Regulation

The Financial Ombudsman Service (FOS) has warned that consumers are ignoring the risks around unregulated collective investment schemes (UCIS), even when they are spelled out by their advisers.

The Financial Services Authority (FSA) has banned a self-appointed insurance broking director from performing regulated functions after he "misled" the regulator and acted dishonestly.

The Financial Services Consumer Panel (FSCP) has urged the Money Advice Service (MAS) to expand its offerings and ‘push regulatory boundaries' in order to help to close the advice gap.

TEN TITBITS

HSBC has "postponed indefinitely" plans to move its headquarters from London to Hong Kong, its chief executive said.

The boss of a group of bio-fuel investment firms shut down by the Serious Fraud Office (SFO) has hit out at the administrators of the businesses for their conduct and activities.

The Upper Tribunal has upheld the Financial Services Authority's (FSA's) decision to ban and fine two former UBS advisers £1.3m in relation to an unauthorised trading scheme.

Skandia Investment Group (SIG) has warned fund management groups which have integrated risk-rated tools into existing multi-asset propositions they are in danger of ‘misleading' investors.

The FSA has said it is "very conscious" of the strength of feeling from financial advisers regarding the Financial Services Compensation Scheme (FCSC) levy in a written response to a recent petition from the FSCS Action Group.

The Ministry of Justice (MoJ) is meeting an IFA to hear his concerns over claims management companies (CMC) after he said they were unfairly targeting adviser firms.