FCA issues warning on online investment fraud
The FCA has issued a warning on the rise of fraudsters offering investments in binary options and cryptocurrencies, such as Bitcoin.
Regulation
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IFAs should disclose 10% drop in performance
IFAs offering advised investment portfolios should consider matching DFMs by voluntarily disclosing any 10% falls in value to clients, says investment expert Graham Bentley.
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Nucleus CEO: Mifid II will kill fund price herding
Mifid II will kill the mistaken notion that all funds cost the same, Nucleus chief executive David Ferguson says.
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Serial complainer loses AJ Bell ombudsman case
The Pensions Ombudsman has not upheld a complaint from a client and ex financial adviser accusing AJ Bell of poor service, negligence, maladministration and misconduct, which saw the investment firm take the “unprecedented decision” to end its relationship with him.
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Advisers brace themselves to explain Mifid II transaction charges
The disclosure of transaction charges from fund managers owing to Mifid II has seen portfolio advisers bracing themselves for some potentially tricky discussions with clients.
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UK wealthy struggle to understand inheritance tax
More than two thirds of UK consumers with assets of more than £325,000 ($454,305, €370,339) do not know their estate may be liable for an inheritance tax (IHT) bill, according to research by Canada Life.
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FCA offers ‘mis-leading’ Priip performance solution
The Financial Conduct Authority is “comfortable” allowing Priip manufacturers and advisers to provide “explanatory materials” where there are concerns that performance scenarios in mandatory key information documents (Kids) are too optimistic.
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Industry could be overstating Mifid costs
The trading costs being disclosed by fund managers under Mifid II rules may be overstating the real cost of trading and remain a forecast figure for the next 12 months, a paraplanner has warned.
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Baillie Gifford’s Anderson ‘extremely disturbed’ by Kids
James Anderson, manager of the £6.5bn Scottish Mortgage Investment Trust, is “extremely disturbed” by Key Information Documents (Kids), saying they focus too much on past investment performance which could mislead investors.
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‘Hitman’ using Facebook data in offshore bitcoin scam
Jersey’s regulator and financial crime unit have warned of email threats to send hitmen to people’s homes unless they make a substantial payment in bitcoins.
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Brexit must not hinder fraud investigations, UK watchdog warns
Brexit must not interfere with the way criminal professionals are pursued throughout the UK and Europe, the head of the UK’s Serious Fraud Office (SFO) has warned.
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Paradise Papers and Brexit to ‘batter’ UK taxman
HM Revenue & Customs must urgently set out a coherent plan and demonstrate it is fit for the future as it struggles to cope with its ever-growing workload and limited resources, the UK’s public accounts committee said.
