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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Lawyers who represent investors against Berkeley Burke over allegations of mis-sold Sipps estimate more than 1,000 claims could be in the pipeline. The High Court has approved a group litigation order relating to claims against Berkeley Burke Sipp Administration, and those affected have until 23 July 2018 to register to join the group action. It […]
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The FCA continues to engage with the asset management industry on new European regulations as questions remain over how firms should report costs and charges. After over a month since Mifid II and Priips came into force, concerns have been raised on how fund fees, in particular transaction costs, should be calculated under the two […]