Regulation

The FSA's chairman, Lord Turner, has warned bankers radical changes in regulation are essential in order to avoid future crises.

The FSA has banned a compliance director at award-winning packager Chase UK Corporation for exposing his firm to fraudulent activity.

Hargreaves Lansdown says the biggest question for the firm resulting from the RDR is whether to maintain its ‘independent' label.

The FSA today put an end to advisers' hopes it would re-introduce a time limit on complaints, declaring "we are not moving".

'Restricted' advisers must make clear their limitations both in writing and orally using a "specific" script before any advice takes place, the FSA suggests today.

Towry Law's Andrew Fisher has praised the FSA for ignoring calls from IFAs to delay today's RDR proposals, branding the paper "a job well done".

The FSA says it fears some firms may focus more on sales of pure protection policies to maintain a commission income post 2012.

The FSA's proposed labeling for advice could result in a "serious risk of customer confusion" according to the Association of British Insurers (ABI).

The Association of IFAs (AIFA) says proposals tied and multi-tied advisers will have to call themselves ‘restricted' are "lovely".

IFAs may have to consider a wider range of products than they currently recommend to ensure they meet the FSA's new ‘independence' standards.