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

Claim against your PI broker

 

Mailing List

 

Is your sponsoring firm chasing you for money you don't owe, KeyData, Arch Cru, claims?

 

Join the Positive Solutions Action Group here PosSol Action Group

 

Join IFA Defence Union group here

 

 

Burn it down: Observations on the Financial Services Authority

A fishy tale
RDR For Dummies by Steve

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

 

Submission 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 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 independent citizen.

 

missedtargetsFTAdviser.jpg (801826 bytes) 05 July 2007 (3).jpg (918362 bytes)

Evidently in response to articles including THIS ONE 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

Dear Mr Cresswell

Outcry over the FOS non-disclosure of evidence

BALANCE the SCALES of JUSTICE

Letter to ECPG and Impact of regulation on retail financial services

FOS IS HOUNDING THE INFIRM - UNFAIR AND UNREASONABLE

 

 

"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

 

FOSSY LOGIC!!   Page 1 (1MB)  Page 2  (4MB) Page 3 (1MB) Subscribe to Money Management  The original writing is HERE (HTML) or HERE (Word)

UNFAIR AND UNREASONABLE

 

Endowments meet their targets, what was all the fuss about? Reproduced with the kind permission of the Evening Standard. Copyright: Evening Standard 2006.

 

LIMITATION and ANOTHER and ANOTHER (1) (2) 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

 

Letter to FT

 

BACK TO THE FUTURE?

 

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 House.
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 honest).

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)

Best Wishes

Yours Sincerely"

A Member

 

 

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.)

 

Limitation of liability

 

Responses to ABI Commission Consultation Document From REAL people to UNREAL people

Leviathan at large

Leviathan still at large

FSA determined to give endowments a fair trial

Repayment mortgages NOT guaranteed to repay the loan - stunning revelation, not. And HERE and HERE

 

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.   

 

Complaint to Callum McCarthy - FSA

Complaint to Walter Merricks - FOS

 

ENDOWMENTS - THE FACTS

 

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:

  1. Follow the lead of our astute Irish neighbours who require claimants to sign an affidavit.

  2. Penalise those who tell lies.

  3. Restore some burden of proof to the complainant.

  4. Charge the complainant a fee that is refundable if successful.

  5. 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?

Also see: Complaints and the Proceeds of Crime Act 2002

 

OPINION of ANTHONY SPEAIGHT QC on FSMA 2000 and COMPATIBILITY with  ECHR (STILL VALID)

http://www.parliament.the-stationery-office.co.uk/pa/cm199899/cmbills/121/1999121.htm
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

 

IFADU Response to  FSA Consultation Paper 04/12

Gary Stidolph Response

Susan King Response

APCIMS N2+2

 

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.

 

Many professions have their own defence union:

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

Source:

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

Click on the 'About' button to find out more and join our mailing list on the links page.

http://www.hotfrog.co.uk/Companies/Saverjustice_6265843/Mis-sold-mortgages-167271

http://www.qualifying-recognised-overseas-pension-scheme.com/