A Nottingham IFA jailed for five years after he defrauded clients of 2.7m has been banned for life by the FSA.Oaktree Financial Services principal Stephen Higham admitted fraudulent trading at Nottingham Crown Court in May last year. Now the FSA has given Higham, who had a conviction for false accounting in 1989, an “indefinite prohibition”. The FSA said in a letter: “The convictions, and the conduct which gave rise to them, go directly to impugn your honesty, integrity and reputation and therefore to demonstrate that you are not a fit and pro-per person to perform any function in relation to any regul- ated activity carried on by an authorised or exempt person. “The severity of the risk you pose to consumers and to confidence in the market is such that it is necessary to make a prohibition order against you.” Oaktree Financial Services was closed down by the FSA in 2004 following a lengthy investigation.
The latest IMA retail sales figures show that equities out-stripped bonds last December by more than two to one and, with the tide of investor sentiment turning against fixed interest, many are predicting another good year for equities.
Insinger de Beaufort is moving its three UK manager-of-manager funds to a non-Ucits retail scheme structure so its fund managers will have greater flexibility.
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IFA firm Compass is offering specialist financial advice for transsexuals. The London firm says its TransFinance service will ensure fair treatment for transsexual people when applying for financial products. Managing director Chris Morgan says a growing number of transgender clients have contacted the firm after suffering discrimination by mortgage and insurance firms despite ABI guidelines. […]
By James Dowey, chief economist & CIO at Neptune WHATEVER HAPPENED TO THE GOOD OLD DAYS OF CHUGGING ALONG AT 3 PER CENT A YEAR? That was the average rate of real economic growth in the advanced world from the end of the Second World War until the late 2000s. Despite all of the recessions and social changes […]
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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 […]
Do not be spooked by recent falls. The bull market has further to run. Stockmarkets have been thriving in the not-too-hot, not-too-cold “Goldilocks” backdrop of the last few years. Growth has been strong enough to boost profits, and inflation low enough to keep central bank policy loose. Recent stockmarket weakness is centred on signs that […]
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 […]