FSA

There have been a lot of questions raised in the industry of late about the voices contributing to industry reform consultations, and where the intermediary voice fits into that.

The Financial Services Authority has fined Paul Harrison, former chief executive of Berry Birch & Noble Insurance Brokers (BBNIB) £17,500 for failing to ensure customers' money held by the firm was adequately protected.

Almost £1bn was paid out by financial services providers as compensation for mis-sold endowment policies last year, the Financial Services Authority (FSA) has revealed.

Devon-based IFA firm Langtons must pay a fine of £63,000 for a litany of breaches of FSA rules, covering management responsibilities and basic training to competency requirements.

Consulting firm Deloitte claims the life and pensions industry needs a new business model as "undifferentiated, high cost advice for all customers is a waning proposition".

The Financial Services Authority's proposal to free-up capital across the life insurance industry has led some providers to suggest there could be reduced premiums and greater innovation across the protection industry.

The Financial Services Authority (FSA) has launched a web based tool designed to enable financial intermediaries create their own disclosure documents

Callum McCarthy has criticised the commission-based business model used by life companies and IFAs, suggesting it can lead to "inappropriate advisory activities".

Money Partners has launched a new electronic identification facility for brokers and packagers.

UK-based IFAs are now likely to be exempt from meeting new suitability regulatory requirements attached to MiFID, according to the Investment Management Association.