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Pensions watchdogs to share information

The Pensions Ombudsman and The Pensions Regulator have agreed to share information to increase their understanding of issues in the sector. The agreement follows the FCA and TPR announcing in February they will work together on a strategy to tackle risks in the pensions sector over the next five to 10 years. The agreement announced […]

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Robos under fire over suitability and disclosure failings

Robo firms’ shortcomings around suitability, fee disclosure and identifying vulnerable clients have been highlighted in findings from an FCA review today. The regulator reviewed seven firms offering online discretionary investment management services and three firms giving automated advice. The FCA says service and fee-related disclosures at most online discretionary investment management firms in its sample […]

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Brewin Dolphin swoops for clients of Dundee adviser

Wealth manager Brewin Dolphin has acquired the financial planning and investment assets of Dundee firm Clark Thomson Mortgage Finders. Brewin Dolphin gets 150 clients through the deal. David Hogg, one of the directors of Clark Thomson is set to retire after 35 years in the industry. No staff will move to Brewin Dolphin as part […]

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Advisers called out on poor risk tolerance testing

Financial advisers need to engage in less systematic risk tolerance testing to position clients for high investment returns, according to risk profiling firm Oxford Risk. Speaking at a FinaMetrica/miPlanPlus event today, Oxford Risk head of behavioural finance Greg Davies says suitability across the industry is “rife with poor practice”. Davies says the most common adviser […]

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FCA looks to ban debt management boss for client money breaches

The FCA is attempting to ban the boss of a debt management firm for allegedly using client money to purchase the business. Darren Lee Newton purchased First Step from former director Christine Whitehurst in 2013. The FCA argues he funded the deal through client money rather than out of his own pocket. Newton allowed more […]

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Phil Wickenden: Reasons to be cheerful on GDPR

One week out from implementation, our research shows only around half of advisers are 100 per cent confident they are ready for the General Data Protection Regulation. GDPR represents the biggest ever change to how personal data is collected and handled. The fundamentals are quite simple: to give individuals more control over how their personal […]

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£21bn transferred out of DB pensions in 2017

The amount of money transferred out of defined benefit pensions in 2017 more than doubled to £20.8bn. According to a Freedom of Information Act request filed to the FCA by the Financial Times, in 2016 £7.9bn was transferred out of DB schemes. According to the FOI, around £5.5bn was transferred out in the fourth quarter […]