UK - The Financial Services Authority is clamping down on IFA firms which flout ombudsman rulings.
In the first move of its type, the FSA has withdrawn the authorisation of two IFA firms that have failed to comply with awards made by the financial ombudsman.
Tudor House Financial Services failed to comply with five ombudsman awards and also failed to co-operate with an investigation of a further complaint made by one of its customers.
William’s Life Pension Mortgage and Insurance Services failed to comply with two ombudsman awards.
Momentum Financial Services managing director Paul Johnston said: “This sends out an important signal that the FSA is looking seriously at protecting the consumer.”
Bates Investment Services head of investment James Dalby added: “If IFAs do not comply with their duties it is no surprise that the FSA takes action.”
Life expectancy in the UK saw no improvement between 2015 and 2017 as the number of people aged over 90 hit a record high, latest Office for National Statistics (ONS) data reveals.
Self-administered pension funds spent £14bn on payments to pensioners in Q2 2018, but only received £11.4bn of contributions (net of refunds), latest Office for National Statistics (ONS) data reveals.
The Pensions and Lifetime Savings Association (PLSA) has named the 17 members of its inaugural policy board after a competitive application process with 60 candidates.