The FCA has cracked down on future promotions from life insurer DeadHappy amid the blazing row over its ill-thought-out social media adverts featuring serial killer Harold Shipman, as FTAdviser reports.
Now the insurer has apologised as Cover reports.
A lot of advisers and protection industry experts had expressed their concerns about the advertising.
There are several approaches to advertising and marketing of course. One school of thought in terms of effectiveness is to push boundaries – but this now feels very much like a boundary too far – especially with so many relatives still living.
The Financial Conduct Authority has contacted pension providers and any other firm that administers money from British Steel transfers warning them that they have to reply without four weeks to inquiries on behalf of transferred members - whether that is to advisers or the FSCS as the redress scheme for transferees works it way through the system.
The regulator is demanding these providers supply adequate resources to the project. Certainly symptomatic of the industry’s poor systems and tardiness more generally.
There has been a great deal of regulatory action in the area of British Steel transfers recently.
The FCA is facing - and aiming - to face down legal action challenging the redress scheme.
The FCA has also warned that some firms may be seeking to pre-empt the redress scheme by offering their own compensation.
The FCA says the following. [That] “the actions by firms may be a deliberate attempt to exclude former members from participating in the scheme, binding them to receiving less money than they might be entitled to under the scheme. If substantiated this is wholly unacceptable and constitutes serious malpractice.
“Some firms have told consumers that their redress would amount to zero if it is calculated in accordance with our guidance. Preliminary evidence suggests that they are not following the guidance we expect them to follow when calculating redress.”
It is pretty clear the FCA is now focused on the issue – and generally – it wins these standoffs.
Orbis, a vocal critic of 60/40 strategies top the multi-asset charts for 2022 according to Citywire.
Alec Cutler’s fund outperformed balanced funds in 2022 by investing in physical gold, being cautious on bonds and targeting energy companies.
Finally it appears from social media that the CII has written to members of the PFS again justifying its actions in appointing new board members and repeating various accusations against member directors over the weekend. When the trade websites get on to the story, we will add it to this review.
