Regulation

The treating customers fairly principle requires firms to identify all customers who may have been missold or received poor service and invite them to claim for compensation, says law firm Reynolds Porter Chamberlain.

THE majority of SIPP providers have failed to apply for authorisation from the FSA to continue operating after the April 6 deadline.

outlook

FSA proposals to simplify and improve the standard of Key Features Documents, used every time an investor buys investment products through an adviser, has been welcomed by IFAs.

THE FSA has said it is powerless to help policyholders trapped in closed with-profits funds which are underperforming.

THE IMA and investment industry has welcomed FSA proposals to scrap the requirement to publish reduction in yield figures in fund literature.

FINANCIAL services firms are facing a £1bn bill and annual fees of £100m for implementing the European Union's Markets in Financial Instruments Directive (MIFID).

EMPLOYERS and trustees of smaller defined contribution schemes could face legal action from December 1 under new legislation.

BRETT Davidson, managing director of FP Advance, has attacked FSA threats to ban commission as "draconian" and called for more rigid rules on fee disclosure.

FEE-based advice is accounting for a growing slice of IFAs' revenue according to new research that also revealed falling levels of income from initial commission.