Europe’s growing regulatory environment is impacting the continent’s asset managers in a number of ways, including pressuring them to outsource key functions though the outsourcing direction “is not all one way”, according to Boston-based research firm Cerulli.
Special interest and consumer groups in Australia have begun to speak out over a government plan to make significant changes to the country’s recently-enacted package of investor protection laws, which were among the first globally to include a ban on the use of commissions as payment for providing financial advice.
Financial planners in Australia will “once again be able to earn commissions for selling a wide range of investment products” if a government plan to “water down investor protection laws” goes through, one of the country’s leading financial publications reported over the weekend.
The FCA has issued its finalised guidance on inducements, taking on its three main causes for concern in the relationship between product providers and advisers.
The UK’s Retail Distribution Review could be in danger of being overridden by the EU’s MiFID II directive.
JP Morgan Asset Managements Keith Evins believes larger advice firms in the UK will increasingly move towards restricted propositions as a result of the Retail Distribution Review.
More than half of discretionary fund managers will be placing business into investment trusts in the next six months, while almost half of financial advisers will reject the closed-end structure.
The start date of the Isle of Man’s answer to the UK’s Retail Distribution Review has been moved back to the first of February, 2014, from the first of the year, financial advisers, wealth managers and others on the island were informed yesterday.
Jersey’s financial regulator has published details of how it expects the island’s financial advisory industry to go about complying with changes proposed under its Review of Financial Advice (RFA) project, first unveiled in 2011.
Two firms in the UK are facing enforcement action and a number of others have been asked to amend practices after a Financial Conduct Authority review found evidence of life insurance and advisory firms “undermining the objectives of the RDR”.
This morning, the UK’s Financial Conduct Authority revealed its first review into the implementation of the RDR which found some advisers were claiming independent status when in fact they were offering a restricted choice of products or providers.
An early Financial Conduct Authority review into the adjustment to the RDR shows some advisers continue to describe themselves as independent yet are choosing products from a limited number of providers.
