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.
FCA
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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.
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Pension industry jointly responsibile for clients
There is a new and clear division of responsibility in the UK between consumers, the pensions industry and government policy makers coming into effect after 6 April that is a long way from the current system, the Financial Conduct Authority said.
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Former FCA exec Clive Adamson joins Pru
The Financial Conduct Authority’s former director of supervision, Clive Adamson, is to join Prudential’s UK business, according to media reports.
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Ex IFA jailed for 3 5m FX Ponzi scheme
A former independent financial adviser has been sent to prison for 10 years after running a £3.5m Ponzi scheme which fuelled his lavish lifestyle.
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Trail commission ban to slash
The UK regulators banning of trail commission in 2016 could result in over 15,000 advisers losing their job, a report by the former director general of the association of IFAs has predicted.
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FCA widens coverage of DB transfer rules
The Financial Conduct Authority (FCA) has announced that all members of UK defined benefit pension schemes must in future receive professional advice before transferring funds to defined contribution (DC) schemes.
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Exfinancial planning exec admits to insider trading
A former financial planning manager has pleaded guilty to “opportunistic” insider trading after netting £30,000 from the deals.