Offshore firms hit worst by increased compliance demands
Compliance requirements are a greater burden offshore, driving up client charges and forcing some firms to turn away business, research from Step has found.
Best Practice
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Millennials value financial advice at just £28.50 per hour
Millennials are willing to pay an average of just £28.50 ($35.50, €33.12) per hour for financial advice, casting doubt on the industry’s ability to capture younger clients amid the rise of robo-advice, research from financial services PR consultancy MRM has found.
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UAE insurance regulator to clamp down on fees and commissions
The main life insurance regulator in the UAE has unveiled plans to tackle high fees and hidden commissions across the industry after receiving what it described as “an alarming amount of complaints from policyholders”.
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Five top advisers predict the perfect business in five years
The financial advisory space is undergoing an enormous amount of flux at the moment.
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Cross border adviser diplomas between UK and Ireland go live
The Chartered Institute for Securities & Investment (CISI) has agreed a cross border deal enabling recognition of its financial services qualifications between Ireland and the UK.
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UK providers forced to cap early exit pension charge at 1%
The UK’s Financial Conduct Authority (FCA) and Department for Work and Pensions are to impose a 1% early exit charge cap on existing personal pensions and occupational schemes from 31 March next year.
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Zero corporation tax does not ‘make’ a tax haven: EU ministers
Jurisdictions that offer zero rates of corporation tax, such as Jersey and Guernsey, may not automatically be considered tax havens, EU finance ministers have said.
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UK advisers working longer to keep up with demand
At an average fee of around £157 ($195, €179) an hour, a large proportion of UK advisers are having to work longer hours to keep up with demand, according to a new survey by insurance giant Prudential.
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Product Spotlight: review of Old Mutual Int’l Wealth Mgt Plan
In the third of a series of three independent reviews of international life products, Brian O’Neill, consultant at Isle of Man-based actuary and consultancy firm Boal & Co, puts the spotlight on Old Mutual International’s Wealth Management Plan.
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Offshore pension off limits in UK divorce ruling
Overseas pensions could be excluded from sharing orders during divorce proceedings after the England & Wales Family Court said that it has no power to make such an order.
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UK government urged to scrap pensions triple-lock
The UK’s pension triple-lock will “worsen the economy”, is “heavily skewed” towards baby boomers, and should be scrapped, according to the Commons Work and Pensions Committee.
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European Banking Authority eyes new investment firm rules
The European Banking Authority (EBA) is seeking industry views on setting up a new prudential regime that is specifically tailored to the needs of investment firms.