Berkeley Berry Birch's decision to withdraw its appeal to the Financial Services and Markets Tribunal has raised questions about the fairness of the UK financial services regulatory regime's appeals process in relation to IFAs and whether, in reality, firms could ever truly make an appeal given the costs involved.
Last week it was announced BBB had six weeks to find £11m to fill the capital adequacy deficits of two of its subsidiaries before the Financial Services Authority (FSA) closes them down. BBB has until 27 February to find the money and save the two firms, BIA and Weston. The FSA will not cancel the permissions either firm has to conduct regulated business if BIA and Weston are able provide the regulator with written opinions from their auditors they are compliant with the prudential Rules on capital adequacy. BBB had intended to challenge decisions made by the FSA, thorugh Financial Servic...
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