The Financial Ombudsman has ordered wealth manager, Brewin Dolphin, to pay a client’s £60,000 income tax bill. The firm had recommended that the client put £160,000 into a pension without first…read more
FCA confirms ban of sale of speculative illiquid securities to retail investors. Published February 2021
A temporary ban on the sale of speculative illiquid securities to retail investors, introduced in January 2020, has been confirmed by the Financial Conduct Authority (FCA). From 1 January 2021 IFAs will only be allowed to sell speculative ‘mini bonds’…read more
Government proposes compulsory PI insurance for tax advisers. Published January 2021
The government is to consult on making professional indemnity insurance (PII) compulsory for tax advisers. It argues that this will raise standards in the tax advice market, provide recourse and…read more
FRC ‘operational separation’ of audit practices. Published December 2020
The Financial Reporting Council (FRC) ordered the ‘Big Four’ audit firms to implement ‘operational separation’ of their audit practices by June 2024. The move followed high profile audit failures at…read more
Court rules accountant had no duty of care to shareholder. Published November 2020
A property-owner has failed in her bid to have the demerger of the family business overturned after she accused the company’s accountant of breach of fiduciary duty and professional…read more
Accounting giant loses appeal against record audit damages. Published October 2020
Grant Thornton has failed in its bid to overturn record £22 million damages after it was found liable for negligence in its audit of fire equipment leasing company AssetCo. Judges threw out the accounting giant’s appeal, but reduced the damages…read more
FCA sets out best practice guidelines to protect vulnerable consumers. Published September 2020
The FCA is consulting on best practice guidelines to help IFAs protect their vulnerable customers. The regulator says many firms are doing excellent work to support those with vulnerabilities, however, it is also aware of cases where vulnerability is not…read more
FCA intervenes in hundreds of financial advice professional indemnity cases. Published August 2020
It has been revealed that the Financial Conduct Authority (FCA) has intervened in nearly 500 professional indemnity insurance (PII) based issues relating to financial advice firms since the start of 2019. Financial Times publication, FT Adviser, exposed the high…read more
Over 1,300 IFAs sign-up to the Pension Transfer Gold Standard. Published July 2020
More than 1,300 Independent Financial Advisers (IFAs) have signed up to the Personal Finance Society’s (PFS) Pension Transfer Gold Standard in its first year of operation. However the society has also reported that some advisers have pulled out of offering…read more
Financial adviser fined for exposing clients to high-risk pension investments. Published June 2020
Lloyd Pope, a director of failed advisory firm TailorMade Independent (TMI) has been fined over £23,000 by the FCA for failings which allowed clients to invest over £100 million of pension assets in high risk investments. These included green oil,…read more
