Regulator warns 12 pension schemes over DB transfer activity
The UK Pensions Regulator has written to the trustees of 12 defined benefit (DB) pensions schemes regarding transfer activity.
Regulation
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FSCS off the hook for Beaufort compensation
The UK’s Financial Services Compensation Scheme (FSCS) will not have to pay full compensation to clients of collapsed Beaufort Asset Clearing Services after the High Court approved a plan to return client money and assets.
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AFH Group boss slams platforms as ‘dead weight’
UK investment management company AFH Group has blasted platforms as too expensive and announced the company will be absorbing fees for new clients and scrapping them for existing clients.
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FCA overestimates platform leverage with fund houses
The Financial Conduct Authority has failed to recognise platforms with whole of market fund offerings lack the negotiating power of their peers who have buy lists or limited fund ranges as it calls on the industry to drive down fund fees on behalf of consumers.
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Toxic culture claims shake LGIM’s ethical agenda
Several whistleblowers have reported Legal & General Investment Management to the Financial Conduct Authority (FCA), accusing the fund group of fostering a “toxic” risk culture that has potentially resulted in clients losing millions of pounds.
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Compliance blamed for UK money laundering failings
UK anti money laundering efforts are struggling because heavy handed reporting rules are creating a glut in poor quality reports – a reform body has said.
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FCA uncovers significant errors behind Priips transaction costs
The Financial Conduct Authority (FCA) has found significant calculation errors in transaction costs for firms reporting under Priips and Mifid II.
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Brexit could make 38 million pension payments illegal
The head of the Association of British Insurers has warned that 38 million individuals living in the EU could have their UK pension and life policy payments deemed “illegal” if no Brexit deal is reached.
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Pimfa: Brexit plans leave retail investors out in the cold
Retail investors face costlier funds and less choice under the government’s current post-Brexit plans for a trading relationship with the European Union, the Personal Investment Management & Financial Advice Association (Pimfa) warns.
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Public blasts bid to ‘kill off’ pensions dashboard
A petition fighting plans to scrap a dashboard that would bring together information about UK pensions has garnered nearly 85,000 signatures of support in just six days.
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Duration raises mis-selling risks in bond-heavy portfolios
With interest rate rises looming, duration concerns are now becoming more tangible and many commentators are wondering if a bond mis-selling scandal awaits low-risk portfolios full of bonds.
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The EU cities sweeping up asset management business from Brexit
Luxembourg, Dublin and Paris are taking the lead when it comes to attracting asset management business from the European Union following Brexit. With eight months to go before the UK leaves the European Union, Portfolio Adviser takes a look at which asset managers are going where.
