Regulation

Firms still solving ‘nightmare’ cost reporting under Mifid II

Cost reporting under Mifid II continues to be the most challenging element for advisers when writing suitability reports, according to Pimfa director of regulation Ian Cornwall. Speaking at the Money Marketing Interactive conference today, Cornwall says charges reporting remains “the most difficult part” of Mifid II due to the lack of standardised templates. He says: […]

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Advisers demand more pay over regulatory overload

Advisers claim they should be paid more for the extra work new regulations are bringing to their companies. European regulations that were implemented this year, such as Mifid II and Priips, require adviser firms to produce additional reporting on product suitability and build cost disclosure documents to improve transparency for their clients. Speaking today at […]

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Fresh probe launched into HBOS Reading fraud

The National Crime Agency has started fresh investigations into allegations of fraud at the former Halifax Bank of Scotland impaired assets division. The NCA will conduct a pre-investigative evidential review of allegations that fell outside a Thames Valley Police investigation into allegations of fraud by former employees of this division of HBOS. The NCA says a number […]

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Advisers warned not to fall foul of HMRC tax avoidance ‘enabler’ rules

HM Revenue & Customs has outlined when advisers will be considered “enablers” of tax avoidance, following government plans announced two years ago to fine those promoting avoidance schemes. In 2016, a consultation from HMRC set out plans to clamp down on advisers in its list of “tax avoidance enablers”. HMRC included advisers within its proposed definition of […]

FCA warns of fraudulent Jupiter clone firm

The FCA has warned consumers that a scam firm has been pretending to be Jupiter Asset Management. The clone firm, has been operating under the name of “Jupiter Fund Management” but is not related to the real Jupiter. According to the FCA, fraudsters are using the details to convince people they are an authorised firm. Jupiter […]

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FCA moots new rules for fund objectives

The FCA has published a further consultation on how information on funds can be made clearer. In a highly anticipated policy statement published today, the FCA has set out the next steps to solve some key concerns it found within the investment industry following a widespread sector review. In July, the FCA released the findings of the […]

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FCA to probe Aviva preference shares plan

The FCA has launched a review to examine if Aviva‘s plan to cancel its high yielding preference shares broke market abuse rules. Investors pressured Aviva to scrap its plans to cancel £450m of high-yielding preference shares at par value, Last week the insurer said it was not going ahead with the plans. Cancelling the plans […]

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EU ban on binary options sales get FCA backing

The European Securities and Markets Authority has introduced a series of measures to restrict the marketing of contracts for difference and ban binary options to retail investors. The limitations, also backed by the FCA, mean that there is a greater protection for investors including restricting the use of leverage and incentives, and more risk warnings on […]

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Sesame remains top of FOS complaints list

Sesame continues to top the complaint charts at the Financial Ombudsman Service, new figures show. The network has been a leader in the list for most of the past two years, despite closing its investment advice arm in 2015. The network faced 88 complaints between July and December 2017, compared to 100 between January and […]