Upcoming financial crime thematic review of asset managers – 23 Nov 2012 In a speech by Tracey McDermott, director of the Enforcement and Financial Crime Division at the Financial Services Authority (FSA), at the APCIMS Conference, firms were reminded that a thematic review of asset managers was about to begin. The thematic review will focus […]

Wealth management firm fined for failing to comply with COBS rules 15 Nov 2012 The FSA has fined Savoy Investment Management Limited (Savoy) £412,000 (including a 30 per cent settlement discount) for breaches of Principles 3 and 9 of the FSA’s Principles for Businesses and various rules in the FSA Conduct of Business Sourcebook. Savoy […]

FSA Fines Savoy Investment Management £412,000 15 Nov 2012 The Financial Services Authority (FSA) has fined Savoy Investment Management Limited (Savoy) £412,000 for failing to take reasonable care to ensure the suitability of the investment portfolios of its wealth management clientsSavoy allowed its investment managers a high degree of discretion to advise its wealth management […]

FSA reports on conflicts of interests between asset managers and their customers 13 Nov 2012 The FSA has published a report entitled “Conflicts of interest between asset managers and their customers: identifying and mitigating the risks”. Between June 2011 and February 2012 the FSA conducted thematic reviews of asset management firms, assessing their arrangements for […]

Updated Financial Services Authority (“FSA”) financial crime guide – The FSA has four statutory objectives as set out in the Financial Services and Markets Act 2000: 1.To maintain market confidence; 2.To contribute to the protection and enhancement of stability of the UK financial system; 3.Consumer protection; and 4.To reduce financial crime and the extent to […]

Financial advice and market downturns 06 Nov 2012 Rubenstein v HSBC Bank Plc [12.09.12] Court of Appeal overturns controversial High Court decision on causation in claim by consumer concerning negligent financial advice. In August 2005, Mr Rubenstein sought to invest the proceeds of the sale of his home while he searched for a new property. […]

Financial advisers: do you know the difference between execution only and advised sales? 06 Nov 2012 In the recent case of Rubenstein v HSBC, the High Court handed down valuable guidance as to the circumstances in which the giving of information about a financial investment can amount to the provision of investment advice (as opposed […]

06 Nov 2012 FSA bans another adviser over Ucis failings – Customers poured investments into unregulated schemes which were unlikely to be suitable for their needs. – The Financial Services Authority has banned Martin Rigney of Derbyshire-based advice firm Topps Rogers Financial Management and fined him £117,330 over failings in relation to unregulated collective investment […]