FCA warns firms of robo-advice failings
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.
FCA
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The PI thorn in the side of DB pension transfer firms
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.
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Ex-SJP trainee adviser banned for faking qualifications
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.
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PI woes force pension transfer firm to pull advice service
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.
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Old Mutual Wealth resumes TVAS report service with £150 charge
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.
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Advisers look for certainty as pension transfer flux continues
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.
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Providers to stump up 25% of advisers’ compensation bills
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.
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FCA’s Bailey tackles decumulation ahead of retirement report
Financial Conduct Authority chief executive Andrew Bailey has listed the growth of decumulation products as a key issue for the regulator as it prepares to launch its retirement outcomes review.
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Advisers giving inadequate information to DB specialists: FCA
Financial advisers who are outsourcing pension transfer work to specialists are providing them with inaccurate information, according to the executive director of the Financial Conduct Authority (FCA).
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Administrators appointed to The Lifetime Sipp Company
Joint administrators have been appointed to wind down The Lifetime Sipp Company, a Financial Conduct Authority-regulated self invested personal pension scheme administrator based in south-west England.
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FCA hits advisers with 4.2% fee hike
The Financial Conduct Authority (FCA) is planning to raise adviser fees by 4.2% for the upcoming financial year as it looks to cover EU withdrawal costs.
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FCA will ‘absorb’ Brexit-related costs
The Financial Conduct Authority (FCA) says its next annual budget and business plan will make explicit the costs associated to Brexit that it will have to absorb, news that will likely be welcomed by the financial services industry.