Financial advisers from St James’s Place are failing to comply with rules on transparency around charges and some are misleading potential customers about what they can offer, an investigation by UK consumer watchdog Which? has found.
Has the FCA asset management review missed a trick by not expanding its demands for transparency to wealth management?
Investors could see fund costs soar by £27.7m a year as asset managers pass on the expensive burden of satisfying new FCA regulations.
The Financial Conduct Authority has confirmed plans to crackdown on excessive fund charges in a damning final report on the UK’s £7trn asset management industry, and outlined plans to investigate the investment platform industry.
Asset managers have been forced to subsidise their own funds in order to keep fees low despite soaring costs, research from Fitz Partners has revealed.
The realities of Mifid II are beginning to dawn as advisers across Europe start to realise that commission transparency will be led by product providers, which could leave them feeling a bit exposed, says Shane Wood, business development manager for European IFA network OpesFidelio.
The Financial Conduct Authority has proposed a 4.7% hike in fees for advisers and brokers as part of its 2017/18 business plan.
As the week comes to an end in which the Spring Budget slapped a surprise 25% overseas pension transfer charge in particular circumstances, here are the views on what it means from a cross section of the industry.
Hong Kong’s Securities and Futures Commission now requires fund managers to disclose the ongoing charges figure (OCF) on their funds’ key facts statements (KFS), according to a circular from the regulator.
Deutsche Asset Management has launched a range of low cost fixed income exchange traded funds (ETFs) which all use direct physical replication.
The UK government will replace the current flat fee system for grants of probates with a new tiered levy, which could see estates over £1m ($1.24m, €1.17m) tens of thousands of pounds worse off.
St James’s Place, one of Britain’s biggest wealth managers, has come under fire for paying its advisers using an ‘air miles’ type system which rewards them with trips and jewellery for bringing in high levels of client investment.
