FCA to ‘steer away’ from fund manager fee cap
The Financial Conduct Authority (FCA) is set to hold back from capping the fees fund managers charge on their products, according to reports.
FCA
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Praemium to buy UK Sipp provider for int’l expansion plans
Australia-headquartered platform technology firm Praemium is to buy UK Sipp provider Wensley Mackay as part of its international plans to tap into the opportunities created by the UK’s radical pension freedom reforms.
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No secondary annuity market service for Hargreaves Lansdown
Hargreaves Lansdown will not offer a service for investors to sell their annuities when the UK government scheme launches next year, citing too many risks for investors.
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FCA bans and fines adviser who lied about her qualifications
The Financial Conduct Authority (FCA) has banned Elizabeth Anne Parry from performing any function in relation to any regulated financial activity and fined her £109,400 ($143,419, €128,657) for repeatedly lying about her qualification status.
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UK ombudsman pledges to tackle scammers of £755m fraud
The UK’s Financial Ombudsman Service (Fos) has set out the scale of fraud carried out in the country’s financial services sector, pledging to work with other regulatory bodies such as the Financial Conduct Authority to crackdown on scams.
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PEOPLE MOVES: FCA hires ex-FBI man, Deutsche Bank, Old Mutual
The UK regulator has pulled out the big guns and appointed a former FBI man to head up its retail and regulatory investigations. Deutsche Bank has appointed co-heads of wealth management for Germany and Old Mutual International has named an operations director for the Isle of Man.
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Scam warning over regulated advisers in pension lib schemes
Pension liberation scams are increasingly being endorsed by FCA-regulated financial advisers, advocacy group Pension Life has warned.
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FCA to investigate absolute return funds
The Financial Conduct Authority (FCA) plans to investigate absolute return funds as part of its review into the asset management market, amid poor performance despite the flood of money being pumped into the strategy.
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Prudential commissions due diligence guides for advisers
The belief that due diligence on investment products shouldn’t rest solely with advisers has seen Prudential commission two independent research companies to produce four guides to support financial advisers in meeting their research requirements.
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UK pension transfers back under the microscope
The UK regulator is planning to take a fresh look at how it calculates levels of redress when unsuitable advice is given on the transfer of defined benefit (DB) pension schemes. While advisers claim it’s not just DB schemes that are facing issues, with some defined contribution (DC) pension transfers also proving problematic.
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UK advisers warned of ‘inappropriate influence’ of introducers
The Financial Conduct Authority (FCA) has voiced concerns about the “inappropriate influence” that unauthorised introducers have on investment choices made by UK advisers, revealing that it has seen a growing number of cases where client pensions are being transferred into unregulated high risk products.
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UK’s FCA steps up crime reporting requirements for advisers
The Financial Conduct Authority (FCA) is expanding its remit over financial crime by requiring large firms to file yearly reports into the matter.