Hermes owns up to 30% pay gap
Hermes Investment Management chief executive Saker Nusseibeh admits the company’s 30.2% gender pay gap, published today, is unacceptable, as more asset managers reveal the discrepancy in average pay between employees.
Regulation
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Asset managers stump up £34m compensation for closet trackers
The Financial Conduct Authority (FCA) has ordered asset managers to pay investors £34m in compensation after overcharging for “closet tracker” funds, in a move described as “hugely positive” for investors.
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Carney calls for cryptocurrency regulation
Bank of England governor Mark Carney has warned that cryptocurrencies are “failing” and called for them to be regulated to prevent illegal activities.
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FCA declares DFM insolvent
The Financial Conduct Authority (FCA) has declared discretionary fund management firm Beaufort Securities and its clearing arm, Beaufort Asset Clearing Services, insolvent.
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IA appoints first chairman to ETF committee
The Investment Association ETF committee has appointed Lyxor Asset Management’s Adam Laird as its first chairman.
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FCA boss rejects Mifid II enforcement at all costs
FCA chief executive Andrew Bailey has rejected arguments Mifid II rules should be implemented whatever the cost to markets.
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FCA resurrects public IFA register
In a move that comes too late for scammed British Steel Pension Scheme (BSPS) members, the Financial Conduct Authority has announced a consultation on a public register of approved financial advisers and other industry professionals.
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UK opens cryptocurrency inquiry
Bitcoin, ether and other digital currencies are to come under scrutiny in the UK after the Treasury Committee announced on Thursday it has launched an inquiry into digital currencies and the technology behind them.
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Fidelity makes U-turn on research costs
Fidelity International has reversed its stance on research costs and is joining many asset managers in absorbing the fees of external research, instead of passing it on to clients.
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Panama Papers to net UK taxman extra £100m
Investigations into the Panama Papers are expected to generate £100m ($140m, €113m) in additional tax, HM Revenue & Customs confirmed to law firm Collyer Bristow.
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FCA and IA launch fintech initiatives
Fintech was the order of the day on Monday as the Financial Conduct Authority and Investment Association launched initiatives aimed at supporting innovative firms that have the potential to transform the asset management industry.
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UK to review ‘complex’ inheritance tax
Chancellor Philip Hammond has written to the Office of Tax Simplification (OTS) asking it to carry out a review into inheritance tax (IHT), which he said is “particularly complex” at present.
