Financial firms will no longer be allowed to use cherry-picked data about historical fund performance in advertisements under new rules introduced by the FSA this week. Under the new rules past performance data can only be used if it is accompanied by a table of standardised data setting out discrete annual returns for up to five years. No past performance figures are to be allowed where less than 12 months data is available.
The recent rule change by the FSA regarding mortgage-linked endowments must prompt the question – has regulation and the compensation culture gone too far? The rule change positively encourages individuals to complain of misselling and it is arguable that a much more sensible solution to the problem would be simply to ban the imposition of […]
Towry Law is offering a free factsheet to help people understand the new tax rules surrounding Isas and Peps. The guide, “Isas – Peps Tax Changes”, covers a range of issues to help clients understand Chancellor Gordon Brown's changes to tax rules. It also contains a table of scenarios to help consumers identify their circumstances […]
The FSA has set out a major national strategy for improving financial capability. The financial capability steering group, which was set up by the FSA to look into ways of improving financial capability, has identified seven key areas – schools, young adults, work, families, retirement, borrowing and advice – that will be developed and implemented […]
The Consumers' Association wants to see the reintroduction of the maximum commission agreement. The MCA was abandoned in 1988 after the Office of Fair Trading ruled it was significantly anti-competitive but CA senior policy adviser Mick McAteer believes there needs to be some sort of control on charges to get the industry to move away […]
Matt Shafer, Head of International Distribution, discusses the firm’s philosophy around Durable Portfolio Construction, particularly the importance of putting risk first, thinking about better ways to use traditional asset classes and how to position alternatives in portfolios.
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It is likely the increased regulatory scrutiny on fund managers’ value could filter down to advice firms in the future In my last article, I considered the influence a non-executive director could have in challenging an advice firm’s business model in light of the pension transfer issues. Now, in its asset management market study final […]
The financial services industry has failed to find ways of nudging consumers to think about their options at retirement, despite three years of pension freedoms. A panel at the Association of British Insurers retirement conference today lamented the way companies talk to people about pensions and the lack of engagement it inspires. ABI director general […]
The new chief executive of the single financial guidance body can expect a salary of £175,000 a year, according to a job advert posted online. The advert, posted on the Cabinet Office website says applications will close in mid-May with final interviews held in early July. The date for announcing the successful candidate has not […]