Advisers warned 'prepare for more claims' after Thinc fine

clock

The recent £900 000 fine levied on the Thinc Group could pave the way for more claims in the financial services sector, warns Browne Jacobson, the specialist insurance law firm.

Nik Carle, a partner in the firm’s professional indemnity (PI) group, suggests lenders and financial advisers would do well to review their processes in the wake of the fine. While the significant size of the fine was based on Thinc’s serious failings in advising on sub-prime products, the move by the regulator signals a clear resolve to punish shoddy practice across the board, he says. “This decisive move by the FSA sets a high bar for the assessment of sub-prime lending and advisory practice. There is certainly scope to adopt the FSA’s ‘Principles for Businesses’ as a benchmark when l...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Your profession

PA Asks: Has demand for IHT mitigation risen at your firm?

PA Asks: Has demand for IHT mitigation risen at your firm?

This week’s poll also looks at the role of MPS and paperless operations

Professional Adviser
clock 25 March 2024 • 1 min read
FCA urged to prioritise a 'common sense' approach

FCA urged to prioritise a 'common sense' approach

Last week’s PA Asks poll highlights industry’s thoughts on the FCA

Sahar Nazir
clock 25 March 2024 • 2 min read
Advisers overlooking younger clients over asset value bias

Advisers overlooking younger clients over asset value bias

'Young people need to have access to trusted advice'

Sahar Nazir
clock 22 March 2024 • 1 min read