New Abu Dhabi financial centre opens for business
Abu Dhabi Global Market, the newest financial centre in the Middle East, and its Financial Services Regulatory Authority (FSRA) opened for business in the United Arab Emirates on Wednesday.
Regions
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Sanlam appoints Polin as UK chief executive
Sanlam Private Wealth, a provider of investment and wealth management services and part of South Africa-based Sanlam Group, announced on Wednesday the appointment of Jonathan Polin as UK chief executive.
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Thailand tightens supervision of intermediaries
Thailand is to toughen up its supervision of financial intermediaries in a bid to prevent the exploitation of clients.
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Danish and Dutch pensions top Mercer index
Only the Danish and Dutch pension systems achieved “A” grades, indicating first class and robust schemes that deliver good, sustainable benefits with a high level of integrity, according to global consulting firm Mercer.
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Mauritius signs MoU with Dubai regulator
The Dubai Financial Services Authority (DFSA) and the Financial Services Commission of Mauritius (FSC Mauritius) earlier this month entered into a memorandum of understanding (MoU) on capacity building, as well as other collaborations.
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SIPP complaints up by a third in Q2 says UK Ombudsman
Complaints about self-invested personal pensions (SIPPs) rose by a third during the second quarter of 2015, while term assurance product complaints decreased by 23%, according to the UK’s Financial Ombudsman Service (FOS).
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FEIFA partners with Nova Wealth
The Federation of European Independent Financial Advisers (FEIFA), has announced a new partnership with Guernsey-based, multi-jurisdictional offshore investment manager Nova Wealth.
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Aegon UK adds Brewin Dolphin’s DFM service to platform
Aegon UK, part of Dutch international insurance group Aegon, has added wealth managers Brewin Dolphin as a discretionary fund manager (DFM) on its Retirement Choices platform.
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UK lawmakers call for action on financial advice gap
The UK pension freedoms introduced in April this year are not yet operating as well as they should, and the provision of affordable advice was “woefully inadequate”, a new report from a parliamentary oversight committee found.
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Hong Kong plans to extend resolution powers to unregulated firms
Unregulated financial firms in Hong Kong will now be included in the city’s budding resolution regime, which will give the regulators greater powers to minimise the impact failed institutions have on the local economy.
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FCA bans former UBS rogue trader Adoboli
The Financial Conduct Authority has banned Kweku Mawuli Adoboli, the former UBS trader who unauthorised trading caused the Swiss bank to lose $2.25bn, from performing any function in relation to any regulated financial activity.
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Where now for commissions in Europe?
Full commission bans did not materialise in the agreed texts for both both MiFID 2 and the IDD. Paul Stanfield of FEIFA looks at the likely future of remuneration for financial advisers.