UK regulator to target pension ‘decumulation’ market
The UK’s financial regulator plans to put a greater focus on the drawdown phase of the pensions market in the current financial year, and has promised to do more to tackle pension scams.
FCA
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UK advisers face 5% fee hike
The Financial Conduct Authority has proposed a 4.7% hike in fees for advisers and brokers as part of its 2017/18 business plan.
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UK pension transfer risks rise for investors and advisers
The sharp increase in people transferring out of defined benefit (DB) pension schemes poses risks for investors and the industry, says Tom McPhail, head of policy at Hargreaves Lansdown. His warning comes as the UK’s pension transfer industry remains under close regulatory scrutiny.
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UK advisers face extra FSCS levy despite fall in Sipps claims
The UK’s Financial Services Compensation Scheme (FSCS) may still impose an interim levy on life and pension advisers despite a fall in the average cost of Sipp-related claims.
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UK advisers told to clearly signpost ‘advice’ and ‘guidance’
UK advisers will need to make clear the difference between “advice” and “guidance”, according to proposals published by the Financial Conduct Authority (FCA).
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FCA extends robo-advice unit to include guidance
The UK’s Financial Conduct Authority (FCA) extend its robo-advice unit to include firms developing guidance solutions.
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FCA stops pension transfers from 16 advice firms
Sixteen UK firms agreed to stop any activities related to pension transfers in the 12 months to January 2017, the Financial Conduct Authority has revealed.
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FCA fines ex-investment banker over Whatsapp boasts
A former investment banker has been fined more than £37,000 ($45,965, €42,610) by the FCA after he admitted trying to impress friends by revealing confidential client details in Whatsapp chats.
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More firms in the FCA firing line after Holborn sanctions
Several more firms are at risk of being sanctioned by the Financial Conduct Authority (FCA) as the regulator steps up action against international IFA firms specialising in overseas pension transfers, says Tim Searle, chairman of Dubai-based advisory firm Globaleye.
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Holborn Assets ordered to immediately cease pension transfers
The UK Financial Conduct Authority has ordered Holborn Assets Ltd to immediately cease all pension transfer business, particularly that introduced by overseas advisers.
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Asset management sector review dwarfs RDR, says Nucleus CEO
The UK Financial Conduct Authority’s report into the asset management sector is “way bigger” than the retail distribution review (RDR), with fund managers expected to “bear the sharp end of the pressure on fees”, says David Ferguson, chief executive of wrap platform Nucleus.
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DeVere’s Nigel Green to review Qrops unit in group restructure
DeVere Group chief executive Nigel Green has launched a strategic review of the company’s business which will factor in the surprise Spring Budget announcement of a 25% overseas pension transfer charge on Qrops plans in some markets and particular circumstances.