A 15 year long-stop for financial advice complaints moved one step further with the launch of a survey to identify ways to implement the measure. The Association of Professional Financial Advisers (APFA) and campaign partner Zurich asked advisers for their…read more
New advice rules for pension transfers
The FCA is planning to compel people to take independent advice if they move their pension to an occupational defined contribution (DC) scheme using the new ‘Pension Freedom’ rules. Financial Advisers providing the advice must also hold the pension transfer…read more
FCA to consult on IFA capital adequacy
The FCA is expected to consult on capital adequacy rules for financial advisers in the next few months. Last year it delayed the introduction of new rules until December 2015 after questioning its own approach. Under the current rules firms…read more
FCA consults on complaints process
The way complaints against the Financial Conduct Authority (FCA) are handled is set to change. The FCA, Prudential Regulation Authority and Bank of England have launched a review into their complaints procedures as a result of new legislation. All three…read more
Accountant not liable for tax blunder
A firm of accountants which failed to advise its client about a change in tax law has successfully defended a negligence claim as its client did not suffer any loss as a result. This is a further example of a…read more
Huge fine underlines importance of effective internal controls
The FCA has imposed a huge fine on a national advice firm for poor internal controls and misleading suitability letters. The case highlights the importance of effective risk procedures. Firms with poor regulatory records will find it hard to secure…read more
ICAEW warns tax accountants about securing PII cover
Accountancy firms which advise on tax avoidance schemes have been warned that their professional indemnity insurance renewal could take longer than before. The accountants’ professional organisation, the ICAEW, says that professional indemnity insurers are taking a cautious view of insuring…read more
ABI warns MPs about pension guidance regime
Pension providers must ask applicants questions about matters that could materially affect the value of their pensions the Association of British Insurers (ABI) has told MPs. These include information about financial dependants, health and inflation risk.The Pension Scheme Bill public…read more
No duty for brokers to challenge instructions
The Commercial Court has dismissed a multi-million negligence claim against an insurance broker. The judge decided that a broker has no duty to challenge a client’s instructions if it has no reason to doubt the accuracy of the information provided….read more
Arch Cru redress complications
The long-running Arch cru saga has taken another twist following an inappropriate approach to redress payment by administrator Capita. It has written to a number of pension investors to ask them to return money paid from the Arch cru redress…read more