Regulation

A financial adviser is among 13 people charged in connection with allegations that they conspired to cheat HM Revenue & Customs (HMRC) out of £2.5m of tax via a complex film scheme designed for that purpose.

A former investment adviser has been fined £19,900 and banned by the Financial Conduct Authority (FCA) for fabricating his Statement of Professional Standing by using a template he found online.

Financial services industry players have voiced their frustrations about the regulator's lack of clarity in the direct to consumer (D2C) and simplified advice space, saying it is hampering innovation and preventing them from bridging the advice gap.

FSCS

Sesame advisers will no longer be able to recommend non-mainstream investment products under the firm's new restricted proposition, managing director Stephen Gazard has said.

SimplyBiz managing director Matt Timmins has joined the Association of Professional Financial Advisers (APFA) board.

Advisers have to probe clients with both ‘positive' and ‘negative' questions to meet the regulator's expectations about assessing attitude to risk, according to Zurich strategic partner specialist Andy Woollon.

The Financial Ombudsman Service (FOS) has said it will take into account good practice at the time an annuity was sold when judging complaints as it highlighted the variety of grievances it handles.

Mattioli Woods has reported an increase in both group revenues and profits as the effects of rule changes brought in following the Retail Distribution Review (RDR) boosted its wealth management division.

The Financial Services Compensation Scheme (FSCS) has started to process advice related claims regarding failed loan advice firm Welcome Financial Services Limited (WFSL).