ANALYSIS: Will wealth managers avoid scrutiny on charges?
Has the FCA asset management review missed a trick by not expanding its demands for transparency to wealth management?
Fees
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Investors hit by £27.7m extra costs in FCA plans
Investors could see fund costs soar by £27.7m a year as asset managers pass on the expensive burden of satisfying new FCA regulations.
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FCA backs all-in fee in scathing report on UK funds industry
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.
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Asset managers ‘subsidising’ own funds as fee pressures bite
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.
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The naked truth about MiFID II
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.
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UK advisers face 5% fee hike
The Financial Conduct Authority has proposed a 4.7% hike in fees for advisers and brokers as part of its 2017/18 business plan.
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Ten industry views on the Qrops hammer blow
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.
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HK regulator brings in fee disclosure for fund managers
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.
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Deutsche AM cuts fees on new range of fixed income ETFs
Deutsche Asset Management has launched a range of low cost fixed income exchange traded funds (ETFs) which all use direct physical replication.
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Estates over £1m face 1% ‘stealth tax’ as probate fees rise
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.
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SJP slammed over ‘commission-style’ rewards for advisers
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.
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Citigroup fined for overcharging 60,000 clients for advice
Citigroup Global Markets has agreed to pay $18.3m (£14.5m, €17.1m) to settle charges in the US that it overcharged around 60,000 clients £18m for advice and misplaced contracts over a 15-year period.