It is the week for Financial Conduct Authority [FCA] warnings! Firstly, we saw the FCA issue a “Dear Chief Executive” letter, generally seen as a warning shot across the bow, setting out its position on mortgage lenders requests to change Read more…
Category Archives: News
The Financial Conduct Authority [FCA] today issued a “Dear Chief Executive” letter, generally seen as a warning shot across the bow, setting out their position on mortgage lenders requests to change mortgage contracts, including Standard Variable Rates [SVR] and Tracker Read more…
The Claims Management Regulator [CMR] today announced that it is seeking new powers to impose financial penalties on non-compliant Claims Management Companies [CMCs]. It is proposed that amendments are made to the Compensation Act 2006 to give the Secretary of Read more…
Financial claim watchers were eagerly awaiting the quarter 3 interim results of Lloyds Banking Group [LBG] to see if Payment Protection Insurance [PPI] claims had turned a corner. As it happens the results give some mixed messages. Looking for positives, Read more…
The Financial Conduct Authority [FCA] has recently released its comprehensive complaint data for the first half of 2013. Not surprisingly there are both positive and negatives in the information. The positives The FCA press release shows that each of the Read more…
Natalie Ceeney, chief ombudsman at the Financial Ombudsman Service [FOS], was recently reported as suggesting that complaints about the mis-selling of insurance on loans and mortgages may have peaked. The suggestion comes on the back of a reduction in complaints Read more…
The Financial Conduct Authority [FCA] has released a report following its thematic review of Payment Protection Insurance [PPI] complaint handling by medium-sized firms; which covers smaller high street banks, building societies, credit card providers and personal loan companies. There should Read more…
The Financial Ombudsman Service [FOS] September 2013 news bulletin focuses on issues surrounding packaged bank account products and it is right to do so. There are those who dismiss the consumer detriment caused by such products. Generally they come to Read more…
The Financial Conduct Authority [FCA] has fined AXA Wealth Services Ltd [AXA] £1.8m (which would have been £2.5m if AXA had not qualified for a 30% early settlement discount) for failing to ensure it gave suitable investment advice to its Read more…
The financial trade press is swamped with the reporting of comments made by Jonathan Evans (chair of the All Party Parliamentary Group on financial services and insurance) in respect of the regulation of Claims Management Companies [CMCs]. Evans is quoted Read more…
One has come to expect a significant increase in the volume of column inches in the national media devoted to financial product mis-selling after the release of the Financial Ombudsman Service [FOS] six-monthly complaint data, but the articles appear to Read more…
Those involved in the mortgage market should not need reminding of the corner stone principles of statutory regulation which have served the industry well since the end of voluntary regulation over a decade ago. These principles are that regulated firms Read more…
Consumers and consumer groups are rightly asking “Is there no end to bank mis-selling?” What has prompted the most recent round in bank criticism? Answer: the long awaited compensation proposals from the Financial Conduct Authority [FCA] on the mis-selling of Read more…
It was thought by some that when the Financial Service Compensation Scheme [FSCS] lost a judicial review in the Court of Appeal in June [Neutral Citation Number: [2013] EWCA Civ 729] that the implications would be minimal.The action was brought Read more…
The recent comments made by Natalie Ceeney, Financial Ombudsman Service [FOS] chief executive, during a Money Marketing interview has certainly motivated many financial advisers to make critical comments on financial adviser forums.The thrust of Ms Ceeney’s comments suggested that if Read more…
The campaign to reopen rejected Payment Protection Insurance claims looks more likely than ever to succeed as the weight of evidence identifies that many claims were not dealt with appropriately the first time round. The potential consumer detriment is so Read more…
I read the Lloyds TSB news release in respect of its 2013 half year results with great interest; yes all 159 pages! Clearly everyone at Lloyds TSB should be congratulated on the return to statutory profit. As the media are Read more…
In a recent Reuters interview Natalie Ceeney, the Chief Ombudsman at the Financial Ombudsman Service [FOS], confirmed that FOS is now receiving 2,000 new cases every working day compared with 3,000 at its peak six months ago. However, Ceeney was Read more…
Earlier this month, the Financial Conduct Authority [FCA] released the Financial Services Authority [FSA] final annual report. As one would expect, it gives a fascinating insight into the year leading up to its abolition in April 2013. What alarms me Read more…
Swinton Group Limited (Swinton), one of the UK’s largest insurance retailers, has been fined £7.38 million by the Financial Conduct Authority (FCA) after it was found to have used aggressive telephone sales strategies and, therefore, failed to treat customers fairly. Read more…
IBFSA News
High profile SIPPs case just the tip of the icebergJanuary 16, 2020
Could mis-selling annuities be a bigger scandal than PPI?January 10, 2020
Banks Still Breaking PPI RulesDecember 20, 2019
IBFSA Code of Practice
The members of the Professional Financial Claims Association wish to set professional standards for member firms...
Download the PDF Visit the Code of Practice page