crime for an important institution. Ever since I worked on Tomorrow’s World as a producer for […]

Axa Wealth Services (Axa) was today fined £1.8m for giving poor investment advice to elderly and inexperienced customers, even though only 82 people complained. So what went wrong? The Financial Conduct Authority (FCA) found in a review that poor investment advice at three regional branches of Axa’s bancassurance business led vulnerable investors to buy products […]

The Financial Conduct Authority (FCA) has fined Axa Wealth Services £1.8m for failing to ensure it gave suitable investment advice to its customers. The FCA said the firm’s failings put a “significant number” of customers at risk of buying unsuitable products. In addition to the fine, Axa has agreed to contact all customers who may […]

When is a non-advised sale legitimately not advice? There are two alternatives to advice: non-advised and execution-only. In theory it is nice and simple: if you make a recommendation, you are giving advice and must jump through all the relevant regulatory hoops this entails; if you do not make a recommendation and either just give […]

List of client questions and information on advice types published alongside RDR review last week. You are no doubt now fully conversant, dear reader, with the findings of the first Financial Conduct Authority thematic review into Retail Distribution Review compliance among advisers. In short: many of you that are independent are actually not making the […]

The Commission issued Position Paper No. 1 2011 (“Position Paper 1”) as its first step in relation to its work on the Review of Financial Advice (“RFA”). Position Paper No. 1 2013 (“Position Paper 2”) now sets out (without reasons) the position reached by the Commission as the result of this process. The reasons for […]

Before the Financial Conduct Authority (“FCA”) took over from the Financial Services Authority (“FSA”) earlier this year, the regulator had confirmed that the enforcement policy of “credible deterrence” (taking tough, targeted effective public enforcement action against misconduct as a way of changing market behaviour) would continue. The “credible deterrence” policy has underpinned the regulator’s approach […]