Financial firms outsource advice to unregulated third parties
Some UK financial adviser firms are delegating the entire regulated activity of providing advice to unregulated third parties, according to the Financial Conduct Authority (FCA).
FCA
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Tilney planning range of smart beta, multi-asset funds
Tilney Bestinvest plans to launch a range of smart beta, multi-asset funds in 2016.
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Barclays fined record £72m for failing to ‘minimise crime’
The Financial Conduct Authority (FCA) has fined Barclays Bank a record amount for failing to minimise the risk that it may be used to facilitate financial crime.
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Ex-IFA’s landmark jail term for ‘giant Ponzi scheme’ upheld
The UK Court of Appeal has upheld a landmark sentence of 10 years’ imprisonment imposed on former independent financial adviser Phillip Boakes following his conviction on charges brought by the Financial Conduct Authority (FCA).
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Vanguard finds advisers split on robo-advice
Two-fifths of UK wealth managers believe robo-advice offers the potential for greater efficiency and to attract new clients in the next five years, according to a survey from Vanguard.
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UK financial adviser numbers rise but still woefully short
The number of independent and restricted financial advisers in the UK rose by 5% to 22,557 in November 2015, up from 21,496 in October 2014.
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FCA outlines terms for asset management study
The FCA has published terms of reference for its asset management market study, focusing on industry competition, remuneration and the role of investment consultants.
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FCA chairman wants ‘less is more’ approach to wealth manager regulation
FCA chairman John Griffith-Jones has spoken out on the “realistic, if not ideal” delay to MiFID II, while acknowledging the need for a “less is more” approach to the regulation of wealth managers
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FCA asks industry to ‘road test’ new ideas
The Financial Conduct Authority is hoping its ‘regulatory sandbox’ – a proposed test environment for innovative new products and services – will help retain its position as Europe’s leading fintech centre.
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Zurich urges UK advisers to speak up on long-stop rule
Financial advisers need to ensure they have their say on the UK complaints long-stop proposal to help shape what the legislation could look like, said Zurich’s head of retail platform strategy.
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FCA seeks better customer communications
The Financial Conduct Authority (FCA) launched a consultation on Thursday to remove a number of ineffective communication requirements from its Handbook.
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Tavistock liquidates Standard Financial
UK-based private investment firm Tavistock Investments has placed Standard Financial Group (SFG) and its trading subsidiaries Financial Ltd (FL) and Investments Ltd (IL) into liquidation.