Justin Cash

Head of News

Old Mutual Wealth 2014

Old Mutual split on track despite replatforming U-turn

Old Mutual has said the breakup of its business is progressing to plan despite issues with its replatforming project. Ahead of its annual general meeting today, Old Mutual said that it would look to complete the separation of its four businesses “at the earliest opportunity in 2018”, having successfully sold down its majority stake in […]

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Advisers split over DB transfer insistent client rules

Advisers are split on whether or not they should be allowed to transact against their own recommendations. The issue of so-called “insistent clients” has been thrust into the spotlight as the number of defined benefit pension transfer requests has increased since the pension freedoms. Under the Government’s rules, those with more than £30,000 in safeguarded benefits must […]

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Advice market turnover passes £3bn mark

Turnover in the advice sector increased 6.5 per cent in 2016 according to Apfa data. Revenue generated on regulated retail investment business by financial advisers rose from £2.75bn in 2015 to just over £3bn last year. An increase in fee income from £1.8bn to £2.2bn offset a £58m drop in net commission. Average revenue per […]

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FCA to recoup over £2m from Ucis fraudsters

The FCA has won its battle to get compensation for the victims of an unregulated collective investment scheme. Eight men were convicted in 2015 after the regulator’s investigation into a landbanking fraud that cost 110 investors £4.3m. The group operated unauthorised investment schemes through three companies: Plott UK, European Property Investments and Stirling Alexander. The […]

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Ex-FCA boss Wheatley returns to finance at hedge fund

Wheatley finds role with Hong Kong hedge fund after gardening leave Former FCA chief executive Martin Wheatley has resurfaced in the world of finance as an adviser for a Hong-Kong based hedge fund. Wheatley took the helm of the FCA when it was formed in 2013 after holding senior roles at predecessor regulator the Financial […]

Competition regulator to investigate Standard Life Aberdeen deal

CMA to investigate competition fallout from mega-merger The Competition and Markets Authority is investigating Standard Life’s proposed takeover of Aberdeen Asset Management. The pair released their full merger prospectus earlier this month after agreeing an £11bn mega-merger in March. Plans include reducing headcount by 800, “combining” their platforms and premises, and a new board to […]