An organisation claiming to be the regulator for the booming but "cowboy-plagued" IVA industry has itself come under fire from the Department of Trade and Industry, reports the Times .
The DTI is concerned the organisation, IVA.com, is claiming to be a regulator and is displaying the logo of the DTI’s official Insolvency Service without permission.
IVA.com launched its website last week, carrying the title “IVA Industry Regulators” on its masthead and acting as a forum for IVA customers to name allegedly irresponsible IVA firms.
The DTI said it knew nothing about the organisation and would be trying to get the logo removed, says the paper.
The British Bankers’ Association (BBA) was also unimpressed after the BBA logo was used without permission.
FINANCIAL SERVICES providers need to beef up their complaints handling operations this year to cope with rising discontent and meet a Financial Services Authority (FSA) deadline, according to Ernst & Young, says the Financial Times.
"Ernst & Young expects re-engineering of the complaints process to be a key customer management theme in 2007," said Steve Southall, financial services regulatory director at the professional services firm.
"Many current complaint handling models were not designed to cope with the volume or complexity of today's complaints - or the reporting and management oversight which is required to meet FSA standards."
Southall predicted providers would be swamped with complaints about payment protection insurance (PPI) and banking charges unless they upgraded their complaints handling procedures.
THE BANK of England wants London-based hedge funds to agree a voluntary code of conduct to encourage greater transparency and provide better governance in the contentious industry, according to the Guardian.
Like other financial authorities around the world, the Bank is concerned another Long-Term Capital Management, whose collapse in 1998 sent shock waves through the global financial system, may be waiting to happen.
But rather than go for heavy-handed regulation of such funds, which could push many out of their plush Mayfair offices and into other countries, British financial authorities are keener on the lighter touch of a voluntary code.
City sources said preliminary discussions between the Bank and hedge funds have centred round developing an industry-sponsored code of good practice.
NASDAQ HAS warned London Stock Exchange shareholders not to be misled by claims from the LSE’s management that it has a strong future as an independent, says the Daily Telegraph.
The US exchange believes the LSE will be forced to cut the prices it charges for trading amid increased competition from the likes of Project Turquoise, the pan-European trading platform planned by seven investment banks.
It also claimed the British bourse has ignored growing customer dissatisfaction with their service.
Nasdaq said in its statement: “LSE shareholders should not be misled by a simple emphasis on volume growth without price cuts [and] a defensive return of capital.”
If you have any comments you would like to add to this story or would like to speak to its author about a similar subject, telephone Emily Perryman on 020 7968 4554 or email [email protected].IFAonline
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