UK Gov’t to enforce advice requirement on annuity sales
The UK government has announced plans to make it mandatory for investors holding a sizeable annuity to seek financial advice before selling out of their scheme.
Regulation
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APFA calls for product levy to reform FSCS funding
Levies set by the UK’s Financial Services Compensation Scheme (FSCS) hit an all-time high in 2015, with many firms concerned that they have reached unsustainable levels, according to APFA.
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One in three wealth managers not up to scratch on suitability – FCA
One third of UK wealth managers’ suitability reports currently fall short of the Financial Conduct Authority’s expected standards, the regulatory body said on Wednesday.
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FCA unveils new capital rules for financial advisers
The UK Financial Conduct Authority (FCA) has unveiled new capital requirements for investment advisers which will come into force on 30 June 2016.
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SEC to accuse Credit Suisse of inflating private bank assets
The US Securities and Exchange Commission (SEC) is reportedly set to accuse Credit Suisse of misleading investors by improperly inflating reports of the assets under management in its private bank.
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Call to sort out IHT ‘mess of complexity and uncertainty’
The influential chairman of the UK’s Treasury Select Committee has called for a more simple approach to the planned rise in the inheritance tax threshold for the estates of those who die on or after 6 April 2017.
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Investment Association closes regulatory unit as SJP quits
The UK’s Investment Association has broken up its regulatory affairs unit and announced the departure of its head, Richard Metcalfe, as another member confirmed it planned to leave.
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Europe’s regulators turn their sights on robo-advisers
European regulators have announced plans to investigate the increasing use of ‘robo-advice’ in the financial services industry in order to work out what action may be needed to control its growing use.
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APFA finds regulatory costs eat up 12% of adviser’s income
Small to mid-sized UK financial advisory firms are spending around 12% of their income on direct and indirect regulatory costs, according to the latest annual survey on the cost of regulation by the Association of Professional Financial Advisers (APFA).
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FPC lends weight to fund stress tests
The Bank of England Financial Policy Committee has backed plans to begin stress-testing the open-ended investment fund sector.
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Barclays fined record £72m for failing to ‘minimise crime’
The Financial Conduct Authority (FCA) has fined Barclays Bank a record amount for failing to minimise the risk that it may be used to facilitate financial crime.
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No IHT on drawdown funds, deeds of variation get reprieve
Inheritance tax will not be charged when pension scheme funds are earmarked for drawdown but do not draw all of the funds before death, the Autumn Statement said.
