Regulation

EEA Fund Management has contacted shareholders in its suspended EEA Life Settlements Fund asking them to vote on a restructuring proposal which could see the ‘death bonds’ fund unsuspended in six weeks’ time.

The results of an FCA thematic review have revealed serious concerns and a poor management culture in some firms whose actions undermine the objectives of RDR, the regulator said today, as it announced a consultation on new guidance.

FCA chief executive Martin Wheatley has expressed concerns over the impact of the withdrawal of advice by big banks and insurers on the mass affluent.

Christopher Woolard, director of policy, risk and research at the FCA, speaking at the Regulatory Policy Institute's Annual Competition and Regulation Conference, said poorly engaged consumers meant competition is not working as it should in the financial services sector.

Property is back in favour, with canny investors looking to harness yield and capital growth, but recent EU legislation means fund managers now have to pass on more than 130 pieces of data to the regulator.

Aberdeen Asset Management has been stung by a £7.2m fine from the Financial Conduct Authority due to breaches of UK client money rules.

As former JP Morgan investment banking boss, Javier Martin-Artajo was detained by Spanish authorities in connection with the “London Whale” trading scandal, it emerged US authorities were also pursuing the bank for $6bn in connection with missold mortgage securities.

Mainland China’s fund groups have clubbed together to lobby Beijing against expanding the renminbi qualified foreign institutional investor (RQFII) scheme, according to reports.

John Leslie and Jeffrey Bennet, employees at London-based advisory firms Leslie and Nuding (now known as Leslie & Swallow) and Burlington Associates, have been fined £28,000 each for promoting Ucis to retail investors in the UK.