FSA

Both the industry and the regulator are responsible for the financial crisis and its impact on the UK, according to the FSA's chief executive, Hector Sants.

SIPP operators are not responsible for providing sustainability reports or for vetting each application they receive for suitability of advice, the FSA's Small Firms and Contact Division has confirmed.

Two individuals and seven businesses thought to be part of ‘boiler room' share fraud activity were yesterday at the centre of the FSA's ongoing clamp down on share fraud.

The Association of IFAs (AIFA) says it is "absolutely vital" the FSA devises a fair method for firms calculating their Expenditure Based Requirement (EBR).

Tied advisers are "just getting on" with meeting new minimum qualification proposals in the RDR by attaining QCF Level 4 under the FSA's ‘no regrets' promise.

All personal investment firms (PIFs) will have to hold capital resources worth three months of their annual fixed expenditure (the EBR), the FSA confirmed today.

The FSA should reconsider its proposals for qualification standards for simplified advice processes to determine where QCF level 3 might be sufficient, insurer Aegon says.

The FSA is likely to bow to stakeholder pressure by dropping plans to force firms to hold three months' worth of fixed costs as part of its capital requirements for investment advisers, Professional Adviser understands.

Association of IFAs (AIFA) director general Chris Cummings has pledged to continue the fight for work-based assessments of financial advisers not yet qualified to the required QCF Level 4 standard.

Royal Bank of Scotland (RBS) and Lloyds have both agreed to defer bonuses in return for an additional £40bn of taxpayers' money as part of a deal with the Government that will break up two of Britain's biggest lenders.