Communications
| Date | Speaker | Speech |
|---|---|---|
| 24 July 2006 | Clive Briault | Treating Customers Fairly and more principles-based regulation |
| 17 July 2006 | Clive Briault | Financial Capability in the Workplace |
| 31 March 2006 | Vernon Everitt | Delivering change: our plans to raise the UK's financial capability |
| 20 March 2006 | Clive Briault | Treating Customers Fairly |
| 8 March 2006 | John Tiner | Young adults and financial capability |
| Date | Newsletter |
|---|---|
| September 2006 | FSA update from the Consumer Sector Team [PDF] |
| August 2006 | FSA update from the Consumer Sector Team [PDF] |
| July 2006 | FSA update from the Consumer Sector Team [PDF] |
| June 2006 | FSA update from the Consumer Sector Team [PDF] |
| May 2006 | FSA update from the Consumer Sector Team [PDF] |
| April 2006 | FSA update from the Consumer Sector Team [PDF] |
| March 2006 | FSA update from the Consumer Sector Team [PDF] |
| February 2006 | FSA update from the Consumer Sector Team [PDF] |
| January 2006 | FSA update from the Consumer Sector Team [PDF] |
| Date | Press release |
|---|---|
| 7 September 2006 | FSA fines The Carphone Warehouse Limited £245,000 for not treating its telesales insurance customers fairly. The Financial Services Authority (FSA) has fined The Carphone Warehouse Ltd £245,000 for not treating its customers fairly following telephone sales of general insurance and for failing to inform the regulator in a timely manner of significant systems failures within its telesales distribution channel. |
| 5 September 2006 | FSA fines mortgage firm £56,000 for PPI sales failures. The Financial Services Authority has fined Regency Mortgage Corporation Limited (Regency) £56,000 for failures relating to its sale of mortgage related Payment Protection Insurance (PPI) in the sub prime market. It is the first time the FSA has taken action against a firm for sales of PPI since the regulation of general insurance started in January 2005. |
| 4 September 2006 | FSA bans Walsall Bridge Insurance for failing to insure consumers. The Financial Services Authority (FSA) has stripped Walsall Bridge Insurance Consultants Limited of its permission to carry on regulated activities after it found the firm had failed to pass on received client premiums to insurers, leaving clients uninsured, and used the money to run the day-to-day activities of its business. |
| 31 August 2006 | New members appointed to Consumer Panel. The FSA has announced the appointment of five new members to the Financial Services Consumer Panel. The appointments of Kay Blair, Stephen Crampton and Lindsey Rogerson take effect from 1 September 2006, while Michael Chapman and Jenny Hamilton will join the Panel on 1 January 2007. |
| 25 August 2006 | FSA fines Friendly Society £55,000 for financial promotions failings. The Financial Services Authority (FSA) has today fined The Ancient Order of Foresters Friendly Society Limited (Foresters) £55,000 for financial promotions failings including substandard television advertisements and direct offer packs which targeted elderly consumers. This is the first time the FSA has fined a friendly society for financial promotions failings. |
| 24 August 2006 | FSA fines Kyte £250,000 for client money and accounting failures. The Financial Services Authority (FSA) today fined London based clearing firm, The Kyte Group Limited, £250,000 for systems and controls failings resulting in inadequate client money protection and poor accounting systems. |
| 24 August 2006 | Court shuts UK firm for assisting overseas boiler rooms. The High Court has placed Securetrade & Title Company Limited (STT) into liquidation after the company, based in East Sussex, assisted a number of unauthorised overseas firms, commonly known as boiler rooms, which were unlawfully promoting and selling shares to UK investors. |
| 17 August 2006 | FSA fines Hoodless Brennan £90,000 for unacceptable sales practices and not treating customers fairly. The Financial Services Authority has fined stockbrokers Hoodless Brennan Plc (Hoodless) for using unacceptable sales practices and failing to treat its customers fairly when selling shares in a company called Knowledge Technology Solutions Plc (KTS) on 12 June and 25 July 2003. |
| 7 August 2006 | FSA fines Merrill Lynch £150,000 for transaction reporting failures. The Financial Services Authority has today fined Merrill Lynch International £150,000 for failing to accurately report certain transactions to the FSA and previously the Securities and Futures Authority. Accurate transaction reports are critical to the FSA's ability to maintain confidence in the financial markets and reduce financial crime. |
| 1 August 2006 | FSA fines GLG Partners and Philippe Jabre £750,000 each for market abuse. The Financial Services Authority has fined hedge fund manager GLG Partners LP (GLG) and Mr Philippe Jabre, a former managing director of the firm, £750,000 each for market abuse and breaching FSA principles. This is the largest fine the FSA has issued against an individual. |
| 25 July 2006 | FSA censures director of mortgage broker for serious misconduct. The Financial Services Authority (FSA) has published a Statement of Misconduct against Mr Steven Leslie Davis for falling well below acceptable standards in the way that he carried out his duties as a director of his firm. His misconduct led to considerable consumer detriment. This is the first occasion on which the FSA has disciplined a senior manager of a mortgage and general insurance broker. |
| 20 July 2006 | FSA and APRA prohibit reinsurance specialist for five years. The Financial Services Authority (FSA) and the Australian Prudential Regulation Authority (APRA) have today prohibited a reinsurance specialist, Mr John Byrne, for five years. Mr Byrne was involved in arranging and structuring a number of financial reinsurance transactions that enabled counterparty insurers to misrepresent their financial position. |
| 19 July 2006 | Lifetime Mortgage Sales and Advice: Improvements made, but further to go. Despite improvements over the past year, firms still need to do more to improve the quality of their advice on lifetime mortgages, according to the Financial Services Authority. |
| 19 July 2006 | FSA sets deadline for firms falling behind with 'treating customers fairly'. The Financial Services Authority (FSA) has given firms that have failed to make satisfactory progress in integrating the 'Treating Customers Fairly' (TCF) principle into their business until March 2007 to demonstrate that they are taking the initiative seriously. The regulator has also urged those firms that are already implementing TCF to maintain the momentum of their TCF work so that it delivers real benefits to consumers. |
| 14 July 2006 | FSA bans former solicitor from doing any regulated activity. The Financial Services Authority (FSA) has now banned former solicitor Allen Elliott1 from carrying out any function in relation to regulated activities in the financial services industry. |
| 30 June 2006 | Survey finds teachers need more confidence to teach personal finance in schools. The Financial Services Authority published a Schools' Benchmark Survey showing that even though the majority of schools in the UK believe personal finance education is important, less than a third of those teachers providing it feel confident in doing so. |
| 29 June 2006 | Mortgage disclosure documents: quality is improving. The quality of mortgage disclosure documentation has improved over the past year, the Financial Services Authority has found. |
| 27 June 2006 | FSA publishes Annual Report for 2005/06. The FSA Annual Report 2005/06 covers the FSA's regulation of the financial services sector from 1 April 2005 to 31 March 2006 under the Financial Services and Markets Act. |
| 6 June 2006 | Typical boiler room victim loses £20,000, warns FSA. People who fall victim to boiler room scams by purchasing virtually worthless shares lose an average of £20,000, the Financial Services Authority has found. |
| 1 June 2006 | No change in Compensation Scheme and Ombudsman payment limits - FSA confirms. The Financial Services Authority confirmed today that the compensation and eligibility limits for the Financial Services Compensation Scheme (FSCS) and for the compulsory jurisdiction of the Financial Ombudsman Service would remain at their existing levels. |
| 30 May 2006 | Critical illness cover: Firms make progress but still need to do more to treat their customers fairly. Firms selling critical illness cover (CIC) are making efforts to meet required standards. But they need to do more to show they are treating customers fairly and helping them to have a better understanding of the product. |
| 12 May 2006 | FSA brings curtain down on celebrity-endorsed betting syndicate. The Financial Services Authority (FSA) has halted the operations of 147 Racing Limited (147) and Top Bet Placement Services (TBPS), an unauthorised betting syndicate that was at one time advertised as being endorsed by sports celebrities John Parrot and Peter Ebdon. Consumers were first warned of the syndicate in August 2003 when the FSA obtained an interim injunction to temporarily prevent the syndicate from operating. |
| 9 May 2006 | Credit union chairman banned for wilful and persistent disregard for FSA rules. The Financial Services Authority (FSA) has banned Dr Albert Alphonso Carlyle Waite from carrying out any regulated activity in respect of credit unions for a wilful and persistent disregard for FSA rules. The FSA's decision was confirmed by the Financial Services & Markets Tribunal. |
| 28 April 2006 | FSA fines firm £20,000 for not seeking approval for individual. The Financial Services Authority (FSA) has today imposed a penalty of £20,000 on insurance intermediary Besso Limited ("Besso"), for failing to apply for approval of an employee who held a significant management role at the firm when it first applied for authorisation. |
| 27 April 2006 | Home reversions and Islamic mortgages get new consumer protections. The Financial Services Authority today set out its plans for the future regulation of Home Reversion plans (HRs) and Home Purchase plans (HPPs) also known as Islamic mortgages. |
| 12 April 2006 | FSA fines chief executive for providing misleading information. The Financial Services Authority has today fined Paul Tebbutt, chief executive of financial advisers Millfield Partnership Limited (MPL) £35,000 for providing misleading information to the FSA in connection with an application by MPL to merge with another financial advisor group Inter Alliance. |
| 11 April 2006 | FSA fines Deutsche Bank £6.3million and Mr David Maslen £350,000 for market misconduct. The Financial Services Authority (FSA) has today imposed a penalty of £6,363,643 on Deutsche Bank AG (Deutsche). The penalty was levied for breaching FSA Principle 5, by failing to observe proper standards of market conduct, and Principle 2, by failing to conduct its business with due skill, care and diligence. |
| 10 April 2006 | Royal Liver Assurance Ltd fined £550,000 for mis-selling with-profits savings policies. The Financial Services Authority (FSA) has fined Royal Liver Assurance Limited (RLA) £550,000 for mis-selling with-profits savings policies. The company sold the policies as general savings vehicles to significant numbers of its older customers between 1 July 1999 and 15 September 2003. |
| 30 March 2006 | Firms must improve customer information, says FSA. The Financial Services Authority (FSA) has told investment adviser firms that many of them are not giving customers the right information about their services at the right time. Recent research by the FSA found that over half of firms surveyed are failing to follow its new rules on disclosure of firm status and commission charges, introduced under depolarisation last year. These two 'keyfacts' documents are important tools for helping consumers understand how the new advice regime works. |
| 28 March 2006 | Urgent need to help the young, says FSA. Increasing the financial skills of the UK's 18-40 year olds is essential if they are to meet the greater demands placed on them and avoid problems in the future, the Financial Services Authority (FSA) said today as it launched a programme to help more than 10 million people over the next five years. |
| 23 March 2006 | FSA to consider extending range of retail investment products. The Financial Services Authority (FSA) is to consult next year on widening the range of funds that can be marketed to retail investors to include new authorised funds of hedge funds. This would enable retail investors, who are already gaining access to products with hedge-fund investment characteristics through a variety of means, to invest in products that would be subject to the FSA's regime for authorised collective investment schemes. |
| 22 March 2006 | FSA and OFT to collaborate on improving regulation. The Financial Services Authority (FSA) and the Office of Fair Trading (OFT) are to produce an action plan, published by the end of April, setting out how they believe they can deliver benefits to consumers and firms. |
| 2 March 2006 | FSA bars nine small firms from doing regulated business. The Financial Services Authority (FSA) has barred nine small firms from carrying out regulated business after they failed to provide any data to enable the regulator to monitor their activities. |
| 27 February 2006 | Fraud attacks force firms to improve risk management. The FSA's Fraud Governance report, published today, found that the larger financial firms, driven by mounting fraud losses, have taken steps to strengthen their fraud management capabilities. But these improvements are relatively recent and firms can go further to protect themselves and their customers from fraud. |
| 21 February 2006 | FSA cancels insurance firm's permission to trade. The Financial Services Authority has cancelled Xsavi Limited's (Xsavi) permission for failing to conduct its business in compliance with proper standards and for having inadequate financial resources. |
| 16 February 2006 | FSA bars financial adviser. The Financial Services Authority today published a Final Notice prohibiting Jonathan Townrow from performing any function related to regulated activities requiring authorisation under the Financial Services and Markets Act. |
| 7 February 2006 | Sex, lies and money. Research reveals finance is the new taboo. Three quarters (74%) of British couples find money the hardest subject to talk about with their partners a new survey by the Financial Services Authority , the UK's financial watchdog, revealed today. Plus a third would rather discuss sex or their previous relationships than their bank balances. |
| 2 February 2006 | FSA sets out priorities and budget for 2006/07. The Financial Services Authority today publishes its Business Plan for 2006/07, setting out its priorities for the year ahead and its planned budget to achieve its objectives. |
| 23 January 2006 | Banks encouraged to engage consumers in tackling online fraud. The FSA's Financial Risk Outlook 2006, to be published on Wednesday, will encourage banks to further engage consumers in their fight to combat the rise in online banking fraud. |
| 16 January 2006 | FSA urges consumers to take stock now on their pensions. The UK's financial watchdog, the Financial Services Authority (FSA), is urging consumers to review their pensions arrangements and ensure they understand what the changes taking effect from April 6 2006 (A-day) could mean for them. |
| 11 January 2006 | Consumers urged to take the 'debt test'. A new on-line “debt test” has been launched to help consumers keep control of their borrowing and to take action in the event of problems. |
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