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MPs make pledge to keep up FCA pressure

The Treasury select committee says it will continue to push for the Financial Conduct Authority to have a primary duty to promote effective competition.

Earlier this month, the Government published draft legislation which gave the FCA a duty to promote competition so far as it is compatible with its main objectives, which include facilitating efficiency and choice in the market.

At the British Bankers’ Association international banking conference last week, select committee chairman Andrew Tyrie said the committee would continue to push for competition to be the regulator’s prime concern.

He said: “We remain concerned as a committee that the draft legislation published a few weeks ago does not adequately entrench competition at the heart of the work of the new regulator.”

The committee’s report into competition and choice in the banking sector, published in April, called on the FCA to treat competition as a primary consideration.
Tyrie said competition in banking is impeded by barriers to firms entering the market, barriers to account switching and a lack of price transparency.



‘The majority of investors prefer a smooth ride’

Apollo Multi-Asset Management believes volatility should be managed to specific targets rather than viewed as an inevitable consequence of fund managers’ decisions. The company says higher potential ret-urns are likely to come at the cost of an inc-reased level of risk, measured statistically by volatility or in real terms by losses. It adds that chasing […]


Public sector must face reality of pension reform

Last week, we had protesters outside our office in Bristol, incensed at an inter-view given by my colleague Mark Dampier in which he said a typical teacher can look forward to a pension of more than £500,000. If they cannot work out what a good deal they are on then, personally, I would not let […]

Ardevora looks at global income

Ardevora is considering launching a global equity income product in response to investor demand. The boutique, which was set up in January 2010 by former Liontrust duo Jeremy Lang and William Pattisson, runs UK equity income, UK equity and global equity funds. Partner Rob Page says: “We have seen strong appetite for global income and […]

Moody’s downgrade Portuguese debt to junk status

Portugal’s debt has been downgraded to junk status by credit ratings agency Moody’s today. Moody’s downgraded Portugal’s long-term government bond ratings to Ba2 from Baa1 and assigned a negative outlook, concluding a review of the country’s ratings that began on April 5. A rating of Baa1 was implemented at the start of the review in […]

Auto enrolment – so far so good?

Jamie Clark – Business Development Manager The recent report from the Pensions Policy Institute demonstrates the sheer scale of auto-enrolment so far and what we can expect in the future. We’ve pulled out the key information to save you reading the full report. Auto enrolment in numbers Sources: Pensions Policy Institute, The Future Book: Unravelling […]


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