Investment fraudsters steal £51m in three months
Scammers are showing an increased appetite for ripping off unsuspecting UK consumers after £51m was stolen in the first three months of 2018/19, figures from the City of London Police reveal.
Regulation
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UK Sipp market to grow by £1.9bn a year
The UK self-invested personal pension (Sipp) market is expected to grow by £1.9bn a year to 2020 despite rising customer complaints, according to the latest research by GlobalData.
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European distribution ‘fragmented’ despite Ucits
A Hong Kong asset manager says the European funds distribution market remains fragmented despite Ucits as more Asian firms seek a foothold in the region.
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Industry demands a tougher regulator on Mifid II
The FCA has vowed to review Mifid II six months after it came into force, but industry figures believe it must stamp its authority on non-conforming firms and the unbundling of research costs if the directive is to be successful.
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FCA urged to engage more with professional bodies
A financial services alliance representing 200,000 global members is demanding the Financial Conduct Authority (FCA) does more to support professionalism in the industry.
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Sipp complaints help push UK compensation to £405m
Customers of failed financial services firms received £405m in compensation from the Financial Services Compensation Scheme (FSCS) in 2017/18, in part driven by a rise in Sipp complaints.
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Advisers join asset manager KID reform push
International advisers have joined European fund managers in a call to reform key information documents for packaged retail and insurance-based investment products – six months into implementation.
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FCA acts to stop drawdown retirees losing out
The UK’s Financial Conduct Authority (FCA) is planning to introduce “investment pathways” for drawdown retirees, in a move to prevent them from making poor decisions and defaulting into cash.
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Boiler room scam lands ‘Wolf of Wimbledon’ jail time
A fraudster known as the “Wolf of Wimbledon” has been given an additional four years in prison after failing to pay a more than £7.5m confiscation order, the Serious Fraud Office has confirmed.
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Fund houses named and shamed for failing to speak plain English
Asset managers’ failure to speak plain English has been blamed on increasing compliance requirements as a report names and shames asset managers that use the most obscure language, long sentences and jargon on their websites.
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IFA and Sipp providers targeted in £7.3m lawsuit
A UK law firm is representing more than 100 clients in a multi-million-pound lawsuit against an introducer, a financial adviser and two Sipp providers over the miss-selling of a pension investment scheme.
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Fidelity lands ECJ win over dividends tax
A European Court of Justice (ECJ) ruling in favour of Fidelity International over the taxation of dividends has been hailed as significant for the single market for funds.
