FCA to increase adviser fees by 10
The UK Financial Conduct Authority has outlined plans to increase the adviser regulatory levy by 10% to reach nearly £75m.
FCA
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FCA proposes extension of inducement
The Financial Conduct Authority has proposed extending the inducement standards set out by the Markets in Financial Instruments Directive II (MiFID II) to those providing restricted advice and to discretionary managers.
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FCA to make annuity providers rank their products
Annuity providers in the UK will be required to rank their product against their competitors in order to help consumers find out if they can get a better deal by shopping around.
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FOS freezes adviser levy and cuts budget
The Financial Ombudsman Service has frozen its compulsory levy which is partially funded by advisers and will cut its budget by 11% over the next tax year.
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Asset managers should expect increased scrutiny
Suitability standards in the asset management industry are set to come under Financial Conduct Authority scrutiny in 2015/16, the regulator said in its business plan for the period.
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FCA issues warning over surge in scams
The UK’s financial watchdog has warned consumers to look out for a surge in pension scams as next month sees the introduction of full flexibility on retirement pots.
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Govt report set to criticise
The UK’s financial watchdog will face “serious criticism” this week over its announcement of an inquiry which caused stocks to plummet across the insurance market, reports suggest.
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FCA bans two former TMI directors
Two former directors of failed financial advisory firm TailorMade Independent, which advised clients on self-invested personal pension transfers into troubled overseas property company Harlequin, have been banned by the Financial Conduct Authority.
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Offshore advisers look to UK in run-up to QROPS
Nearly one third of offshore advisers have formed links with UK advice firms in preparation for the Financial Conduct Authority’s restrictions on QROPS transfers, says a survey by Old Mutual Wealth
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Hume Capital Securities suspends
AIM-listed London broker Hume Capital Securities (HCS) has requested the suspension of trading in its shares after failing to raise enough funds for new business.
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FCA sets final rules on social media use
The UK’s Financial Conduct Authority has ruled that when a financial services firm shares customer endorsements over social media it could be covered by its promotion rules, and it has set out clearer guidance on how employees can use their personal social media accounts.
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Life ban for BlackRock fare dodger was ‘disproportionate’
The Financial Conduct Authoritys lifetime ban on an ex-BlackRock managing director who avoided £43,000 in ticket fares has been described as disproportionate and draconian by the head of the representative body for the UKs securities and investment industry.