FSA makes clear its ban on discretionary payments
The FSA has reinforced its message that advisers must not receive kick-back payments from discretionary managers.
Regulation
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independence thwarted by singular platform
Well over a third of advisers believe they cannot be independent while using only one main platform, according to research published today.
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wheatley warns banks libor reform
The FSA, and its successor the Financial Conduct Authority, will do whatever is needed to restore the faith of financial markets in Libor, Martin Wheatley the regulator’s head of conduct said in his review of the inter-bank lending rate released today.
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nine reg must-haves choosing dfm
As the trend for outsourcing picks up post-RDR it is important to be aware of where the FSA sits on this. Who has ultimate responsibility for the client and what due diligence is expected? Find out here…
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barclays santander and lloyds
Banks held sway at the head of the FSA’s bi-annual complaints data table, released today, with Barclays, Santander UK, Lloyds TSB and Bank of Scotland the top four culprits for investment-related grievances.
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man charged over ucis
A man who operated an unauthorised collective investment scheme will appear in court next month after being charged with seven offences including forgery and fraud.
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ima bows to pressure on hidden charges
The Investment Management Association has issued final industry guidance for enhanced disclosure of fund charges and transaction costs, putting to bed a long-running debate with prominent industry figures over ‘hidden charges’.
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efama calls on governments to sign up
The European Fund and Asset Management Association has written an open letter to “all interested governments and parties” encouraging all European governments to become FATCA partner countries, as with the G5.
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fsa fines adviser firm 58k ucis
The FSA has fined Shrewsbury-based Pi Financial £58,300 for advising its clients to invest in high risk products, including Ucis, which were clearly unsuitable.
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hmrc publishes consultation on bilateral
HM Revenue & Customs has launched a consultation seeking the finance and tax industry's views on the implementation of a bilateral agreement between the UK and the United States aimed at helping the UK comply with the US government's Foreign Account Tax Compliance Act (FATCA).
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fatca agreement gives uk exemptions
UK registered pension schemes and tax-advantaged ISA savings products will be exempted from the new Fatca reporting requirements following a significant agreement signed by the US and the UK.
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ima board sees rise of new
The IMA has reshuffled its board, swapping senior representatives from Newton, Lazard and Aviva Investors for others from Fidelity, LGIM, Henderson and Aberdeen.
