Failings by Capita Financial Managers in administering Arch cru funds could be partly blamed on advisers following a surprise legal move. Capita is being sued by over 1,000 investors for over £36 million, following the collapse of the fund manager…read more
Research reveals increased insurance costs for one in three IFAs
Nearly one third of advisers have seen the cost of their PII insurance rise over the last year according to research from the Association of Professional Financial Advisers (APFA). Over half (52{0a6a65c996ed4169444354e707b897cdb00dbefc1d0429e8febb9bf11027ba53}) of IFAs have received an offer of the…read more
Advisers warned over unregulated SIPP advice
The Financial Conduct Authority (FCA) has uncovered further serious failings in Self Invested Personal Pension (SIPP) advice. Firms that advise clients to invest their pension in unregulated products through SIPPS have been warned to have a robust and compliant advisory…read more
FCA to consider a 15 year long stop on FOS cases
The Financial Conduct Authority (FCA) is to consider introducing a 15 year time limit on complaints to the Financial Ombudsman Service (FOS). At present complaints can be brought by consumers for an unlimited amount of time. The FCA’s business plan…read more
Professional conduct guidance for tax advisers issued
Leading professional bodies involved in taxation have issued a new guide on professional standards. ‘Professional Conduct in Relation to Taxation’ aims to help advisers deal with difficult practical situations. The guidance will help, for example, where there is an irregularity…read more
Victory for financial advisers in long-running FOS case
Consumers will not be permitted to sue their financial advisers for additional compensation after accepting a Financial Ombudsman Service (FOS) award. The landmark Court of Appeal ruling is good news for financial advisers and their insurers who now have certainty…read more
Consumer bodies given FCA super-complainant status
The government has awarded super-complainant status to consumer and business groups for the financial services sector. They now have the power to present complaints to the Financial Conduct Authority (FCA) if they believe there are features of a financial services…read more
Accountants’ PII regulations updated for 2014 by ICAEW
Accountants’ professional body the ICAEW has published updated professional indemnity regulations for 2014. These include amendments to set out the minimum level of indemnity required for probate work and clarification of the maximum excess permitted under a professional indemnity insurance…read more
Court of Appeal to rule on FOS compensation case
A shock High Court ruling on the payment of additional compensation to clients for negligent advice could be overturned in the Court of Appeal, leading the way to greater certainty about professional indemnity insurance for financial advisers. The long-running case,…read more
Financial Advisers face compensation claims over FOS limits following shock court decision
Financial advisers who compensate clients for negligent advice following a Financial Ombudsman Service (FOS) award could find themselves sued for additional compensation following a shock High Court ruling. It had generally been accepted that a FOS award prevented claimants from…read more