Big shake-up to UK compensation scheme funding proposed
Product providers could be on the hook for 25% of the Financial Services Compensation Scheme (FSCS) costs currently paid by intermediaries, according to a consultation document released Monday.
FCA
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DB pension transfer complaint redress guidelines updated
The way in which firms calculate redress for complaints about defined benefit (DB) pension transfer advice was updated by the Financial Conduct Authority on Friday.
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Analysis: Fund fees wipe out ‘20% of gross returns’
The European Securities and Markets Authority (Esma) is turning up the heat on asset managers, highlighting the impact of fund charges on returns in a fresh report. Fund fees wipe out an average 20% of gross returns, according to the regulator.
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UK watchdog recruits public to fight scammers
The Financial Conduct Authority is urging the public to report and speak out against investment scammers after finding that more than a fifth of those contacted by a suspected fraudulent investment firm stay silent.
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New products needed to defuse pensions time bomb, FCA says
The investment industry has been told by the FCA that it has a growing role in addressing the public policy challenge of inadequate retirement saving levels.
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FCA warns more products needed for ageing population
The UK Financial Conduct Authority has warned that as more people reach retirement, more needs to be done to provide financial products and services for the elderly.
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FCA bans adviser spouses for ‘calculated’ deception
The Financial Conduct Authority (FCA) has barred John Chiesa and Colette Chiesa, founders of an authorised IFA firm, from ever working in financial services for the “calculated way” they deceived creditors.
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Half of DB pension transfers unsuitable blasts FCA
The UK financial watchdog has strongly criticised defined benefit (DB) pension transfer advice saying that most of the recommendations made are unsuitable.
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Holborn Assets returns from the cold
After ceasing all regulated activity in the UK earlier this year, Holborn Assets has been given the greenlight from the Financial Conduct Authority to resume operations and advise on defined benefit (DB) pension transfers.
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FCA rejects demand to review point of sale disclosure
Calls for a review of the complex and lengthy disclosure documents clients receive at the point of sale (POS) have been rejected by the Financial Conduct Authority despite the regulator admitting that customers can get confused.
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Proceed with caution over pension transfers, FCA told
Advisers need clarity and reassurance on defined benefit transfers, the FCA has been told by the pensions industry in response to its consultation on update existing guidelines around advising on DB transfers.
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Three ways the UK will go beyond EU insurance sales rules
The main UK regulator has pledged to go beyond the minimum requirements of the European Union’s new Insurance Distribution directive (IDD).