network hoovers hoards of displaced advisers
The number of intermediaries joining True Potential’s national advisory firm has leapt 285% in the past year, with displaced high street bank advisers the largest source of fresh meat.
Regulation
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EU unveils bail-in details for cash-strapped banks
Taxpayer money will be a last resort for struggling banks should the latest EU bailout plan be approved, finance ministers have announced this morning.
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HMRC rule DFM transaction fees to remain tax free
Discretionary fund managers do not have to levy VAT on most of their charges following an HMRC ruling today which stated day-to-day transaction costs were to remain exempt from the 20% sales tax.
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PRA crackdown on liquidity-poor banks
The Prudential Regulation Authority (PRA) has found five UK banks have a shortfall of an aggregate £27.1bn, meaning they are below the minimum 7% liquidity required by Basel III legislation.
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First UK Libor criminal case comes to court
Tom Hayes, a former UBS and Citigroup trader, will appear before Westminster Magistrates on Thursday charged with eight counts of conspiracy to defraud in relation to Libor-rigging.
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Potential City coup in Mifid talks
The European Central Bank may find it more difficult to overrule London on legislation affecting the City as a result of a tentative agreement made during discussion of the Markets in Financial Instruments Directive (Mifid).
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leading indicator reveals winners wm
IFA networks have seen a 21.2% decline in approved persons year-on-year to the end of May, while IFA businesses and private client wealth managers witnessed only a 1% and 1.8% drop respectively, data from IMAS Corporate Finance has revealed.
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fca slams xcap securities 120k
Stock broker and asset manager Xcap Securities has been hit with a £120,900 fine for failures relating to the protection of client money and assets, the FCA revealed today.
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death bonds a win-win product
Controversial traded life policy investments (TLPIs) could have provided investors with an average expected return of 12.5% per annum, while Americans selling them have collectively received more than four times the amount they would have from their life insurance companies.
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London to relinquish Libor control
London could be stripped of its oversight of interbank lending rate Libor if Brussels succeeds in passing a law to bring it under control of the Paris-based European Markets and Securities Authority (Esma).
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sesame could have presided keydata
The FCA has fined Sesame over £6m for failings related to Keydata life settlements products and for systems and controls weaknesses which could have allowed similar mis-selling scandals to occur.
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FCA reveals details of Ucis marketing ban
Enterprise investment schemes, venture capital trusts and ETFs are among the fund structures exempt from the FCA’s ban on the marketing of Unregulated Collective Investment Schemes (Ucis) to retail investors, much to the relief of industry experts.
