FSA issue 7th RDR newsletter The FSA have issued their 7th RDR newsletter and the penultimate edition before RDR-day. In this edition the issues covered are:- the importance of holdint the right permissions templates for disclosure documents information about gap-fill requirements for structured products a reminder about our process for waivers to RDR requirements; and […]

FSA to stop promotion of fine wines, crops as investments The Financial Services Authority has widened its crackdown on unregulated investments in unusual assets such as fine wine, crops and timber, saying they should not be promoted to retail investors as compensation for mis-selling may not be available. The financial regulator published proposals on Wednesday […]

FSA proposes to ban the promotion of UCIS and similar products to ordinary retail investors 22 Aug 2012 The Financial Services Authority (FSA) has published proposals to ban the promotion of Unregulated Collective Investment Schemes (UCIS) and similar products to the vast majority of retail investors in the UK. The proposed rules mean that, in […]

FSA takes action against investment firm and compliance director – The FSA has issued a public censure on City Gate Money Managers Limited (City Gate) and banned its director and compliance officer Stewart Wallace Domke from holding any significant influence functions in the future over unauthorised pension transfers. Mr Domke was in breach of the […]

FSA toughens rules around centralised outsourcing tools – Financial Services Authority requires adviser firms to lay out costs and benefits to client in clear language – Firms looking to transfer a client’s investment into a centralised investment proposition must demonstrate not only why the new investment suits the client’s needs but also why it does […]

How TCF visit led to ban and fine for IFA over UCIS sales – What would have been an ordinary visit as part of the Financial Services Authority’s (FSA’s) Treating Customers Fairly (TCF) programme led to the latest enforcement action against an IFA for mis-selling unregulated collective investment schemes (UCIS). The FSA yesterday banned a […]

FSA fines adviser for unsuitable Ucis sales – The Financial Services Authority fines Patrick Francis O’Donnell of P3 Wealth Management £60,000 after adviser sold Ucis products he “did not understand”. Mr O’Donnell was fined for advising his clients to invest in unregulated collective investment schemes and other non-mainstream investments, when these products were clearly unsuitable. […]

Replacement business: Your guide to best practice – The FSA today identified the good and bad practices when it comes to replacement business. Although the findings came following a thematic review into the use of centralised investment propositions, it said its recommendations were relevant to all firms providing investment advice. The FSA said poor outcomes […]