This week's news... condensed

Ten of this week's best-read articles...

1 MiFiD II

Just when it appeared there might be some clarity around the independent/restricted issue, along comes MiFiD II. The latest draft of the European legislation potentially leaves the door open to commission for restricted advisers.

2 Towry troubles

The FSA has been pretty active on the enforcement front recently and Towry became the latest firm to feel the wrath of the regulator, with a £494,000 fine for providing misleading information and for client money breaches.

3 Keydata

Another development on the Keydata front, with founder Stewart Ford threatening to sue Lifemark administrator KPMG if it fails to secure a $150m loan facility offer to save Lifemark.

4 Basic advice

The Fry Group thinks it can reduce the savings gap with an online basic advice service it is developing. It will apparently be like a 'dumbed down Hargreaves Lansdown with a decision tree'.

5 Not so simple

Thought all the providers were excited about simplified advice? Think again. Zurich reckons there will be issues about the market size and charging for it.

6 ABI annuity code is a ‘fudge'

The Association of British Insurer's new annuity code of conduct was met with a distinctly cool reception, with Hargreaves Lansdown's Tom McPhail describing it as ‘a fudge'.

7 Will life companies move on from IFAs?

Fitch Ratings had some interesting things to say about the impact of RDR on life companies, not least a warning that they can't rely on IFAs.

8 SPS green light

The FSA formally accredited six professional bodies, meaning they can now issue statements of professional standing (SPS). Admit it. You're excited.

9 Lighthouse ready for claims

How much would you set aside just in case you need to settle claims for clients? Lighthouse Group reckons £2.5m should cover the next five years.

10 Complaints

Which bank do you think received the most complaints in the first half of the year?