hbos director fined half a million
Former chief executive of HBOS corporate division, Peter Cummings, has been fined £500,000 by the FSA and banned from holding a senior position in any UK financial services firm.
Regulation
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blackrock fined for client money
The FSA has fined BlackRock Investment Management in the UK £9.5m for failing to protect client money adequately.
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fsa grants rdr waiver for number of advisory firms
The FSA has granted waivers to 18 advisory firms who have requested an extension to the implementation of RDR scheduled for 1 January 2013.
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fsa proposes radical change to client money
The FSA has issued a combined consultation paper and discussion paper on the subject of client money and custody assets and proposed a number of changes to the regime for investment firms.
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ima criticises inequality of fscs funding
Having looked through the detail of the FSCS funding proposals, the IMA has pointed out to members a number of inequalities among the liabilities attached to banks, insurance companies and fund managers.
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wheatley to tackle remuneration-led mis-selling
Martin Wheatley, head of the UK FSAs Conduct Business Unit (CBU), has set out plans to tackle incentive schemes used by financial services firms, which he said are driving mis-selling and leading to consumers being sold more risky products.
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five steps for dealing with ucis ban
The FSAs proposed guidelines to ban the sale of Ucis to retail investors are a bold step, according to The Consulting Consortium (TCC). But the worst thing you can do is ignore them…
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Client propositions to suffer in the run-up to RDR
A survey among advisers found 87% of them are still to finalise their client propositions in the run-up to RDR.
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Cofunds confirms clean share class model
Cofunds has firmed up its unbundled pricing model which will see it list 1,700 clean share classes from 85 fund groups.
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FSA warning for wealth managers
The FSA has stepped up its review of wealth manager businesses with an initiative to judge the suitability of client outcomes and direct assessment of firms systems and controls.
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rdr clean share class need hits x border
New rules that would oblige investment funds domiciled outside of the UK to provide clean share classes to the British market if they wish to continue to market there after January 2014 are attracting growing concern from cross-border asset managers.
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finance firms reveal dual regulation
With the majority of firms now ready or on schedule to comply with RDRs implementation in a few months, attention has turned to the next regulatory headache…
