UK to change definition of ‘advice’ in line with Mifid
The UK government has launched a consultation on changing the definition of financial advice, so that only a personal recommendation for a product is considered advice which will be regulated.
FCA
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Macro must play greater role in pensions debate – Bailey
The macroeconomic aspect of the pensions debate requires more attention said Andrew Bailey, chief executive of the Financial Conduct Authority.
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FCA plans to ban Barclays Wealth man over destroyed report
The Financial Conduct Authority (FCA) has said it intends to ban former chief operating officer of Barclays Wealth and Investment Management Andrew Tinney.
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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.
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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.