The Association of Independent Financial Advisers has welcomed the Financial Services Authority’s promise not to judge financial firms retrospectively.At the Personal Investment Marketing conference, Stephen Bland, director of small firms at the FSA, told delegates it will not take action against firms for mis-selling after the event, provided they meet its requirements under its high level principles and the rules set out in its handbook. Bland says: “The FSA believes firms should be assessed against the assumptions that were reasonably made in the regulatory context of the time and there should be no retrospective application of later, more exacting standards. This has always been our view as we move towards principles-based regulation.” Bland adds that it will be helpful to look at why retrospective action by the regulator has been raised as an issue in the past and emphasised his support for AIFA’s Stakes in the Ground project which documents the business environment and practices. Tracey Mullins, director of public affairs at AIFA, says: “The regulator has said it will judge advice given by the standards and rules at the time of the sale. Our Stakes in the Ground project, which will document the regulatory, political and social environment of today, will be a useful tool in the years to come.”
- Top trends
Halifax has upgraded its already excellent extranet website for intermediaries and the more lenders invest in these systems, the better it is for brokers’ profitability, says Frank Eve
Research published by the Council of Mortgage Lenders concludes that the most effective policies for providing affordable home ownership will be those that offer the flexibility for young buyers to only take on levels of mortgage debt that are prudent given their incomes and other commitments.
The Derbyshire says it may launch an independent financial advice service for mortgage products following the unveiling of Derbyshire IFS last week. The IFS service offers independent whole of market advice on protection products, savings and investments, and also guidance on Inheritance Tax planning. But Mark Blackwell, marketing manager at The Derbyshire, says the society […]
Halifax Estate Agents has taken a top award at The Estate Agent & Letting Agent of the Year Awards 2006.For the second successive year HEA scooped the national gong for Best Estate Agency Chain. The event, supported by the Royal Institute of Chartered Surveyors, featured special guest presenter Phil Spencer from Channel Four’s Location, Location, […]
By Kunal Desai, Neptune India Fund
As global investors continue to scour emerging markets through the lens of reform potential, India shines bright. Indeed, we think it can sparkle even brighter. We anticipate India’s self-imposed 10-year ‘policy holiday’ to turn into one of the most pro-growth and pro-investment policy calendars seen in Asia in years. The Indian electorate has engineered a historic verdict. We now have the strongest Indian government since 1984, with the pro-market Bharatiya Janata Party (BJP) achieving an absolute majority for the first time in the party’s history.
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