Watchdog (IOM FSC) demands investment sales review

Posted 06/02/2012 - 10:05 by anrigaut

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2012-02-03 (All day)

Seems the FSC can act - when it suits them :

"An independent review of the Isle of Man Bank's investment selling practices has been ordered by the Financial Supervision Commission.

Specifically it will look at all sales since January 1, 2008 to people over the age of 70.

It follows an FSC probe into a case involving an 80-year-old with terminal throat cancer, Norman Hensher, who was sold a £500,000 Aviva pension by the bank, which he had no hope of paying back.
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The FSC has ruled the bank's internal procedures were not followed in full during the advice and sign-off stages of the investment. ...