The pick of this week's articles on IFAonline...
Prudential v FSA
An explosive start to the week with the leak of an email by Prudential deputy chief executive Barry O'Dwyer, who had some harsh words to say about the FSA.
There was a new entry to the top ten FSA fines table after Coutts was hit with a £8.75m bill for failing to take reasonable care to establish and maintain effective anti-money laundering systems and controls
We can't imagine it will have encouraged more people to join the organisation, but AIFA called out the ‘free riders' who benefit from its efforts without paying for membership.
The pick of this week's articles
The FSA also hit a financial adviser with a hefty fine and ban this week after he knowingly submitted mortgage applications in his own name which contained false information.
One adviser wrote a letter to his staff explaining how big FSCS levies were ‘absolutely soul destroying' and there was more bad news for him when the organisation said new rules could drive the levies up even higher.
Barry O'Dwyer returned to headlines later in the week when he predicted advisers would bypass wraps and fund supermarkets and instead set up their own ‘virtual' platforms.
Want to know why some advisers might struggle to get clients to pay fees post-RDR? According to a Barclays director, it is because they have been too successful touting ‘free' advice in the past.
Yet another interesting piece of news was thrown into the Arch Cru mix when IFAonline revealed details of an FSA chief's private advice to an investor in 2009.
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