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.
FCA
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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).
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FCA fine WH Ireland £1.2m for market abuse failures
UK wealth manager WH Ireland has been fined £1.2m ($1.7m) and restricted for 72 days from taking on new corporate broking clients for failing to sufficiently protect against the risk of market abuse.
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FCA calls for advisers to be more diligent
Many financial advisers are not doing enough to “challenge the status quo” around the products and services they offer to clients, according to the Financial Conduct Authority.
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Investors to receive compensation after FCA prosecution
More than 100 people who invested in a fraudulent collective scheme will collectively receive around £2.9m compensation following the successful prosecution of a fake foreign exchange trader under the Proceeds of Crime Act 2002 (POCA).
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Talk of UK commissions return draws ire
A return to commission payments would be a huge step backwards and contrary to the retail distribution review, said industry leaders after the Financial Conduct Authority’s (FCA) interim chief executive failed to rule out a return to commission payments.
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Bank of England’s Bailey named FCA chief executive
The new chief executive of the UK’s Financial Conduct Authority (FCA) has been named as Andrew Bailey, the Bank of England’s deputy governor for prudential regulation and chief executive of the Prudential Regulation Authority (PRA).
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New UK exit fee cap to apply equally to work-based plans
The UK pensions minister Ros Altmann says the new powers handed to the Financial Conduct Authority to cap exit fees on savers seeking access to their pension pots will apply equally to occupational and work-based personal schemes.
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Authorised UK firms hit with £363m FSCS levy
Firms authorised by the UK’s Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA) will have to collectively pay £363m ($518m, €475m) to fund the Financial Services Compensation Scheme (FSCS) in 2016/17, an increase of 13.1% from £319m in 2015/16.
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FCA mulls limited commission on some retail products
The Financial Conduct Authority is considering reintroducing limited commission payments for certain retail products.
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OPINION: Situations vacant – chief executive, FCA
With the news that the FCA’s search for its next chief is ongoing, here’s our crack at what the job description might look like.