View more on these topics

Regulator planning to curb split-cap dealings

The FSA has published proposals for new rules for investment companies which it says will restrict the activities of split-cap managers in the wake of the crisis gripping the sector.

The changes were initially announced by the FSA&#39s outgoing chairman Howard Davies in November with details published this week in consultation paper 164: investment companies – proposed changes to the listing rule and conduct of business rules.

They have been broadly welcomed by the AITC but it says it has concerns about some of the wording.

It disagrees with the proposal that investment trusts should publish monthly lists of all holdings of more than 0.5 per cent, saying that only holdings in other trusts should have to be disclosed so often.

The AITC is concerned that investment trust funds of funds would be prevented from investing in unit trust Fofs as it thinks they should only be stopped from taking stakes in other investment trust Fofs.

AITC director general Daniel Godfrey says: “We are philosophically hand in hand with what they are trying to achieve but there are some areas about which we have concerns.”

FSA managing director Michael Foot says: “Today&#39s consultation paper deals with changes to our rules for when investment companies first come to the stockmarket and for when intermediaries sell shares on to retail investors.”

Recommended

Opposition scrambled as Egg named cheapest lender

Egg and HSBC offered the cheapest mortgage deals last year, according to financial products research company Defaqto.Its annual survey of mortgage costs show that Egg charged the least interest on a loan of £50,000 over one year, based on standard variable rates, with payments totalling £2,370. HSBC borrowers would have paid £2,375 on the same […]

Out of context

•”You know how to make a woman feel good.” -Sharon Prasad at Consolidated Communications to MM news editor.•”Tell him I am stalking him.” – Schroders PR manager Susan Bell in phone pursuit of MM investment reporter.•”It was like Pele scoring from the halfway line – I don&#39t think the Inland Revenue have forgiven us for […]

HSBC goes for uncertainty factor

HSBC Asset Management has established a guaranteed equity bond that could mature before its six-year term. The capital protected growth plan is linked to the FTSE 100 and provides a full capital return regardless of its performance. Investors could also receive 100 per cent of any growth in the FTSE 100 at the end of […]

Talkback

“Absolutely not. I am an IFA and I find them hard enough. The man in the street will not be capable of using them to the degree that he would need to be able to.” Leon Pownsey,Independent Financial Solutions “No. They do not seem to have worked for stakeholder. People still need advice.” Anthony Malone, […]

Tree - thumbnail

The politics of healthcare

Healthcare is already one of the key battlefields in May’s general election, with each of the main parties committing to deliver improvements to the NHS and public health.

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment

    Close

    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm

    Email: customerservices@moneymarketing.com