FSA's 'investigatory powers' warning issued

The product, a brainchild of Regulatory Protection Insurance Brokers (RPIB), specifically covers legal costs amounting from FSA action. Howard Timmis, director of RPIB, says many advisers are likely unaware of the investigatory powers of the regulator and of the fact that, should the investigation reach court, that individual might be forced to bear the FSA’s, as well as their own, legal costs. He also says the FSA is likely to broaden its investigative horizons now it is “settling down” after targeting the mortgage and insurance industries in 2004 and 2005 respectively. “This product...