It’s been one of those weeks in financial services where everything from cyber breaches to chancellor-level tax tinkering made headlines, with a few industry shake-ups and a tragic loss in between. Here’s what had advisers talking (and compliance departments twitching) over the past seven days.
This week, the Financial Ombudsman Service (FOS) ruled in favour of a client whose ISA risked being drained by fraudsters. The incident saw hackers access the account, add a new bank, and attempt to whisk away £9,980 before the adviser's intervention stopped it. Unfortunately for Eastwood Financial Solutions, the FOS still ordered compensation, as the client's data had been compromised and no one could quite explain how. The advice business told PA that the breach happened via a third-party provider, though an investigation yielded inconclusive results. Meanwhile, MKC Wealth went on a ...
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