IFA firm Active Wealth has gone into liquidation, four months after it was suspended from taking on new clients after the UK regulator raised concerns it gave “questionable advice” to British Steel Pension Scheme (BSPS) members.
St James’s Place (SJP) Wealth Management has more than £90bn (€102bn, $127bn) of group funds under management, making 2017 a record year for the restricted advice company.
St James’s Place Wealth Management Asia has recruited Nexus Financial Services’ chief executive Gary Harvey to head up its Singapore business.
St James’s Place has made two senior hires from The Fry Group in Singapore, Jupiter Asset Management has parted ways with its head of UK retail and Credit Suisse has boosted its Asia investment team.
The lawyer, who advised the UK government during the financial crisis, looks set to lead the Financial Conduct Authority, St James’ Place new chief executive started settling in at the adviser and private client lawyers Penningtons Manches appoints a trio to its offices.
Continuing to provide defined benefit pension transfer advice to members of the British Steel Pension Scheme (BSPS) could put St James’s Place “outside its risk appetite”, the firm said.
St James’s Place appoints senior adviser in Asia, 7IM sacks its chief investment officer and Deutsche Bank adds two wealth management teams for Asia push.
Old Mutual Wealth claims a period of rapid growth means it is now the UK’s second largest advice business and only major competitor to St. James’s Place.
St James’s Place confirmed it is preparing to launch two funds this November, as it reported net inflows totalled more than £2bn in the third quarter.
St James’ Place is the most complained about adviser for the first half of 2017 according to the Financial Conduct Authority.
An appointed representative of St James’s Place has been jailed for 40 months after being found guilty of stealing and losing £844,010 ($1.1m, €940,707) from eight clients over a period of three years.
Pension rules are still a murky area in the eyes of savers and tax allowances continue to be a mystery for many people, warns Ian Price, divisional director for pensions at St James’s Place.
