A consortium of legal experts led by Beachcroft Wansbroughs is planning to lobby the FSA this autumn over the legality of its principle-based regulation.Financial services law firm Beachcroft Wansbroughs has invited a team of legal and compliance directors of financial services firms, legal professors, barristers, judges and the FSA general counsel to the board – the regulator’s head lawyer – to attend a summit meeting on October 10 at London’s Atheneaum Club. The FSA says its general counsel to the board will be unable to attend because of other commitments. Beachcroft Wansbroughs partner Nigel Frudd is concerned over the legality of principle-based rules like Treating Customers Fairly, saying they could contravene the European Convention of Human Rights. Frudd argues that principle-based regulation is too vague to be used by a regulator exercising powers which extend to imprisoning individuals found guilty of breaches. He says: “The wider the net is thrown and the more we rely on principle-based regulation, the more significant are issues of certainty of risk and possibly human rights. Principle-based regulation is new to lawyers. I want to be able to give the right advice to my clients on what the law is and at the moment I cannot do that.” IFPC planner Peter Cox says: “These are wrong-headed laws that do not represent natural and logical justice. I would hope that this team of lawyers does succeed in its lobbying because it is costing the ind- ustry a lot of money.”
Bankhall joint chief executives Paul Hogarth and Simon Taylor have quit, with managing director Peter Mann taking over with immediate effect. Hogarth remains as strat- egic marketing consultant at Bankhall while Taylor is leaving to pursue other financial services business opportunities, expected to relate to the mortgage and general insurance sectors. Hogarth and Taylor, two […]
Workers will miss out on 285m of tax breaks this year in employee share schemes, says IFA Promotion. The figure represents the amount of tax which could be saved if each of the estimate 865,000 currently in a savings related share option scheme invested just half the 1,500 investment permitted under the Government’s share incentive […]
So, the Bank of England has cut interest rates, citing slower household spending and business investment. As something of a contrarian, I cannot help believe that a rate cut at this point in the economic cycle only intensifies the risk that rates will have to increase more aggressively in future.
Skandia has posted 19 per cent growth in sales in the first six months of this year with a business total of 301m. This brings its assets under management to a new high of 23bn. The company achieved 43 per cent growth last year.
Simon Edelsten, manager of the Artemis Global Select Fund, examines the long-term trends that they have exploited since the fund’s launch five years ago. Looking ahead, he explains the stock-specific opportunities the team are finding. Click here for full article
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Almost a third of women in the asset management industry have experienced sexual harassment in the workplace, according to a new survey, as Fidelity and the Worldwide Healthcare Trust dismiss fund managers due to inappropriate behaviour. A global survey by the Financial Times reveals 32 per cent of women working in asset management have experienced […]
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The pensions industry has welcomed government reforms to boost auto-enrolment while raising concerns about their limited scope and time it will take to implement them. In its much anticipated review into auto-enrolment the government says it will lower the age at which people are eligible for a workplace pension from 22 to 18. The government […]