A UK man who was jailed for seven-years for defrauding investors out of £21m (€23.9m, $28.1m) has had an inheritance he received from his mother’s estate confiscated by the Financial Conduct Authority (FCA).
The scale of the burden of rising professional indemnity insurance (PII) premiums has been revealed in a new section of the UK regulator’s data bulletin.
UK-based Mattioli Woods has stopped providing pension transfer advice service to individuals with safeguarded benefits as the wealth manager undertakes a full review of its work in the area.
The Financial Conduct Authority (FCA) has taken strong action against a financial advice firm by cancelling its permissions after it failed to submit its regulatory returns.
The UK’s Financial Conduct Authority (FCA) has made it clear it will hold robo advice firms to the same high standards as human advisers, with experts saying the honeymoon is now over for those trying to curb the rules.
Firms offering robo-advice have been accused by the UK’s Financial Conduct Authority (FCA) of using unclear charging structures and failing to protect vulnerable clients.
Professional indemnity (PI) insurers are doing more than the Financial Conduct Authority to make the lives of IFAs providing defined benefit (DB) pension transfer advice difficult.
The FCA has slapped a fine and prohibition order on a former St James’s Place trainee financial adviser who repeatedly lied and faked a document in a bid to advise retail investors without gaining the necessary qualifications.
UK pension transfer specialist O&M Pension Advice will cease advising clients from 1 July after it ran into “unexpected difficulties” with its professional indemnity (PI) insurer, a problem that is becoming more common in the advice market.
Old Mutual Wealth (OMW) is relaunching it transfer value analysis service (Tvas), a month after it was suspended following changes to the UK regulator’s rules concerning pension transfers.
As the Financial Conduct Authority (FCA) finalises its policy paper on defined benefit (DB) pension transfers, experts hope it will bring some certainty to an industry that has been in a constant state of flux since 2015.
Despite some strong opposition, the UK financial regulator has released major plans to force providers to pay 25% of advisers’ Financial Services Compensation Scheme (FSCS) bills.
