CFS must not accept any new client money or custody assets
Co-operative Financial Services (CFS) exited the advice market because the advent of the retail distribution review (RDR) meant it needed to invest £50m in a business it described as "becoming increasingly sub-scale".
Mutual societies are locked in talks with the FSA over exempting Holloway-style protection policies, held by thousands of people, from the RDR's remuneration rules.
Mark Benson, technical manager at WAY Investment Services, says there are various ways IFAs can prepare for the increase in the minimum qualification level proposed in the RDR...
An IFA has hit out at the Financial Services Authority after a £25,000 fine for what the regulatory body describes as "serious systems & controls, risk management and compliance failures".