Firms demand greater clarity from FCA
The Financial Conduct Authority has revealed the four key issues raised by businesses which have responded to a consultation on its future mission.
Regulation
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Former BlackRock fund manager jailed for “gross abuse of trust”
Mark Lyttleton, a former fund manager at BlackRock, has been jailed for one year after admitting two counts of insider dealing.
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Investment trusts see 12% boost in returns
Returns on investment company share prices were up 12% this year according to the latest figures from the Association of Investment Companies (AIC).
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Carbon credit scammers struck off
Three former directors of a carbon credit scheme have been banned for a total of 44 years after investors in the fraudulent investment lost almost £3m ($3.7m, €3.5m), the UK’s Insolvency Service (IS) has revealed.
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Greater transparency tops wealth manager’s challenges in 2017
The upcoming Common Reporting System (CRS) is set to pose “fundamental changes” to the wealth management industry both regionally and globally in 2017, said Kevin Liem, CIO at TTG Wealth Management.
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‘Clueless’ robo-advice firms ‘failing’ customers, – FSCP
Robo-advice firms “do not have a clue” how to communicate well with clients according to research published on Friday calling for the FCA to enforce vigorous rules in the industry.
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FCA to shake up FSCS levy rules
The UK regulator has proposed changing the financial compensation scheme to make riskier, so-called ‘polluter’ firms pay higher levies.
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SEC enforcement chief to depart
The US Securities and Exchange Commission (SEC) has confirmed that enforcement director Andrew Ceresney is to leave the agency by the end of the year, the latest in a series of high-profile departures from the regulator.
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UK FTS outlines trading and settlement reform plans
A UK Fund Trading and Settlement review has found the investment industry could be transformed if a body were introduced to enforce industry-wide common standards and best practice in this area.
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EC hits JPM, HSBC and Credit Agricole with £413m fine
JPMorgan Chase, HSBC and Crédit Agricole have been hit with fines totalling €485m (£413m) by the European Commission for rigging Euribor rates.
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FCA launches clampdown on CFDs
Firms selling contract for difference products (CFDs) face a clampdown by the Financial Conduct Authority amid fears too many retail clients are incurring “large and unexpected losses”.
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PIMCO fined $20m over ETF claims
Investment manager Pimco has been fined nearly $20m (£15.9m, €18.9m) by the US Securities and Exchange Commission (SEC) for misleading investors about the performance of its actively managed Total Return ETF.
