FSA

Advisers could face lower FOS fees next year as banks begin shouldering the cost of handling payment protection insurance (PPI) complaints against them, the ombudsman said.

The FSA will collect more data from firms after 2012 and monitor their activities to "mitigate the risk of poor consumer outcomes" and make sure they have implemented its adviser charging rules.

Small firms expect they will be hit harder by the ongoing cost of implementing the FSA's data collection rules compared to their larger counterparts and banks.

The FSA wants to monitor complaints data for individual advisers throughout their careers, with information linked to Individual Reference Numbers.

The FSA has proposed to collect and monitor data on how much advisers charge for advice on group personal pensions (GPPs).

(Updated) The FSA is proposing to add two new sections to the RMAR meaning firms must disclose adviser and consultancy charging revenue as well as data on client numbers and charging structures.

The British Bankers' Association (BBA) has drawn a line under its legal fight to avoid PPI mis-selling payouts.

Barclays has abandoned its legal challenge against PPI mis-selling and set aside £1bn to cover customer redress and administration costs.

The general consensus is (read: always has been) that the widespread mis-selling of investment bonds was the main reason behind the RDR.

SIPP providers say they have serious doubts about whether the FSA's proposals to force them to produce more literature and increase charging disclosure will benefit pension clients.