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Europe split could see Mifid impact

Zurich has warned that the UK’s strained relations with Europe could prevent it being granted an exemption from Mifid II, which would see the return of commission for restricted advisers.

The latest draft of Mifid II, published in October, revealed the European Commission’s intention to only introduce a ban on commission for independent advisers.

The FSA is looking to secure an exemption from the directive to gold-plate the commission ban and push ahead with RDR proposals to ban all types of advisers from receiving commission. The Government and industry bodies are expected to join forces with the regulator in its campaign.

Speaking at the Tenet conference in Windsor last week, Zurich chief growth officer David Etherington said there is a risk the exemption will not be granted.
He said: “There is a real risk that in two years’ time commission could be back in the restricted advice area because we do not have the same relationship with Europe that we used to have.”

Cambourne Financial Planning director Mark Loyd- all says the regulator’s failure to foresee the European stance could end up costing the industry.

He says: “I can see a situation where the regulator ends up in the European Court over this and the industry ends up footing the bill because of the ego of the regulator and its misjudgement of European policy.”


Living Time rebrands and launches new product with Investec

Living Time has rebranded as Primetime Retirement and linked with Investec to launch a new fixed-term annuity product. The new product, which is due to come to market at the end of the first quarter, will be available through the firm’s own Sipp wrapper. Investec will provide a structured deposit product to support the fixed-term […]

Sting in the retail perspective

To say that this is a significant year for IFA firms would be something of an understatement. We all have less than a year to ensure our overall RDR readiness and, therefore, while some might see this as the end finally in sight, others will be concerned that time is running out to ensure all […]

Treasury snubs call to publish FCA minutes

The Government has refused to bow to pressure to take up Lord Turner’s recommendation that the FCA should be required to publish its board minutes. Last November, FSA chairman Adair Turner told the Treasury select committee he is “quite favourable” to the idea of publishing minutes as long as the rule is not applied retrospectively. […]

A bull case for US equities?

Neptune video: a bull case for US equities?

Watch Felix Wintle, head of US equities at Neptune, discuss why he believes US equities are in a structural bull market and the key factors that can drive the S&P 500 higher.

In the video, Wintle addresses the following:

• The US market and why — despite equities rising from 2009 — he believes the structural bull market only started in 2013
• Key economic and corporate factors that can drive the S&P 500 higher
• Investment themes and sectors offering exposure to the domestic recovery


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