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Regulators will look into how rules affect mutuals

The Financial Conduct Authority and the Prudential Regulation Authority will consider how their rules will affect mutuals.

Guidance published alongside the Financial Services Bill last week says changes will be made to the legislation on which regulation of mutuals and cooperatives is based to move regulation across to the PRA and the FCA.

Association of Financial Mutuals chief executive Martin Shaw says: “If what is in the bill is executed fairly, we will be happy.”

The coalition agreement commits the Government to “promoting mutuals and fostering diversity” in financial services.

Treasury select committee member Andy Love says: “Although there is much to welcome, I am disappointed that the Government did not develop and extend the co-operative agenda.”


Legal & General cuts charges for index range

Legal & General Investments has cut the charges on its index fund range. The changes will apply to the institutional unit classes, which are available to fee-based advisers on a number of platforms. The UK, single market and regional index funds will now carry an annual management charge of 0.2 per cent, while global funds […]

Government reveals new auto-enrol staging dates

Delays to the introduction of auto-enrolment will see the scheme fully implemented three years later than originally planned. Pensions minister Steve Webb revealed the revised implementation dates last week in a written ministerial statement. Under the new staging dates, employers with more than 250 staff will see no change and will still have to enrol […]


Poll finds firms failing to use social media potential

Almost 60 per cent of senior management in financial services firms think the industry has yet to utilise social media to its full effect, according to research from Cicero Consulting. The firm says its study of 158 senior management figures across asset management, retail banking, investment banking, financial advice, accountancy and audit, trade bodies and […]

M&G Investments hires real estate head

M&G Investments has appointed Alex Jeffrey as chief executive of its real estate fund management business, PRUPIM. Jeffrey joins from private equity real estate investment advisory business MGPA, where he was global chief investment officer based in Singapore. He will join in July 2012 and will join the board of M&G. Jeffrey will report to […]

Is volatility dead? No, sell credit

There are several arguments that one could currently make for why credit markets look unattractive. These include signals that the US economy is in late cycle, the fact that corporate leverage has been increasing (with 2016 setting a record for the amount of global bond issuance), and that US high-yield default rates have risen considerably […]


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