Fiduciary rule critic loses White House job on ethics grounds
A vocal critic of the US Department of Labor’s (DoL) fiduciary rule, Anthony Scaramucci, will no longer be appointed to a role in Donald Trump’s White House due to an ethics conflict.
RDR
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South Africa to bring in 50% cap on upfront commission
South Africa’s Financial Services Board (FSB) will limit upfront commission to 50%, with the remainder set to be paid on an “as and when” basis as further details emerge on how the regulator will introduce the first set of Retail Distribution Review (RDR) measures.
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Aisa International moves into South Africa with fee-based firm
Cross-border financial planning firm Aisa International has expanded into South Africa after being granted a licence by the country’s financial services regulator.
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South Africa sets out commission ban under RDR
South African regulator, the Financial Services Board (FSB), has revealed details on how it will implement a cap on commission payments as part of the country’s Retail Distribution Review (RDR).
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ANALYSIS: FCA report puts closet trackers on notice
Unsurprisingly, most of the responses hitting the inboxes of industry journalists through the course of an otherwise quiet Friday began with “welcoming” messages to the FCA interim report on the asset management industry.
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UK platform sales plummet to lowest point since RDR
Net fund flows via UK platforms fell to £8.6bn ($10.7bn, €10bn) in the third quarter of this year, the lowest level since RDR was introduced in Q1 2013, according to the latest Fundscape Platform Report.
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Five top advisers predict the perfect business in five years
The financial advisory space is undergoing an enormous amount of flux at the moment.
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UK providers forced to cap early exit pension charge at 1%
The UK’s Financial Conduct Authority (FCA) and Department for Work and Pensions are to impose a 1% early exit charge cap on existing personal pensions and occupational schemes from 31 March next year.
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Concerns raised over plans to create Kenyan super regulator
Kenya’s financial services industry has raised concerns over plans announced by the country’s government earlier this year to merge four supervisory authorities in order to create one super regulator.
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Insights into new regulations in S.Africa, UAE, and Isle of Man
How will new mutual fund regulation in the UAE impact on portfolio bonds and unit-linked funds?
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US introducing RDR ‘through the backdoor’
Recent moves in the US suggest that the country is bringing in its own version of the retail distribution review “through the backdoor”, according to Capgemini Consulting’s Rod Bryson.
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The world will ban commission within five years, says JPMAM
Regulation is moving at such a fast pace that within five years all financial services markets around the world will ban commission and implement an RDR-like regime, Jasper Berens, head of UK funds at JPM Asset Management has predicted.