fsa fines and bans adviser over ucis failings
The FSA has fined and banned the individual who offered unsuitable advice on unregulated collective investment schemes (Ucis) to retail investors at Topps Rogers Financial Management.
Regulation
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europe rejects commission ban in mifid vote
The European Parliament has backed the updated market in financial instruments directive without supporting a continent-wide commission ban.
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lloyds in libor probe as nine more subpoenaed
Nine of the world’s biggest banking groups – including the UK’s Lloyds – are to come under increased scrutiny over the Libor-rigging scandal, it has been reported.
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fatca launch dates delayed
America's tax authorities have delayed the starting dates of key parts of Fatca for non-US financial institutions in countries not covered by an intergovernmental agreement with the US. Crucially, this does not include the UK.
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high profile culprits of 08 crisis jailed
Societe Generale’s high profile rogue trader Jerome Kerviel lost an appeal against fraud charges in France yesterday as across the pond ex-McKinsey and Goldman Sachs director Rajat Gupta was found guilty of feeding tips to a friend outside the firm.
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third of advisers offer reduced service
The £50,000 barrier to financial advice has been restated by the adviser community, with 60% claiming it will not be profitable to service clients with less than £50k in investable assets post-RDR and 36% planning to reduce their service levels to such clients.
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FSA outlines PRA role
FSA prudential business head Andrew Bailey will today outline the objectives of the Prudential Regulation Authority (PRA), including its supervisory intentions and its "appetite" for using legal powers.
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fsa slammed by treasury select committee
The Treasury Select Committee has slammed the Financial Services Authority (FSA) for failing to properly assess the risks of Royal Bank of Scotland’s (RBS’s) of ABN Amro.
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the advice vacuum will be filled
The gaping hole left by the exit of advisers and banks from the mass advice market will be filled by businesses and entrepreneurs that are not afraid to seize the opportunities on offer, according to consensus from a panel of financial services professionals.
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advisers question industry rdr
The vast majority of advisers (90%) feel their firms have the resource and knowledge to survive the changes imposed by RDR, but many are less sanguine about the ability of the industry as a whole to do so.
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fcas success rests on compensation reduction
The Association of Independent Financial Advisers (AIFA) has called for clear and transparent outcomes to be set for the Financial Conduct Authority, claiming the current criteria are far too subjective.
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fsas wheatley calls for culture change
Client suitability must be at the forefront of wealth managers’ minds to make sure unique relationships are maintained and trust and confidence in financial services rekindled, according to Martin Wheatley, managing director of the FSA.
