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.
FCA
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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.
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Investors rally against firm after £9m losses
Hundreds of investors who lost around £9m in an allegedly fraudulent investment scheme are uniting to try to get their money back.
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FCA ramps up inquiries by 20 per cent
The UK’s financial watchdog carried out 20% more investigations last year, however, the number of inquiries being closed without reaching a public outcome has doubled in three years.
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FCA to probe investment banks
The FCA will conduct its first investigation of investment and corporate banking to determine whether competition in the sector is working effectively.
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Active share neither silver nor bullet shaped
Robin Geffen’s call for the Financial Conduct Authority to make the disclosure of active share mandatory is the latest shout in what is a growing clamour for better ways to provide evidence of what he refers to as ‘truly active’ management.
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FATCA goes live in Jersey
Financial institutions in Jersey can now register clients with the US, as the Foreign Account Tax Compliance Act (FATCA) goes live in the jurisdiction.
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Only FCA authorised advisers to give
An amendment to the Pensions Schemes Bill 2014-15 in the House of Lords last week has confirmed that anyone seeking to transfer out of a defined benefit pension scheme must seek advice from an FCA authorised pension adviser.
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FX trader jailed for seven years for scam
A man who claimed he was trading on foreign exchange markets has been jailed for seven years after conning investors out of £5.5m and splashing the cash on himself.
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HMRC cracks down on serial tax avoiders
HM Revenue & Customs has proposed a tougher crackdown on users of multiple tax avoidance schemes.
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Montello granted full regulatory status
Montello has received full regulatory status from the Financial Conduct Authority as a UK fund manager.