FSA

Calls by the Association of British Insurers to ban trail commission have been branded "crazy" and "sad" by advisers.

Progress from Royal Liver has launched a website to help adviser firms adopt the principles of TCF.

The Financial Services Authority has slapped a £350,000 fine on a private bank - and warned other firms they face large penalties if their anti-fraud systems are found wanting.

The Consumer Panel has hit out at the regulator for not demanding firms directly contact up to 120,000 people potentially mis-sold in contracting out of the State Second Pension (SERPS/S2P).

The Association of IFAs has leapt to the defence of smaller firms after an FSA report found a large portion of them to be failing to implement TCF.

The FSA will take into account calls from the ABI to ban trail commission for IFAs as part of its Retail Distribution Review, but will also consider the views of other industry bodies.

The Financial Services Consumer Panel is calling for a standardised approach to explaining risk to consumers, although advisers expressed scepticism over the practicality of the scheme.

Almost 60% of advisers believe regulation of Self Invested Personal Pensions will result in increased complexity and compliance.

The Financial Services Authority has taken action against a Swindon-based IFA over failures in connection with providing pension transfer advice.

The Association of IFAs is calling on the National Audit Office to conduct a review of the Financial Services Authority every two years.