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Industry calls for clarity on IMF asset manager stress tests

More clarity is needed on why asset managers should be subjected to bank-like stress tests as the industry is at risk of overregulation, say industry experts. The International Monetary Fund is the latest organisation to call for asset managers to be subject to stress tests, in a similar way to banks, in a bid to […]

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Tories to raid pensions tax relief to slash IHT

Prime Minister David Cameron has pledged the Conservatives will create a new threshold for inheritance tax of £1m if elected. The changes would come into effect from April 2017, and will be funded by restrictions on pensions tax relief for those earning more than £150,000.  Annual allowances for savings will be tiered on earnings between […]

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FCA bans and fines stockbroker £450k for misselling

The FCA has banned the former chief executive of stockbroking firm Gracechurch Investments and fined him £450,000. Kenny led Gracechurch, which is now dissolved, when it routinely missold small-capitalised stocks through pressure tactics, misrepresentation and unsuitable advice. The FSA decided to take enforcement action against Kenny in 2012, but he referred the decision to the […]