View more on these topics

FCA launches investment banking competition probe

The FCA is to investigate the investment and corporate banking markets over fears clients may not be receiving value for money.

The regulator is also set to investigate competition in the asset management sector, with a probe likely to take place later this year.

A previous wholesale sector review found limited clarity over price and quality of services may make it difficult for customers to ascertain value for money.

The regulator is also concerned bundling and cross-selling of services may limit opportunities for new entrants to challenge established players.

FCA director of strategy and competition Christopher Woolard says: “What was clear from the discussions we had with stakeholders and firms was that there are unanswered questions about potential conflicts of interest and value for money in this market.

“This will form part of our wider work in the wholesale markets, alongside the Fair and Effective Markets Review.”

The inquiry comes ahead of new powers which will be granted to the FCA from April this year, allowing it to take action against breaches of the Competition Act and to refer markets to the Competition and Markets Authority for further investigation.

Terms of reference for the investment banking investigation will be published in Spring.

Recommended

11

Malcolm McLean: Will Osborne be haunted by guidance ‘guarantee’ pledge?

The use of the word “guaranteed” in relation to pensions has caused problems in the past – particularly when quoted by ministers or appearing in government-sponsored leaflets, reports, press releases and the like. In common parlance, a guarantee suggests a definite commitment to do something or provide something the person, or persons, on the receiving […]

MM auto-enrolment logo

Auto-Enrolment Live – February 2015

769,900 reasons why Auto Enrolment will be critical to your corporate advice business over the next two tax years… These two FREE events will discuss what advisers have learnt from auto enrolment to date and how they can effectively prepare to support the 769,900* SMEs, who will have reached staging before April 2017. Drawing on […]

Johnson
2

Govt urged to default savers into deferred annuities

Influential think-tank the Centre for Policy Studies says the Government should launch a default retirement solution to stop people running down their savings too soon in the wake of the Budget reforms. Under the proposal, 55-year-olds’ pension pots would be defaulted into an inflation-linked pension, essentially an extension of auto-enrolment, known as “auto-protection”. Report author […]

Certification guide

Guide: how to… certify your pension scheme

Certification is highly complex and surrounded by a minefield of information and auto-enrolment jargon, which can make it very difficult to understand. However, for many employers it is a necessary process that must be executed successfully.

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment

    Close

    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm

    Email: customerservices@moneymarketing.com