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FSA concern at Euro schedule

FSA conduct business unit director of policy Sheila Nicoll has warned the European Commission that regulators are working to an “extraordinarily short” schedule to implement the “complex” alternative investment fund managers directive.

The directive regulates the managers of private funds, not the funds themselves, and aims to improve investor protection. EU member states are expected to implement the directive by July 2013 but the second and third levels have not been finalised.

At the FSA’s Asset Management Conference in London this week, Nicoll said: “Regulators are having to work over an extraordinarily short time for level two measures which cover very complex areas. I hope the commission will take this seriously and consider this issue very carefully.”

Nicoll also reiterated the regulator’s intention to ban rebates between providers and platforms, saying the move would make charges clearer, reduce the potential for product bias and follow the overall spirit of the RDR.



Does bank guarantee take away caveat emptor?

The Financial Services Compensation Scheme’s guarantee of bank deposits has not taken responsibility away from the consumer, according to replies to a question posed by a joint committee member. Lord Maples asked if the FSCS’s guarantee of deposits up to £85,000 undermined the principle of caveat emptor, encouraging people to chase accounts with higher returns […]

Martin Davis: “We want a clean share class….it is not complicated’

Cofunds has rejected suggestions that Fidelity FundsNetwork upstaged its unbundled pricing model by revealing the fund manager fees it receives, saying the move is “completely irrelevant”. Last week, Cofunds revealed the details of its unbundled charging structure which is made up of a £40 annual charge in addition to a sliding scale of annual management […]


Lower sum assured could lift CI business

Direct Life & Pensions believes take-up of critical-illness cover could be boosted if advisers sold policies with smaller sums assured. Sales and marketing director Neil McCarthy said advisers should look at lower levels of cover that could be more relevant to the public. He said: “CI is seen as an expensive product and traditionally the […]


Public sector workers will need carefully considered advice

Public sector pension reform may have been less prominent in the news since the day of action in June but this is just a temporary lull. As we enter political conference season followed by scheme-by-scheme announcements of changes in October, we can expect a lot of noise on this issue. With the Government committed to […]

Solving the income puzzle

There is a puzzle at the centre of financial markets. The global economy is growing, there are signs of inflation and interest rates are going up, yet yields remain low. In this article, James Foster, manager of the Artemis Monthly Distribution fund, unpicks this conundrum and looks at where investors can find income. There is […]


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