Newly-merged adviser trade body Pimfa is calling for the FCA to change how it plans to calculate the Financial Services Compensation Scheme levy, to take discretionary fund managers out of its remit. The FCA’s consultation on FSCS funding reform said all firms falling under its investment provision funding group are classiffied as product providers and […]
Royal London and Rothesay Life are among providers joining the Pensions Administration Standards Association’s transfers working group. The group has been set up by the industry body to look into the transfer process and what can be done to improve it. It will be chaired by PASA board director Gary Evans and examine the supply […]
Mifid II reveals true cost of ‘cheap’ funds Investors may have been paying a third more in transaction costs than previously thought as new European regulation sheds a fresh light on the lack of transparency in fund fees. Advisers and platforms are quizzing fund groups on the nature of their transaction cost calculations as many […]
Self-invested personal pension transfer volumes are up 30 per cent year-on-year, according to figures published by Origo. The data from the firm’s Options Transfers service shows overall transfer volumes are up by 15 per cent on 2016 with £31bn transferred from January to December 2017 compared to £24bn the previous year. Sipps are the biggest […]
James Dowey, Chief Economist, and Paul Caruana-Galizia, Economist
The conventional wisdom is that following a roughly 50 per cent rise in the stock market in 2013 in Yen terms, the Japan trade is over and done*. So the story goes, those big gains were due to a one-off boost from quantitative easing (QE) and a depreciation of the Yen — policies that one should think of as a palliative to Japan’s economic weakness, but not a cure. Rather the cure, and by implication the necessary condition for a longer-term investment case, is deep structural reforms — a painstaking re-weaving of Japan’s economic and social fabric, no less. The story continues: this is a much tougher test than launching a blast of QE, and one that prime minister Shinzo Abe, although well intentioned and well supported by the public thus far, is likely to fail. Stick a fork in Japan, it’s done…continue reading
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