The FSA is investigating the British National Party’s financial services arm Albion Life after concerns were raised about its unregulated status.In documents seen by Money Marketing, the FSA has responded to an enquiry about Albion with the statement: “We are aware of this firm and it is currently being investigated by the relevant department.” The BNP launched the life arm recently to raise funds for the party using Welsh broker Financial Solutions Unlimited to target party members. But earlier this month, FSU broke off links with Albion Life after it emerged that two of the three partners were unaware of the BNP link. Albion acts as an unregul-ated introducer and claims it does not have to be regulated by the FSA because of this status. Albion is currently looking to secure a replacement broker and says: “Nothing will stop Albion conducting business to raise funds for the BNP. Our struggle is a matter of life and death for our people.” Compliance consultant Adam Samuel says: “It is very simple. You are not allowed to set up an introducer or life company or get involved with arranging insurance without getting authorised by the FSA. Is the BNP fit and proper to be authorised in this way? That is the question the FSA will have to answer.”
This week by personal finance reporter at The Daily Telegraph Faith ArcherMonday marked my first day back in the office after a week in New York celebrating an old friend’s wedding.
Multi-manager T.Bailey believes the diversity within IMA sectors highlights the added value of multi-manager funds relative to single manager funds. The firm says direct comparisons between funds in the same sector can be difficult to make as some sectors contain a mixture of very different funds. One fund in the IMA cautious managed sector will […]
Standard Life has purchased a 10 per cent shareholding in Simply Biz as part of the continued development of its distribution strategy.
Norwich Union equity release chief Daren Carter is to be replaced next month as part of the firm’s internal restructuring. Carter’s role as NU personal finance director of sales and marketing, which encompassed equity release, will disappear as part of a programme of changes that will see 4,000 jobs lost and the combining of the […]
By David F Lafferty, CFA, SVP – Chief Market Strategist Thursday’s historic Leave vote in the UK will have both immediate and long-term consequences for the global economy and financial markets. The initial flight-to-quality reaction across asset classes has been exacerbated by the market’s misplaced confidence in a Remain victory leading up to the vote. Stock markets […]
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Paris has beaten Dublin to swipe the European Banking Authority from London following Brexit, meaning the French capital will now host two of the three European Supervisory Authorities. An internal survey of EBA staff ranked Paris as the most desirable city to move to after Vienna, which had been a frontrunner for the authority alongside […]
Robo-adviser Nutmeg has passed the £1bn assets under management mark. The firm says it has roughly doubled both funds and client numbers since September 2016. Nutmeg now has around 48,700 customers. However, the digital wealth manager has struggled to make a profit since launching five years ago. Its 2016 losses amounted to £9.3m, up from […]
Equity release adviser Key Retirement has signed a new deal with live-in care provider Elder to give advisers more support on helping retired clients using their home to afford residential care. Key Retirement says that through lifetime mortgages with Elder, advisers will be able to offer new options for older clients wanting to remain in […]