Key financial illustrations (KFIs) that are intended to help people compare pension and investment product charges in the UK are not fit for purpose and are “the worst possible example of information overload”, says AJ Bell marketing director Billy Mackay.
The UK regulator has proposed changing the financial compensation scheme to make riskier, so-called ‘polluter’ firms pay higher levies.
Michael Coady has stepped down as managing director of deVere United Kingdom, deVere Mortgages and as chairman of UK Workplace Solutions; the three deVere Group brands in the UK.
The US Securities and Exchange Commission (SEC) has confirmed that enforcement director Andrew Ceresney is to leave the agency by the end of the year, the latest in a series of high-profile departures from the regulator.
Sir John Beckwith’s Pacific Investments group has launched Pacific Asset Management (PAM), which will initially focus on the multi-asset retail space, with institutional fund launches planned at a later stage.
Discretionary investment manager PortfolioMetrix has launched a strategic partnership with UK and international discretionary platform Praemium.
Old Mutual Global Investors (OMGI), part of Old Mutual Wealth, plans to launch the Old Mutual Style Premia Absolute Return Fund (Star) at the beginning of December.
US president-elect Donald Trump must show some backbone and repeal the Foreign Account Tax Compliance Act (Fatca) as a priority, says deVere founder and chief executive Nigel Green.
Mifid II is a big concern for around three-quarters of global asset managers, who think regulators need to provide better guidance and tools to navigate the increasingly complex landscape, according to State Street Corporation.
A sixth person has been charged by the Financial Conduct Authority (FCA) for promoting and selling shares through a succession of four boiler room companies.
Convoy, one of the largest IFA firms in Hong Kong, has paid £24m ($30.2m, €27.8m) for a stake in UK investment platform Nutmeg, in a move praised by UK chancellor Philip Hammond.
It would be unwise to say that financial crime has been beaten as it will always “mutate and morph”, according to Andrew Bailey, chief executive of the UK’s Financial Conduct Authority (FCA).
