This week’s news... condensed

Ten of this week’s best-read stories

HSBC fine

The week got off to an explosive start with news of a £10.5m fine for HSBC for inappropriate investment advice provided to elderly customers by one of its IFA subsidiaries, NHFA Limited. It was the largest ever retail fine issued by the regulator.

Transact fine

The FSA didn't stop there, hitting Transact's parent company with a £3.5m fine for client money breaches. Incredibly, the failings went unnoticed for almost a decade.

Granny farming

Thought there would be nothing interesting to come out of the finance bill? Think again. According to one expert, changes to rules around withdrawing small pension pots as lump sums could lead to granny farming.

Eurozone

The little matter of the eurozone crisis continued to rumble on, with S&P warning it may downgrade the EU's AAA-rating. The politicking continued in Brussels, but it appears the UK will become more isolated from the rest of the continent.

UCIS

Whether they are mis-sold or misunderstood, unregulated collective investment schemes continue to be the subject of much debate and, as IFAonline revealed, the FSA will review the sale of these products next year.

DIFs

If you've been justifying the use of distributor influenced funds over independent vehicles by saying they can mitigate clients' capital gains tax liabilities, the FSA has news for you. Find a stronger reason to use them.

FSCS anniversary

The anniversary went by with little fanfare, but the FSCS has now been in existence for ten years. However, it doesn't seem like many are in the mood for celebrating.

New Star

It provided plenty of talking points while it lasted, but the employment tribunal over Patrick Evershed's dismissal at New Star finally came to an end with a confidential settlement.

Low-billing advisers

Every survey tells a different story, but some comprehensive research from the FSA suggested around a quarter of low-billing advisers will leave the industry post-RDR.

The Cru switch pitch

If you want to find out how Cru Investment Management encouraged advisers to invest all their funds, these revelations might be of interest.