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.
The UK financial watchdog has strongly criticised defined benefit (DB) pension transfer advice saying that most of the recommendations made are unsuitable.
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.
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.
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.
The main UK regulator has pledged to go beyond the minimum requirements of the European Union’s new Insurance Distribution directive (IDD).
A former financial adviser who was found guilty of forging clients’ signatures to invest their cash into a high-risk fund that later went bankrupt has been sentenced to seven years in prison.
Is 5% all an investor can hope for in returns over the next 10 years? With both investment managers and the regulator singing from the same hymn sheet, it appears this may well be the case.
Advisers are mulling the implications of FCA plans to incorporate the term ‘insistent client’ into its handbook guidance. The regulator has outlined what it sees as best practice – a move that could see advisers producing two suitability reports, with a particular focus on pension transfer advice.
The Financial Conduct Authority has refused to let a compliance officer with nearly 20 years of experience carry out certain controlled functions on behalf of online trader Goldenway Global Investments.
There has been a 17% increase in the number of UK financial advice firms with regulatory permission to conduct defined benefit (DB) pension transfers over the past financial year, as demand from clients continues to rise.
An appeal by the former chief executive of an adviser network to overturn a ban on having any ‘significant influence’ on any regulated activity has been struck down and a fine upheld by the UK’s Upper Tribunal Tax and Chancery Chamber.
