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.
FCA
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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.
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FAMR call for early pension access and advice definition change
The Financial Conduct Authority is calling for early access to pension pots to pay for advice costs, in its final report on the Financial Advice Market Review (FAMR) published today.
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Hybrid pension plans can be good value, says Defaqto
Formerly seen as the domain of high-net-worth clients, hybrid retirement solutions are now equally important for clients with more modest pension pots, according to independent financial research firm Defaqto.
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Senior Managers Regime comes into force in UK
The UK’s new senior managers regime, designed to hold bankers and insurance managers accountable for misconduct in areas under their responsibility, has come into force and will apply equally to officers of the Financial conduct Authority (FCA) and the Prudential Regulation Authority (PRA).
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Clearer pension fund costs needed, says UK Consumer Panel
Pension fund costs and charges look set to become more transparent following a new reporting standard proposed by the UK’s Financial Services Consumer Panel (FSCP) on Friday.
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FCA raises concerns over life company fee transparency
The UK’s Financial Conduct Authority has raised concerns over the transparency of exit and penalty charges found in the closed-book life insurance policies of six insurance firms, including Old Mutual and Prudential.
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Little proof FCA actions reduce mis-selling – NAO
The Financial Conduct Authority lacks “good evidence” that its enforcement actions are helping to reduce levels of mis-selling of financial services products, according to the National Audit Office (NAO).