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 isn't 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?
Join the Sesame Action Group (SAG) Here
DBS Financial Management PLC
Countrywide Independent Advisers
Join the Positive Solutions Action Group
PosSol Action Group
Join IFA Defence Union 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
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
to House of Lords Select Committee on Regulators - Call for
evidence - UK Economic Regulators (Copyright)
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
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 independent
in response to articles including THIS
Sir Christopher Kelly, chairman of the Financial Ombudsman
Service gave a speech at the Association
of Finance Brokers (AFB) annual dinner on 2 July 2007. Our response is HERE
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
1 (1MB) Page 2
(4MB) Page 3 (1MB)
Subscribe to Money
Management The original writing is HERE
(HTML) or HERE
meet their targets, what was all the fuss about? Reproduced
with the kind permission of the Evening Standard. Copyright:
Evening Standard 2006.
and ANOTHER (1)
Please take care with any
opinion because that is all it is.
Letter to John
McFall HERE - Guess
what - No reply
PIA warned of
PIA perils HERE
Robber baron HERE
TO THE FUTURE?
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:
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)
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
(No providers will be hurt in the making of this movie,
in fact they can join the cast.)
to ABI Commission Consultation Document From REAL people
to UNREAL people
still at large
determined to give endowments a fair trial
guaranteed to repay the loan - stunning revelation, not.
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
FSA warns of
high cost of small IFAs OUR
a week that was NEWS
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
to Callum McCarthy - FSA
to Walter Merricks - FOS
- THE FACTS
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
lead of our astute Irish neighbours who require claimants
to sign an affidavit.
those who tell lies.
some burden of proof to the complainant.
complainant a fee that is refundable if successful.
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.
solutions? Of course they are but why can't they be
implemented? Why is this so painful?
Also see: Complaints
and the Proceeds of Crime Act 2002
of ANTHONY SPEAIGHT QC on FSMA 2000 and COMPATIBILITY
with ECHR (STILL VALID)
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.
Pensions Ombudsman and Article 6 of the European Convention on
Human rights HERE
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
Response to FSA Consultation Paper 04/12
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
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.
have their own defence union:
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
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.*
the financial services regulatory system has 100% hindsight
The more corrupt
the State the more numerous the laws. -- Cornelius Tacitus
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