Royal London calls for more affordable financial advice
The need for affordable financial advice in the UK for savers who want to cash in medium-sized pension pots has intensified, said Royal London.
Regions
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Australian QROPS exodus expected as HMRC suspends pensions list
HM Revenue & Customs will suspend its overseas pension list from tomorrow, with experts predicting that QROPS based in Australia and other jurisdictions will be absent when it returns next month.
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Hong Kong SFC fines Phillips Securities over fund mis-selling
The Hong Kong Securities and Futures Commission (SFC) has reprimanded and fined Phillip Securities (HK) Ltd $1 million for failings in selling a fund to four clients who lost their investment.
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Amundi appoints deputy CIO
Effective as of 15 June, Mortier will support CIO Pascal Blanqué in maintaining Amundi’s existing investment strategy, as well as taking up a seat on the firm’s executive committee.
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Intrinsic drops four providers in protection panel review
Four providers have been removed from the list of companies offering protection products to Intrinsic’s restricted advisers.
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FPI appoints two new bosses after Van Der Wielen departure
Life insurance giant, Friends Provident International, has named its new chief executive and chairman who will succeed John Van Der Wielen when he leaves the firm at the end of this month.
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UK gov’t minister warns pension providers to increase reform efforts
Britain’s Work and Pensions Minister Iain Duncan Smith has warned the pension industry to stop dragging its feet over implementing the government’s reforms, which came into effect on 6 April.
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Hong Kong regulator told to step up ILAS regulation
A senior member of the HK Legislative Council has called on the Hong Kong Securities and Futures Commission to “step up” the regulation of Investment-linked Assurance Schemes (ILAS) to better protect the interests of policyholders.
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SA advisers call for more regulatory effort, divided on RDR
Nearly all South African independent financial advisers would welcome more efforts by the country’s regulator to police unregulated schemes and products, but plans for a UK-style Retail Distribution Review have received a mixed reception, according to a new survey.
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Anti-FATCA group finalises lawsuit against Canadian Gov’t
A group promoting Canadian sovereignty has raised 80% of the funds required to take the Canadian Government to court for providing residents’ details to the US for its Foreign Account Tax Compliance Act (FATCA).
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Saudi Arabian stock exchange opens to foreign investors
Saudi Arabia has today opened its $570bn Tadawul stock exchange to direct foreign investments for the first time, which is widely seen as a crucial stepping stone to the kingdom’s entry into the MSCI Emerging Markets index.
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Troy Trojan joins M&G Recovery in Chelsea ‘DropZone’
Sebastian Lyon, Tom Dobell and Mark Mobius are among the names humbled in Chelsea Financial Services’ latest DropZone of the worst-performing funds over the past three years.