Couple lost £43k in 18 months on £700k investment as banking crisis emerged A judge has rejected a couple’s claim their adviser breached a continuing duty of care to them by failing to “correct” his original recommendation of a medium risk portfolio following the onset of the 2008 market crash. Judge Andrew Keyser QC ruled […]

The FCA has fined Chase de Vere Independent Financial Advisers Limited (Chase de Vere) £560,000 (including a 30 per cent settlement discount) for misselling Keydata products. Between 2005 and 2009, Chase de Vere’s advisers sold Keydata life settlement products to 2,806 customers who collectively invested £49.3 million. The FCA found that 139 customers invested a […]

Stonebridge International Insurance has been slapped with a £8.4m fine by the Financial Conduct Authority after issues were uncovered with the broker’s sales of accident insurance products. The FCA found that between April 2011 and December 2012, Stonebridge targeted low and middle income customers without college degrees or professional qualifications, with its personal accident, accidental […]

The Upper Tribunal (Tribunal) has upheld the decision of the Financial Conduct Authority (FCA) to fine Scottish firm Westwood Independent Financial Planners (Westwood) £100,000 for communications and suitability failings in relation to geared traded endowment policies (GTEPs). The judgment was issued by the Tribunal on 22 November 2013 after 9 days of hearing in April […]

Headlines across the financial press were dominated this morning by the news that Lloyds has been slapped with the regulator’s largest ever retail conduct fine of £28m in relation to venal incentive schemes that led to inappropriate customer sales. The devil in the detail shows just how insidious these incentives – which ranged from carrot […]

Capita Financial Managers has provided 1,600 names of investors for group litigation order. Advisers may be thrown an Arch Cru lifeline if Capita Financial Managers, Arch Cru’s former authorised corporate director, is found guilty of causing losses to investors as a result of a fresh £16m court claim being brought on behalf of 550 investors. […]

Basma Al Sulaiman v  (i) Credit Suisse Securities (Europe) Limited; and (ii) Plurimi Capital LLP [2013] EWHC 400 (Comm) http://www.bailii.org/ew/cases/EWHC/Comm/2013/400.html In a strongly worded judgment, the Commercial Court has dismissed a large misselling claim brought by an individual in connection with a number of investments she had made in structured notes on a leveraged basis.  […]