KPMG is warning that financial services firms and ultimately consumers will pick up the bill for proposed changes to the regulator’s Conduct of Business rules.KPMG believes the Financial Services Authority has underestimated how much changes to COB will cost the industry and that the true figure will be far higher than it says. Bernadine Reese, director at KPMG, says: “Costs will be involved in changes to the rules that relate to best execution, client categorisation and suitability, and new requirements regarding appropriateness. “Although the FSA says this will be a significant cost to the industry we believe that the cost of changes in some areas may be far higher than it thinks.” She says these costs will inevitably be passed on to firms’ clients and in many areas the costs will outweigh the benefits of regulation for firms and their customers.
The High Court has approved the Financial Services Authority’s application to pay approximately £655,000 to policyholders who bought insurance from CIC Insurance Company SA, an unauthorised insurance provider, through a UK-based intermediary called Insureyourshop.com.Approximately 1700 policyholders, mainly fish and chip shops and takeaway businesses, based across the UK did not have proper insurance. The FSA’s […]
Easier2move has forged a deal with retirementhome- search.co.uk to provide conveyancing services to its clients. The service will be white-labelled under the retirementhome- search.co.uk corporate umbrella.
Age Concern has hit back at claims that it charges the highest valuation fee in the market. MoneyExpert.com last week named and shamed lenders charging the highest product valuation fees. Top of the list was Age Con-cern, which uses Northern Rock’s equity release mortgage. It has one of the highest fees in the market at […]
Abbeys move to retain its share of the mortgage market by increasing homeowners borrowing power must be kept in perspective, according to broker My Mortgage Direct.Paul Hearnden, managing director of My Mortgage Direct, says: The current climate of must-have-it-now has led even the most clued-up borrowers into believing that this kind of offer from a […]
By Ross Jackson, senior protection marketing manager We’re sure you’ll have heard your customers say ‘But insurance companies don’t pay claims’ when giving a reason for not wanting to take out protection. In fact, our State of the Protection Nation research showed that 27 per cent of consumers asked didn’t think protection providers paid out […]
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