UK

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Doubts remain over asset manager preparedness for Mifid II

Experts have played down any immediate moves from the FCA towards those firms that are not prepared for Mifid II regulation that comes into force on 3 January 2018. However, concerns remain that a “material number” of small asset managers have not yet started preparing for the major European regulation. The FCA expects firms to […]

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Richard Buxton: ‘There is no bubble in equities’

Old Mutual Global Investors chief executive Richard Buxton has defied fears of a market bubble in equity markets. The veteran manager has joined other investors in warning over systemic risks within exchange trading funds, however. Influential investors such as Neil Woodford have recently warned that there are many bubbles in the market that could soon […]

LEBC launches graduate academy

LEBC Group has launched an academy for graduates to help reinvigorate the UK advice community. Candidates will receive training on technical knowledge, compliance, financial planning, pension, investment and protection. The academy, which will be based in Hull and Reading, will lead to a six-role path starting from entry level client support up to become a chartered […]

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Phoenix allows clients to cash out annuities

Phoenix Group is to allow some of its customers to exchange their annuity for a one-off taxable lump sum. From November, customers of Phoenix Life who have small annuities not exceeding £300 a year will be able to cash out the sum. The new measure will apply where the calculated value of the lump sum […]

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Fidelity unveils details of new performance fee model

Fidelity International has published details on its “truly innovative” performance fee structure it recently announced in a major shake-up move. In October, Fidelity said it will introduce a fulcrum fee whereby the manager will charge a higher fee when it delivers outperformance net of fees, but will be lower if performance meets or is below […]

Woodford rejects OBR forecasts in Autumn Budget

Neil Woodford has rejected gloomy UK growth forecasts from the Office for Budget Responsibility revealed in yesterday’s budget, arguing the country is on track to achieve annual growth around 2 per cent. According to the OBR, growth this year will be 1.5 per cent, and fall to 1.4 per cent in 2018. Through 2019 and […]

PFS honours Mike Morrison with lifetime achievement award

The Personal Finance Society has given its lifetime achievement award this year to veteran pension guru Mike Morrison, who sadly passed away on 6 November. The prestigious award was announced yesterday at the annual PFS awards ceremony. Morrison gained the respect of the industry through a number of roles in his 30 years working in […]

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RBS returns to advice with robo offering

Royal Bank of Scotland has joined rivals like HSBC in launching an automated investment advice service for more than five million customers. The bank claims to be the first bank in the UK to launch a “fully regulated” robo-advice service, which will be under its NatWest brand. The service, live from Monday, is targeted at […]

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Nearly £8.5bn in legacy equity income funds underperforms

There is nearly £8.5bn in “drifted” legacy UK equity income funds that have underperformed against the sector over the past decade, research has found. As the fund management industry awaits Mifid II next year, Morningstar has analysed the competitive UK Equity Income sector on behalf of Money Marketing and found about 10 per cent of the sector’s […]

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Gina Miller-led manager launches new Sipp as it reforms fees

SCM Direct has tweaked the fees on its digital offering in response to the upcoming Mifid II rules as it launches a new Sipp account. The company, headed by prominent anti-Brexit campaigner Gina Miller and her husband Alan, claims the changes to the platform will make it one of the cheapest digital wealth managers in […]