McDermott announces FCA departure
Tracey McDermott, acting chief executive of the UK’s Financial Conduct Authority (FCA), is to leave the organisation on 1 July 2016.
FCA
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FCA to check consumer understanding of financial products
The UK’s Financial Conduct Authority has decided to check whether banks and building societies are making sure that customers understand the financial products they are buying.
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UK millennials more likely to embrace robo-advice, says Legg Mason
UK millennials are more open to receiving financial advice from automated services, so-called robo-advice, than their counterparts around the world, a survey by global asset manager Legg Mason has revealed.
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Asset managers should practice what they preach, says FCA
The Financial Conduct Authority has gently warned asset managers that they need to be clear in product descriptions and manage funds in line with stated strategies, following a review.
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FCA gives banks one week to reveal any ‘Panama Papers’ link
The Financial Conduct Authority (FCA) has given banks and financial institutions until next week to declare any links to Mossack Fonseca, the law firm at the centre of the ‘Panama Papers’ controversy.
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FCA to launch ‘regulatory sandbox’ and robo-advice unit
The Financial Conduct Authority (FCA) is to launch its ‘regulatory sandbox’ later this spring, calling on the financial services industry to set up a not-for-profit company to carry out the function.
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FCA sets in motion ‘top priority’ pension scam crackdown
The Financial Conduct Authority is to crack down on pension-related investment scams as one of its main priorities for the coming year.
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ANALYSIS: Pressure on asset managers rises as Cummings arrives
New Investment Association chief executive Chris Cummings has certainly got his work cut out when he takes the reins in the third quarter of this year.
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FCA sets £74m levy on advisers
Financial advisers will have to pay a £73.7m levy to fund the Financial Conduct Authority’s (FCA) £518.9m budget for 2016/17, according to plans laid out by the regulator.
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Financial advice industry needs to ‘come clean’ on exit fees
UK chancellor George Osborne’s recent announcement to cap investment and pension exit fees is a big step in the right direction towards tackling punitive investment and pension exit fees, says David Pugh, director of The Fry Group, Singapore.
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Financial services complaints down
Financial services firms in the UK received 2.11 million new complaints between July and December 2015, a decrease of 1.4% compared with the previous six months, according to the Financial Conduct Authority.
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AFH drops bid for Lighthouse over ‘limited growth prospects’
IFA consolidator AFH has pulled out of a potential bid to acquire Lighthouse as it sees “limited growth prospects” for the national advice firm.