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FSA finalises plans for &#39flexible&#39 exam switch

The FSA has finalised proposals to move from approved to appropriate exams, saying the change will lead to “greater flexibility” for firms in deciding which exams staff should take to be deemed competent.

The regulator and the Financial Services Skills Council have agreed a memorandum of understanding, outlining the future of the two bodies&#39 relationship.

The changes will not take effect until the skills council has obtained its full licence and has published a list of appropriate exams, which the regulator expects by July 1.

The FSA says the changes place a “clear responsibility on the senior management of firms” to ensure training and competence needs of staff.

It has changed the rules for record-keeping so firms need only keep records now for three years after an employee stopped doing, or overseeing, a relevant role within the firm.


A high price to pay for Bamford&#39s PI insurance

Your journal has now provided Nick Bamford with the opportunity to complain about his treatment at the hands of the wicked Professional Indemnity underwriting market twice in four weeks, yet there is another side to the story. At the eighth hour, I was asked to meet with Nick and his broker with a view to […]

Bosses back pension schemes

Over three-quarters of company senior executives want their employees to reach retirement age with adequate retirement savings, according to a CBI/Mercer pension survey. The poll of 233 companies across the UK found that 80 per cent of all senior staff in all sizes of firms agreed they want employees to have sufficient savings for retirement. […]

Standard will not sell subsidiaries

Standard Life says it has no plans to sell Standard Life Bank, Standard Life Healthcare or Standard Life Investments as part of its move towards flotation. The update on the strategic review describes the businesses as profitable and capital-sufficient. It says they are growing well in challenging markets and have demonstrated robust plans for future […]

Old Mutual Asset Managers – Old Mutual Asia Pacific Equity Fund

Type: Hedge fund Aim:Growth by investing in companies in the Asia Pacific region with a market cap of above $500m Minimum investment: Lump sum £100,000, $100,000, euros 100,000 Investment split:100% in companies in the Asia Pacific region Place of registration: Cayman Islands Charges: Annual 1.5%, performance fee 20% Commission: None Tel: 0808 100 2715

William Littlewood “betting that QE won’t work”

Journalist Alexis Xydias interviews Artemis manager William Littlewood about his views on bond, equity and currency markets and the impact of a Greek exit from the EU. With bond yields at “ludicrous” levels, William believes a tipping point for bond markets is sure to come. As a result, his Strategic Assets Fund holds government bond shorts to the tune of 100 per […]


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