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MarketScreener Homepage  >  Equities  >  London Stock Exchange  >  HSBC Holdings Plc    HSBA   GB0005405286

HSBC HOLDINGS PLC

(HSBA)
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UK watchdog begins two-year crackdown on financial advisers

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01/21/2020 | 08:14am EST

Britain's markets watchdog told financial advisers on Tuesday they face a two-year crackdown to stop unsuitable advice, investment scams and excessive fees.

The Financial Conduct Authority (FCA) said in a "Dear CEO" letter to heads of financial advice firms it regulates that the sector has a valuable role to play.

"However, we are seeing an increasing number of cases where the actions of firms are resulting in significant harm to consumers' financial well-being," said Debbie Gupta, the FCA's director of financial advice supervision, in the letter.

"There will be increased focus on these areas as part of our wider supervision of firms over the next two years."

The FCA said it would review initial and ongoing advice to consumers on taking an income in retirement.

"You need to ensure the advice you provide is suitable, costs and charges are disclosed clearly, and you act in the best interests of your clients," Gupta said.

Consumers in Britain have been given "freedoms" to cash in their pensions.

The FCA said it expected advisers "to start from the assumption that a pension transfer is not likely to be suitable for your client".

It said that some financial advisers have inadequate resources and professional indemnity insurance, meaning they may not be able to compensate customers when things go wrong.

(Reporting by Huw Jones; Editing by Carolyn Cohn and Alex Richardson)

Stocks mentioned in the article
ChangeLast1st jan.
BANCO SANTANDER, S.A. -1.18% 3.634 End-of-day quote.-2.57%
BARCLAYS PLC 0.02% 174.85 Delayed Quote.-2.58%
HSBC HOLDINGS PLC -1.32% 584.9 Delayed Quote.0.08%
LLOYDS BANKING GROUP 0.90% 58.37 Delayed Quote.-7.36%
THE ROYAL BANK OF SCOTLAND GROUP PLC 0.94% 224.6 Delayed Quote.-7.32%
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Financials (USD)
Sales 2019 54 906 M
EBIT 2019 21 387 M
Net income 2019 13 441 M
Debt 2019 -
Yield 2019 6,62%
P/E ratio 2019 12,1x
P/E ratio 2020 11,4x
Capi. / Sales2019 2,84x
Capi. / Sales2020 2,80x
Capitalization 156 B
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Technical analysis trends HSBC HOLDINGS PLC
Short TermMid-TermLong Term
TrendsBullishBearishBearish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 24
Average target price 7,93  $
Last Close Price 7,70  $
Spread / Highest target 44,2%
Spread / Average Target 2,96%
Spread / Lowest Target -17,9%
EPS Revisions
Managers
NameTitle
Noel Quinn Chief Executive Officer & Executive Director
Mark Edward Tucker Non-Executive Group Chairman
Andrew Mitchell Maguire Group Chief Operating Officer
John M. Hinshaw Group Chief Operating Officer-Designate
Ewen James Stevenson Chief Financial Officer & Executive Director
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