The FCA has fined insurance broker Bluefin Insurance Services £4,023,800 for misleading customers about its business strategy during a period it was wholly owned by Axa UK.
The regulator said it fined Bluefin for having "inadequate systems and controls" and failing to provide information to its customers about the company's independence in a way that was "clear, fair and not misleading". Between 9 March 2011 and 31 December 2014, Bluefin promoted itself as "truly independent" in the advice it provided and the insurers it recommended to customers. It was, however, wholly owned by Axa UK during this period although it has since been sold by the insurance giant. ...
The Financial Ombudsman Service (FOS) will maintain its current funding model for the next financial year despite recognising it is unsustainable in its current form.
The FCA has confirmed that, while businesses will have to identify certified staff from day one under the Senior Managers & Certification Regime (SM&CR), they will have a year to complete fitness and propriety assessments.
Scott Cadger runs through the four most common reasons people give for not taking out critical illness cover - and some suggestions on how advisers can offer reassurance on each in conversations with clients
The Financial Ombudsman Service (FOS) has sought to provide clarity regarding any potential confusion over the products advisers should recommend to clients to cover a decreasing loan or mortgage.