FSA

The Financial Services Authority is to commence with enforcement action against UBS AG following an investigation into losses incurred by the investment banks as a result of alleged 'rogue trader' activity.

Insurers have warned of a fresh hike in premiums for millions of customers after the regulator hit the financial services industry with an inflation-busting 15.6% rise in annual fees.

An alarmingly high number of consumers do not know how to risk-rate standard financial products, such as equity ISAs and with-profits bonds, research suggests.

The pick of this week's articles on IFAonline...

The FSA has temporarily shut the sale and rent back (SRB) market after a review found most transactions were either unaffordable or unsuitable and should not have been sold at all.

Mark Palmer, director of products and marketing at Invu, reveals how advisers can reduce costs, automate RDR compliance and, critically, improve competitive position by using effective data storage.

Advisers will contribute £33m towards the total expected cost of running the Financial Services Compensation Scheme (FSCS) in 2012/13, although they will also pay an additional interim levy of at least £40m before April.

The financial services industry will pay an extra £40m toward the Money Advice Service (MAS) after it agreed to take on responsibility for coordinating and providing debt advice.

The Financial Services Compensation Scheme (FSCS) says it expects to recover "very significant" sums of money paid out as compensation to investors mis-sold Keydata bonds.

Advice firms will pay £38.4m towards funding the Financial Services Authority (FSA) in 2012/13, the regulator proposed today.