View more on these topics

IMA chief wants UK support for Prips plan

Investment Management Association chief executive Richard Saunders has urged UK industry representatives to back the European Commission’s proposals to improve disclosure of charges in financial services.

The EC’s packaged retail investment products directive is set to force providers of retail investment products to disclose information to investors in a standardised key information document.

In April, a leaked draft of the proposals, seen by Money Marketing, suggests information provided to customers by financial services firms will need to include details of product costs.

The draft says Kids must include the nature of the product and its objective, any guarantees or capital protection and the product’s risk and reward profile.

Speaking at TheCityUK’s pension conference in London last week, Saunders warned that the proposals will face stiff opposition from some European insurance and banking institutions. He urged UK industry representatives to rally behind Prips to ensure that a “gold standard” of disclosure is adopted across the financial services sector.

Saunders said: “I think transparency in charges is critical. Within the fund sector, we do have an extremely transparent charging regime.

“There is legislation being put forward in Brussels shortly called the packaged retail investment products directive. This will seek to extend that sort of gold standard of charges disclosure to all products.

“It is going to run into a storm of resistance from the continental European banking and insurance industries. I suggest everyone in the industry gets behind the legislation and drives through gold standard transparency across the financial services sector.”


Santander’s gross mortgage lending jumps by a third

Santander UK has increased its gross lending by 34 per cent in Q1 2012, its results reveal today. The lender carried out £5.6bn of gross lending in the first three months of 2012, compared with £4.2bn in the same period last year. Its net lending in the first three months of the year was £200m, […]

Funds face 5% test on stocks and shares Isa

HM Revenue & Customs has warned some funds may become ineligible for inclusion in stocks and shares Isas following the implementation of the RDR. HMRC’s latest Isa guidance says each fund that meets the Isa requirements must pass a “5 per cent test” in order to qualify for the stocks and shares component. To pass […]

Three jailed in £4m offshore investment scam

Two men and a woman have been jailed for their part in a £4m offshore boiler room scam based in Spain and Ireland. Brian OBrien and Lynne D’Albertson controlled the operation from Sussex, through a firm called Secure Trade & Title, which acted as a supposedly secure funnel for share purchases. James Pye was a […]


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    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