The FCA investigation into events at Woodford Asset Management does not look likely to complete this year as the FCA continues to analyse the information it has gathered.
In a letter to the Treasury select committee, the FCA CEO Nikhil Rathi could not commit to a date.
It has 20,000 pieces of evidence and 14 witness statements, says the regulator. But MPs are not best pleased with the timings.
Committee chair Mel Stride MP responded: "Whilst it is right that all due process must be followed, the longer the investigation goes on, the greater the sense of disappointment that will be felt by those who lost out."
The following sorts of cases are proving rather controversial among advisers. A chartered financial planner who complained about DB transfer advice may receive £160,000 in compensation in an award from the Financial Ombudsman Service.
Ombudsman Lesley Stead’s view on the case gives a taste of the arguments.
“Hunter & Co has said that the complaint has been judged by more up to date standards than those which applied to the advice process in late 2016. But what I don’t think can be disputed is at that Hunter & Co, in advising Mr R in late 2016, was required to adhere to what the regulator’s COBS (Conduct of Business Sourcebook).”
Elsewhere it is hardly surprising, but advisers report that the new Covid strains are the biggest threat to market stability, as FTAdviser reports.
Replatforming is ‘hellishly’ complicated and bound to hit problems, so why on earth are recent private equity investors so confident they can make it work ask platform leaders at Citywire New Model Adviser’s platform CEO roundtable.
Advisers will no doubt agree. Best avoided if possible seems to be the message.
