mis-selling

The Equitable Life Members Action Group has urged the Financial Ombudsman to open a fresh investigation into the mutual society's huge overpayment of bonuses during the 1990s, says this morning's Daily Telegraph.

Bradford & Bingley has been fined £650,000 by the FSA for what it calls the widespread mis-selling of precipice and with-profit bonds.

The David Aaron Partnership and David M Aaron Personal Financial Planners Limited have finally been found in default of its ability to pay mis-selling compensation so its clients will receive payouts from the Financial Services Compensation Scheme.

Mis-selling of financial products is likely to increase unless the industry acts to tackle the consumer knowledge gap in terminology and financial literacy, suggests research by the Institute of Financial Services.

The Financial Services Authority has fined Capita Trust Company £300,000 and agreed £3.5m in compensation for mis-selling precipice bonds after buying the business from Royal & SunAlliance in 2001.

A FRESH attack on IFA commissions is in the air as this morning's Scotsman reveals the Consumers' Association has asked the FSA to investigate how financial advisers are paid.

TESCO is launching itself into the multibillion-pound mortgage lending market, says this morning's Times , to try and pick up even more financial services business.

Around 700,000 endowment mortgage policyholders have been ‘time-barred' from making a mis-selling complaint to the Financial Ombudsman Service, alleges a Treasury report.

The FSA has imposed a £125,000 fine on Interdependence Limited for failure to properly oversee appointed reps who advised clients to withdraw cash early from their pension funds.

Caroline Wells, head of industry relations at the Financial Ombudsman Service talks to IFAonline to unravel IFA myths about its role.