fines

The FSA has fined Richard Holmes, a director of insurance broker AIF Limited, the sum of £20,020 for control failings in relation to an appointed representative firm (AR).

The recent £900 000 fine levied on the Thinc Group could pave the way for more claims in the financial services sector, warns Browne Jacobson, the specialist insurance law firm.

The FSA has fined third party administration firm Liberata Financial Services Limited (Liberata) £525,000 for failures in its systems and controls for producing and issuing documents to life and pensions policyholders.

Four in ten fines meted out by the FSA now concern TCF breaches, according to research from Reynolds Porter Chamberlain.

Charterhouse Consulting Wealth Management has been fined £122,500 by the Financial Services Authority for carrying out discretionary portfolio management without permission and for various conduct of business failings.

IFA firm Sesame has been fined £330,000 by the FSA for failing to treat its customers fairly by inadequately handling complaints concerning Structured Capital At Risk Products, or precipice bonds.

PERSONAL ACCOUNTS, which are the centrepiece of the Pensions White Paper published later today, could turn into the next big financial scandal, experts have warned the Daily Telegraph.

Standard Life policyholders will receive letters from today confirming the life insurer plans to demutualise if members support the proposal in 2006.

THOUSANDS OF Standard Life policyholders could miss out totally on the potential windfalls of demutualisation unless their policy matures after that date, according to this morning's Scotsman .