Review urged to curb ‘unreasonable’ regulatory costs
An urgent review is needed to avoid “unreasonable” regulatory costs and levies on UK-based financial advisers, according to the Personal Finance Society.
FCA
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Fraudster gang faces jail terms over £4.3m UCIS losses
Eight fraudsters face a combined total of 26 years’ imprisonment after the UK’s Financial Conduct Authority found they lost over £4.3m of investors’ money in their unauthorised collective investment scheme (UCIS).
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FCA plans to fine Keydata’s Ford £75m
The Financial Conduct Authority has decided to fine Stewart Ford, a former director and chief executive of Keydata Investment Services, £75m for failing to act with integrity and misleading the regulator.
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Holborn adviser faces UK ban for UCIS mis-selling
A financial adviser currently employed by Holborn Assets in the UAE has been fined and banned in the UK after the Financial Conduct Authority found him guilty of knowingly recommending inappropriate, high risk products to retail clients.
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APFA calls for FCA budget freeze to stem fee rises
The Association of Professional Financial Advisers (APFA) has called for a freeze in the Financial Conduct Authority’s (FCA) budget for the next two years to give its members a break from having to meet its steadily rising fees.
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Holborn Assets enters UK with two offices
Dubai-based financial advisory group Holborn Assets has launched two offices in the UK as it looks to take advantage of the “incredible growth opportunities” in the region’s post-retail distribution review international business.
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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.
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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.