FSA warns over 'dodgy' IFA payments - papers 25th June

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THE FINANCIAL Services Authority will be issuing a stern warning to insurance companies, fund management and banking groups, saying any payments they make to financial advisers must be "clear, open and transparent".

The Scotsman reports the FSA will go ahead with the warning after it raised concerns financial service firms might be tempted into using hidden incentives to persuade IFAs into placing their clients’ money with their company. FSA chief executive John Tiner told the Treasury Select Committee the regulator had become aware in the run-up to depolarisation some financial advisors were seeking "golden hellos" from life insurers. As well as warning providers, the FSA has also written to IFAs, telling them that such behaviour is unacceptable. MEANWHILE, ONE of Britain's biggest mortgage ...

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