IFA jailed for forging signatures
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.
FCA
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ANALYSIS: Why a world of low-returns is here to stay
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.
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Analysis: Insistent client advice needs two suitability reports
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.
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FCA finds compliance officer with 20-yr record unfit for role
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.
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Sharp rise in UK advice firms providing pension transfers
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.
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Ban and fine against former UK adviser network CEO upheld
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.
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‘Common sense’ prevails in FCA’s insistent client guidelines
Updated guidance on how UK advisers should deal with clients who insist on going against their advice has been welcomed as “common sense” by Old Mutual Wealth’s chief distribution officer Richard Freeman.
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FCA bans IFA from giving DB pension transfer advice
Another British financial advice firm has been stopped from carrying out defined benefit (DB) transfer advice by the Financial Conduct Authority (FCA), as Standard Life calls for greater flexibility.
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Revised UK managers regime to expose ‘reckless’ IFA firms
The Financial Conduct Authority’s extension of its Senior Managers Regime to almost all regulated companies in the UK will help weed out “reckless and criminal firms”, financial adviser support firm SimplyBiz Group said.
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PEOPLE MOVES: Pakistan, Old Mutual Wealth, Jupiter
The Panama Papers fallout continues with the prime minister of Pakistan resigning. Old Mutual Wealth has hired an investment specialist to support advisers, while Jupiter’s head of Middle East & Africa has left the company.
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Banned IFA found guilty of forging clients’ signatures
A former financial adviser in the UK has been found guilty of forging his clients’ signatures on investment documents following a 10-week trial at Derby Crown Court.
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Advisers and asset managers hit by FCA senior manager changes
Advice firms and asset managers will be brought under the FCA’s Senior Managers and Certification Regime (SMCR) from 2018, the watchdog has announced.