US regulator eyes greater investor disclosure
For documents related to life and annuity products Written by Mark Schoeff
Disclosure
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Aussie regulator eyes greater advice fee disclosure
To implement recommendations of Royal Commission and enhance transparency
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UAE regulator issues final ‘draft’ of life product sale rules
Indemnity commissions to be capped – not banned
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DeVere pays $8m to settle hidden Qrops commission case
DeVere USA has agreed to pay an $8m civil penalty stemming from its failure to disclose upfront commission of 7% to clients who were encouraged to transfer their UK pensions via a Qrops, the US regulator has announced.
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Politicians excluded from Pakistan tax amnesty
Senior government officials, politicians and holders of public office cannot take advantage of a new Pakistani tax amnesty, the country’s taxman has confirmed.
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IFAs urged to ditch IoM life cos over commission disclosure
IFA firms should “wrest control” of their businesses from life companies based on the Isle of Man before the Conduct of Business Code comes into force, the director of Thames River International has argued. A move described by one industry source as “dodgy” and a “stain on the industry”.
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Advisers brace themselves to explain Mifid II transaction charges
Advisers and consultants have voiced concerns about the consistency and accuracy of information amid fears that the broader investment industry will take another reputational hit.
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Why this Dubai firm is already disclosing commission
Financial planning firm Abacus Financial Consultants has started disclosing commission on certain products, ahead of rules that the UAE regulators are expected to introduce to require advisers to do so.
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Analysis: South Africa’s commission conundrum continues
Upfront commission remains a burning issue in South Africa, as the nation’s financial advice sector awaits the regulator’s next move following the signing of the ‘Twin Peaks’ legislation into law.
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UK regulator urged to reform complex disclosure rules
There is a ‘clear case’ for simplifying the point of sale disclosure regime which is too complex and confusing for investors, UK platform provider AJ Bell’s chief executive said in an open letter to the FCA.
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IoM considers changes to commission disclosure rule
The Isle of Man financial services regulator is considering scrapping broad commission disclosure requirements for life companies headquartered on the island, in favour of implementing policyholder-specific disclosures by 2019, according to industry sources.
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The naked truth about MiFID II
The realities of Mifid II are beginning to dawn as advisers across Europe start to realise that commission transparency will be led by product providers, which could leave them feeling a bit exposed, says Shane Wood, business development manager for European IFA network OpesFidelio.