Does Barclays' £7.7m fine spell trouble for the big boys?

Barclays tore up every TCF rule in the book to flog the two Aviva funds linked to today's record-breaking FSA fine. But shockingly, this is not an isolated case of negligent advice from major financial institutions and the big question is who will be next in the firing line?

Laura Miller
clock

Barclays tore up every TCF rule in the book to flog the two Aviva funds linked to today's record-breaking FSA fine.

But shockingly, this is not an isolated case of negligent advice from major financial institutions and the big question is who will be next in the firing line? We are inundated at IFAonline with advisers flagging up the poor advice their clients have received in the past from banks and advisers linked to other large financial institutions. They are highly critical that the FSA seems to target the small independent advisers with very low complaints records while the high street banks get off scott-free with mis-selling on a massive scale. All will be pleased Barclays must now face t...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Your profession

Just 7% seek financial advice during divorce

Just 7% seek financial advice during divorce

According to Legal & General's research with Opinium

Sahar Nazir
clock 07 January 2025 • 2 min read
Azets Wealth Management snaps up advice firm Laurus Associates

Azets Wealth Management snaps up advice firm Laurus Associates

Azets acquires Newcastle-based firm Laurus Associates to expand services

Sahar Nazir
clock 07 January 2025 • 1 min read
Creating a culture of belonging for LGBTQ+ professionals

Creating a culture of belonging for LGBTQ+ professionals

'At LGBT Great, we've seen first-hand what's possible when firms commit to meaningful change'

Matt Cameron
clock 06 January 2025 • 3 min read