Need advice, support, pointing in the right direction?
Problems with your network? Your former employer? The regulator? The Financial Ombudsman Service?
Key Data IFA Defence Group
Sesame Project Minerva
Tavistock - Financial Limited
Look up Paul Lockyer on Linkedin, former Chief Counsel for Sesame and Misys before that, he is a former regulator, what he doesn't know about network contracts and appointed representatives
worth knowing as they say.
He was recently in the Sunday Times as one of the most "Vouchedfor" lawyers by recommendation in England and Wales. Any network or national IFA has the same issues.
He said: "I'd be able to assess what would be the best settlement options or just tell the network to go away.
I'd probably put together a list of arguments about what the advisers should/ could accept in the
circumstances, standard reply letters and a binding settlement that would make all these and (if possible future) claims disappear."
Claim against your PI broker - Howden, have you been missold PI Run Off cover? More than likely
Is your sponsoring firm chasing you for money you don't owe, KeyData, Arch Cru, claims, pension review?
DBS Financial Management PLC
Countrywide Independent Advisers
Join the Positive Solutions Action Group here PosSol Action Group
Tenet Action Group
Regulation is all about ticking boxes, get them all crossed out and the regulators will happily walk away.
This also applies to town and country planning and it is one of the areas covered by https://s106.co.uk
Burn it down: Observations on the Financial Services Authority
Suggestions from a barrister, things to do when faced with the FOS if you want to make any possible future case against it as water tight as you can.
Qualifications maketh the 'professional'? An educationalist's view
Their report is HERE
...The word is independent. There are many definitions but let's take a look at three:
1. Not influenced or controlled by others in matters of opinion, conduct, etc.; thinking or acting for oneself: an independent thinker.
2. Not subject to another's authority or jurisdiction; autonomous; free: an independent businessman.
3. Expressive of a spirit of independence; self-confident; unconstrained: a free and
"Most regulators’ careers end prematurely in failure and disgrace." - HOWARD DAVIES : HENRY THORNTON LECTURE : CITY UNIVERSITY BUSINESS SCHOOL : 4 NOVEMBER 1998
Letter from FSA regarding 15 year long stop HERE Hirst Opinion on FOS requirement to take account of what the
'former scheme' was required to do HERE
Open letter from Terence O'Halloran to FSA
Endowments meet their targets, what was all the fuss about? Reproduced with the kind permission of the
Evening Standard. Copyright: Evening Standard 2006.
Letter to John McFall HERE - Guess what - No reply
PIA warned of PIA perils HERE
Robber baron HERE
False Premises - Money Management
The IFA Defence Union recommends the use of surveillance equipment when dealing with the regulators or even clients,
the following story is that of another IFA who fell under the wheels of this driverless juggernaut:
"Totally endorse the recording of dealings with regulators
We were terminated by FIMBRA due to false allegations by a
couple of sick bully boys.
Almost by accident I had taken a micro recorder up (my
sister-in-law worked for an electronics firm). I had recorded
the conversation with the compliance officer at Hertsmere
When we played back the recording it bore no resemblance to the words we were alleged to have said and which were pivotal to the case against us.
Our Solicitor let it be known that he had seen the transcript of the tape, but no mention was made at our appeals tribunal. Our
Barrister did take the compliance officers apart and
showed them up for what they were..
There was an ex policemen that worked for the 2 compliance officers that had taken a statement from us, at the hearing he told
the Tribunal that the written statement attributed to him
and used to bury us was not made by him (he at least was being
1) What would have happened if I didn't have the proof that
they were lying?
2) Why did they lie in the first place?
3) Why were they not disciplined for lying? (we couldn't
afford to take them to the High Court)
I am saddened by what happened, my Father thought naively that if we just told the truth we would be alright. Just as well that I
am I bit more devious. I am still bitter for what they did to my Family (unable to work for 3 months young family to support and
relying on state aid including milk
tokens) - I wonder whether Magee-Englefield and Hamp really
thought they had done a good job?
Thanks for all the support and help. (NO need to reply as
you are doing a great job into the nitty gritty)
Important legal case HERE
Opinion of Anthony Speaight QC:
"There are growing concerns that the pendulum of consumer protection has swung too far in the case of
the Financial Ombudsman Service and small independent financial advisers. The FOS appears regularly
to be exercising its discretion to adjudicate upon claims against small IFAs up to its maximum theoretical jurisdiction of £100,000. There is rarely an oral hearing. And there are good reasons to believe that sometimes FOS makes substantial awards in cases which would be rejected by the courts. On other
occasions compensation seems to be calculated in a more generous manner than a court would assess damages. By reason of very large excesses and other insurance shortcomings some such IFAs have no insurance which responds. There is no appeal on the merits.
Such a system would be tolerable if the maximum award were modest – say £5,000 (which is the
maximum summary compensation under the legal professions’ schemes for "inadequate professional
service"). It would also be tolerable if, as is the case with the summary system of adjudication in the construction industry under the Housing Grants Construction and Regeneration Act 1996, there could be
a complete rehearing before a court. And it might even be tolerable if it were applied only against very large companies
But an unappealable, compulsory, summary jurisdiction against small traders making awards as great as £100,000 is, in my view, both wrong in principle and producing injustice in practice."
(No providers will be hurt in the making of this movie, in fact they can join the cast.)
Responses to ABI Commission Consultation Document From REAL people to UNREAL people
Re: Article in Money Marketing entitled "IFAs seek legal advice on misselling responsibility'. The quote in full was: "the
IFA Defence Union has been gathering opinions from legal and actuarial experts as well as questioning the FSA. The evidence strongly suggests that IFAs have a case for misrepresentation of risk against providers with many products but accept the argument that the regulator is culpable in some areas and that the providers have a right to want to
challenge it. IFAs cannot be held responsible for misrepresentations made by either party, they have been the whipping boy for far too long. If IFAs are afraid of taking on the providers they should ask themselves how much time and money
they are wasting on defending claims relating to 'unsuitable advice' when the complaint is in fact about the product, the FSA have indicated that it would be appropriate to refer such complaints to the provider".
FSA warns of high cost of small IFAs OUR RESPONSE HERE
What a week that was NEWS
Did you know? - Commission costs an average of 3% within investment business, compliance costs 9%... is the FSA adding value? Considering it costs investors three times more than the IFA distribution channel any sane person would come to the conclusion that regulatory interference is counter productive.
Falconer call to end claims culture: A Department for Constitutional Affairs spokesman said: "This is a complex and controversial issue where the Government cannot provide all the solutions". OH YES IT CAN!! Here are the simple solutions:
Follow the lead of our astute Irish neighbours who require claimants to sign an affidavit.
Penalise those who tell lies.
Restore some burden of proof to the complainant.
Charge the complainant a fee that is refundable if successful.
Regulate the 'clams handlers' - we have already reported a number of IFAs who also have an 'unregulated' arm. How
they can claim to be 'unregulated' is in dispute when financial advice is being provided.
Simple solutions? Of course they are but why can't they be implemented? Why is this so painful?
EUROPEAN CONVENTION ON HUMAN RIGHTS
Mr Chancellor of the Exchequer has made the following statement under section 19(1)(a) of the Human Rights Act 1998: In my view the provisions of the Financial Services and Markets Bill are compatible with the Convention rights.
The Pensions Ombudsman and Article 6 of the European Convention on Human rights HERE If you don't have the time or the inclination to read it here is a brief synopsis : The FSMA is NOT compatible with the ECHR, we have asked for sight of
opinion. Also see HERE
Making a fuss about the FOS This article is published in the September 2004 issue of Money Management Magazine. To subscribe call 020 8606 7545 or visit www.FTadviser.com The only problem is a reference to primary legislation being required to amend the FSMA and rein in those empowered by it (in their own interpretation) when the fact is that the FSMA allows just one of Her Majesty's Ministers to change anything he/she wishes at any time and as often as he/she deems fit. Well that's democracy? See HERE
We need copies of FOS decision letters that advisers feel are incorrect so please fax them to us on 0845 4585299, we will be
compiling a database that will be used to find inconsistencies. We have quite a few interesting developments on this front, more to follow.
FOS Jurisdiction: It has been brought to our attention that many IFAs are not aware of the full facts relating to the jurisdiction of
the FOS for any complaints relating to advice provided before 1st December 2001.
Lawyers, Accountants and Doctors have a union to turn to in times of need. Now IFAs will have their very own defence union.
In the words of Tony Blair
The Hutton debate in Parliament and the following is quoted from Hansard, Columns 770 and 771 on 4 February 2004 - the
words are spoken by the Prime Minister:
*I somehow feel that I am not being entirely persuasive in certain quarters.
We cannot have a situation in which we end up translating what we know today back into the context of what was
known and thought in September 2002, and then reaching a judgment.*
Only the financial services regulatory system has 100% hindsight
The more corrupt the State the more numerous the laws. -- Cornelius Tacitus
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