The Financial Services Authority says more than 130 firms have taken corrective action in the way they operate to address serious failings over the past year.Some 63 firms addressed serious failings and breaches of the threshold conditions when challenged by FSA supervisors. And 69 firms referred to the Threshold Conditions Team took corrective action to address serious failings when faced with imminent enforcement action. A further 30 firms had their permissions to conduct regulated business cancelled or changed by the FSA for breaches of the threshold conditions. Three individuals were prohibited for not meeting fit and proper requirements. The TCT deals mainly with small regulated firms that are not meeting the FSA’s minimum requirements, or threshold conditions. The FSA stresses the TCT generally takes action when firms fail to cooperate with the regulator, with the first option usually being to work with firms to correct problems. Clive Briault, managing director of the retail markets business unit at the FSA, says: “The financial system relies on FSA-regulated firms, whatever their size, having the resources to meet their obligations to customers. “We work with firms to help them keep to the required standards but we take action when we find serious problems that could result in consumers losing out.”
- Top trends
Juan Rodriguez Inciarte, director general of Spanish banking giant Group Santander, says Abbey will win confidence amongst the public and intermediaries by offering more choice, better prices and the products that they really need.Speaking at the Mortgage Summit in Jerez, Spain, Rodriguez Inciarte told delegates: The way that we can achieve this is by having […]
Mortgage Trust has launched a range of buy-to-let products under its MT Select brand. Available exclusively through MT Select packager members, the products assess rental income on 125% of the product rate.
From Julian Sampson I write in response to Bill Armstrong’s letter in the August 29 issue of MS. There are a number of reasons Sue Read may have had to fund an insurance policy this time round but typically it would be because the law or the lender’s instructions had changed since the original purchase. […]
The Institute of Financial Services has revealed that 5,000 advisers have now taken its Certificate in Regulated General Insurance. The single-module qualification was developed around the tried and tested model of CeMAP, the benchmark qualification for mortgage advisers. The regulation of general insurance activities requires that employers have in place suitable competence and training arrangements […]
In this short video, Azhar Hussain, head of global high yield at Royal London Asset Management, explains how his team balance bottom-up with top-down research in constructing multi-asset credit portfolios. Watch the video in full The value of investments and the income from them is not guaranteed and may go down as well as up […]
News and expert analysis straight to your inboxSign up