Friday, May 22, 2009

Building society chief lays into city regulator over its failures - Yorkshire Post

Building society chief lays into city regulator over its failures - Yorkshire Post: "a senior FSA manager admitted once again that the organisation had made mistakes in its supervision of financial services firms"

At last we have some humility of sorts from the regulators, we sincerely hope that this is portent for a future where the regulators listen to the concerns of the regulated and actually do something about it.

In the past certain senior FSA figures have been too arrogant, or is it ignorant?

Now they are gone we can only hope that things will change for the better.

Evan

Thursday, May 21, 2009

Standard Life chief Crombie called in to police Royal Bank - Scotsman.com

Standard Life chief Crombie called in to police Royal Bank - Scotsman.com#4051771#4051771#4051771: "ONE of Scotland's most respected businessmen will today be appointed to police the activities of Royal Bank of Scotland, as the company seeks to distance itself further from the troubled Goodwin era"

This is the man who's firm refuses to compensate policyholders for misleading them over a seven (yes 7) year period between 1988 and 1995.

Why? Because the firm claims it was "legal", well it may have been legal in the strictest sense but was it moral? Particularly when Standard Life was also a major player at the regulator it blames, LAUTRO.

The Financial Services Authority is defending the "human rights" (seriously folks) of these life offices tooth and nail, the first thing the FSA legal bod said to the High Court judge recently was that it would not end with that judge finding in favour of the Information Tribunal which did find in favour of the Information Commissioner who agreed with my complaint which started at 10 am on 01/01/2005, the very first day the Freedom of Information Act gave us the chance to find out what these people had been up to. All these years later we are still struggling to obtain justice for IFAs and their clients.

One day it will be out, unfortunately it will be too late for many .

Evan Owen
The IFA Defence Union
http://www.ifadu.co.uk/

MPs' expenses: an independent regulator and a general election | Politics | The Guardian

MPs' expenses: an independent regulator and a general election Politics The Guardian: "What is Gordon Brown proposing now?
To deal with retrospective misdemeanours, the prime minister has been calling for an independent cross-party group to look at the expense submissions of all MPs over four years, and force them to pay back improper claims as part of a 'radical overhaul'. But to make the rules crystal clear, yesterday Brown announced plans to set up an independent parliamentary standards regulator responsible for pay and allowances, investigating abuses, and imposing financial sanctions – a stronger entity than the committee chaired by Touhig and, crucially, far more autonomous. The body would not have the power to impose disciplinary sanctions for misconduct."

How tame, how lame.

We have a solution, let the Financial Services Authority and the Financial Ombudsman Service sort this lot out, sole trader IFAs are hounded to the grave, well actually until what is left of their estates is dispersed, there are no time limits and they are judged on what is known today, fully retrospective and wholly unfair.

MPs voted for that, we doubt that they would vote for a piece of legislation which punishes them and which contravenes Article 6 of the Human Rights Act 1998

Evan Owen
The IFA Defence Union
http://www.ifadu.co.uk/

FT.com / Columnists / People - Dogged in pursuit of the fat-cats

FT.com / Columnists / People - Dogged in pursuit of the fat-cats: "The head of corporate governance at Standard Life since 1992, he has been doggedly consistent about discipline by boards on matters of pay - his complaints to Shell date back to 2003."

Has he been as doggedly consistent about the pay at the banks and the life insurers?

It would appear not.

Evan Owen
The IFA Defence Union

Thursday, May 14, 2009

Thoresen plays down 81% fall as Aegon looks to long term - Scotsman.com Business

Thoresen plays down 81% fall as Aegon looks to long term - Scotsman.com Business: "Thoresen said the fall was due to the effects of customers consolidating their pension pots, which are smaller due to poorly-performing markets. Market volatility was also discouraging investors"

Also due to life offices pilfering the with profit funds, a sure way of "discouraging investors", and Independent Financial Advisers for that matter, and they do matter a great deal.

Evan Owen
The IFA Defence Union
www.ifadu.co.uk

Friday, May 1, 2009

FSA releases statement on Swine Flu outbreak - 1 May 2009

FSA releases statement on Swine Flu outbreak - 1 May 2009

I hope the regulators who work for the Financial Services Authority at Canary Wharf don't come down with Swine flu, in fact I can't see it happening unless they take their snouts out of the trough.

Evan Owen
The IFA Defence Union
www.ifadu.co.uk

High Court to rule on FSA's "Lautro 19" appeal in May - 31 March 2009

High Court to rule on FSA's "Lautro 19" appeal in May - 31 March 2009:

"The case stems from a Freedom of Information request by IFA Defence Union chairman Evan Owen in January 2005. The IC ruled in August 2007 that the FSA had to name the endowment mortgage providers which misused Lautro projections in setting premiums, meaning customers were given unrealistically high maturity figures.

Advisers say unrealistic projections led many consumers to complain about endowment shortfalls that were exaggerated or non-existent, which led to misselling payouts that would not have occurred if the projections were correct."

Well yes, and the blame lies firmly at the door of the actuaries, particularly those at the Government Actuarial Department who were members of the February 18th Group. This group supplied an irrational regime to the Financial Services Authority when it was called the Securities and Investments Board. Who pays for regulatory ineptitude? Not the regulators and that is for sure.

Evan Owen
www.ifadu.co.uk

Banks caused their own demise say MPs - 1 May 2009

Banks caused their own demise say MPs - 1 May 2009:

"BBA chief executive Angela Knight says: “If we simply continue to blame the industry for all of the problems of the economy in the UK it will do little to help us out of the recession and will further damage the UK as an international financial centre.”"

Of course we should blame the banks and the regulators but we wouldn't expect Angela Knight to say sorry, nor would we expect an apology from the Financial Services Authority because they are too arrogant, incapable of accepting responsibility.

Evan Owen
www.ifadu.co.uk

Blow to Standard Life sales from safe-haven fund U-turn - Scotsman.com

Blow to Standard Life sales from safe-haven fund U-turn - Scotsman.com

Where is the regulator in all this? Too busy exterminating IFA firms and rendering retired sole traders homeless?

The IFA Defence Union hears horror stories on a daily basis.

Evan Owen
www.ifadu.co.uk