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Consumers can cash in on compensation, says FSCS

The Financial Services Compensation Scheme says consumers can claim up to 48,000 if they lost money through any of the 22 firms it recently declared in default.

Declaring a firm in default is the final part of a process whereby a regulated firm such as a financial adviser has been found by FSCS to be unable to pay claims.

This means that customers who have lost money as a result of dealings with one of these firms can make a claim for compensation to FSCS.

Loretta Minghella, chief executive of FSCS, says: “FSCS’s primary role is to help people who have lost money after doing business with an authorised firm if that firm is unable to meet claims made against.

“It is important that we let consumers know that FSCS may be able to help if they have nowhere else to turn.


RICS’ arms-length regime unveiled

The Royal Institution of Chartered Surveyors has simplified its rules under a new arms-length regime. All RICS firms holding client money will be subject to accounts inspections every three years. Firms with problems will be visited more frequently.

Equity release BDM appointment

Equity Release Solutions has appointed Mike Lewis as business development manager. Lewis was previously equity release operations manager at NHFA Care Fees Advice.

IVA protocols due in 2008

The British Bankers’ Association is in the final stages of establishing a set of protocols to help improve the image of the individual voluntary arr-angement sector.At a recent debt forum with the Insolvency Service, the BBA called on IVA providers to help customers understand IVAs better and for improved literature to be developed over the […]

Ensure your clients’ parachutes work

It’s conference season – always a great opportunity to get feedback from financial advisers. Over the past few weeks, I’ve spoken at a couple of events about important improvements in clarity resulting from the Association of British Insurance’s statement of best practice for critical illness cover which came into effect at the end of last month.

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David Cameron appoints former adviser to Tony Blair as new pensions minister

Following a cabinet reshuffle in light of last week’s general election, David Cameron has announced that Ros Altmann will be replacing Steve Webb as pensions minister. As the industry works with one of the largest reforms to the sector in almost a century, the former adviser to Tony Blair has been tasked with ensuring that the pensions revolution does not stray off track.


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