Telling clients their investment idea is a 'no go' is a tough job, but someone's gotta do it
IFA firm Sesame has been fined £330,000 by the FSA for failing to treat its customers fairly by inadequately handling complaints concerning Structured Capital At Risk Products, or precipice bonds.
Consumers investing in hedge funds, precipice bonds or split-capital investment trusts could in the future be required to sign a stronger ‘caveat emptor' waiver, according to proposals set out by the Financial Services Authority.
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.
It's that time of year again when we all take stock on the wind down to Christmas, and look back at the past 12 months to see whether the year has really been as good or bad as it felt at the time.
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.
Updated Tuesday, 10.45am: FSCS requires additional compensation cost of £15m, and £5m to manage them
Consumer complaints about financial products and services providers soared in the past year, stretching resources of the Financial Ombudsman Service to the limit as it had to both deal with caseload and try to ensure its messages got out properly through...
The Treasury Select Committee says it will refer financing of the Association of IFAs to the Office of Fair Trading for potential conflict of interest, after the AIFA admitted up to 85 % of IFAs' compensation levy costs into the FSCS are cross-subsidised...