Compulsory standards needed so advisers can compare DFMs
Compulsory reporting standards are needed for discretionary fund manager (DFM) firms so that advisers can better compare them, a panel of industry experts has said.
Regions
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HMRC hails victory in film scheme tax cases
The UK tax office has claimed victories in two long running legal disputes over schemes involving artificially created losses, which had ensnared several high-profile entertainment and sporting figures and involved hundreds of millions of pounds in unpaid taxes and interest.
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Canaccord Genuity’s UK wealth business reports 11% AUM rise
Canaccord Genuity Wealth Management UK has reported an 11% year-on-year rise in assets under management at the end of its first fiscal quarter.
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Prudential commissions due diligence guides for advisers
The belief that due diligence on investment products shouldn’t rest solely with advisers has seen Prudential commission two independent research companies to produce four guides to support financial advisers in meeting their research requirements.
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OMGI eyes China distribution, puts plans in place
Old Mutual Global Investors has begun implementing a strategy to build distribution relationships across mainland China, according to the firm’s managing director Warren Tonkinson.
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MetLife net income down 94% after variable annuity review
US insurance giant MetLife reported a drop in net income of 94% to $64m (£48m, €57m) for the second quarter after bringing forward an annual review of its variable annuities business as it looks to offload a substantial part of its US retail business.
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ANALYSIS: Investor stakes raised as Carney fires bazooka
When I was a child my school clothes were often too big for me. My mother would buy them like that on purpose with the knowledge that I would grow into them eventually.
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ABI reports 10-fold rise in use of Sipps post-pension reforms
The number of savers using self-invested personal pension schemes (Sipps) has increased 10-fold in recent years, data from the Association of British Insurers shows.
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BoE cuts rates to 0.25%, turns on QE tap
The Bank of England’s monetary policy committee has cut interest rates to 0.25%, and committed to a new term funding scheme to “reinforce the pass-through” of the decision into the broader market.
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Sun Life Financial to buy FWD Hong Kong’s pension business
The Hong Kong arm of Canada’s Sun Life Financial is to acquire the pension business of FWD Group and enter into an exclusive 15-year distribution agreement that will allow Sun Life HK to distribute its pension products through FWD’s agency force in Hong Kong.
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Woodford asks for patience over trust
High profile fund manager Neil Woodford has sought to reassure investors in Woodford Patient Capital Trust that it will deliver for them if they stick with it.
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ETF robo adviser to launch in Hong Kong
Hong Kong-licensed online broker 8 Securities plans to launch a second generation ETF robo-adviser in the current quarter with lower fees to attract cost-sensitive investors.