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.
FCA
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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.
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The rise of investment fintech
No longer the preserve of payment solutions developers, fintech startups are gaining ground and increasingly disrupting the investment management industry.
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UK pension advisers ‘caught out’ by unexpected Sipp charges
More than a third of pension advisers in the UK admit that they have been ‘caught out’ by unexpected charges on self-invested personal pension (Sipp) wrappers, research by retirement specialists Momentum Pensions shows.
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Fears of rising depositary fees follow Ucits V introduction
The introduction of a new law governing Ucits could lead to an increase in fees charged by depositary banks responsible for holding the funds, industry experts have warned.
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Phoenix swoops in on Abbey Life
Closed book pension provider Phoenix Group is reportedly making a move on Deutsche Bank’s UK insurance unit, Abbey Life.
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Ex-Schroders trader pleads guilty to insider dealing
Former Schroders equities trader Damian Clarke has pleaded guilty to nine counts of insider trading and will be sentenced on 13 June.
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Return to commission in UK ‘ruled out’ by FAMR report
In further industry reaction, a number of key players in financial services have reacted positively to the FAMR report’s positioning in favour of a fee-based only RDR regime, with no re-introduction of commission as remuneration for financial advisers.