The FSA and Treasury are hammering out plans to implement their 8m consumer education programme across the UK.A review of the Financial Capability Strategy will be published in September and will help inform development of the scheme as it goes into the implementation stage. The programme was set up in 2003 to empower the public to take more control of their finances by providing them with education and generic advice. But despite constituting an 8m chunk out of the FSA’s 2005/06 budget, the project is still in its formative phase and a coherent nationwide strategy has yet to be unveiled. A number of pilot projects have been carried out with groups including Roehampton University and the Citizens Advice Bureaux. Both the FSA and BBC have set up financial healthcheck facilities on their websites. Central to the initiative is a survey designed to provide a comprehensive view of financial capability in the UK, the results of which will be published later this yearAn FSA spokeswoman says the review will finally set out a firm strategy which will build upon the work done so far, using feedback from the steering group of industry and consumer representatives. But one source close to the initiative is concerned that the industry is not getting value for money. He says: “I do not think that this initiative has made much progress. A lot of money has been spent on this project and we need to start seeing results.”
Financial services provider of customer management solutions, Focus Solutions, has appointed Chris McGraw as director of Northern sales. McGraw will be responsible for generating new opportunities within Scotland and the North of England for Focus’ solution for the life and pensions market enabling e-trading across multiple distribution channels. His experience spans 25 years in sales […]
Investment firm Shepherds (Financial) Limited, which ran an offshore viatical fund which invested 26m in collapsed American life office MBC, is holding a creditors meeting on August 9 to consider the appointment of a liquidator.
Yields on investment in residential property have fallen consistently over the past five years – leading to claims that the sector is no longer attractive and announcements from some quarters that the buy-to-let market will collapse.
The company set up to process split-cap compensation claims received 39,500 completed application forms by the July 18 deadline. Forms were distributed at the end of April by Fund Distribution, which expected to get around 50,000 applications. Fund commissioner Mike Ellis says the applications will now be assessed to determine eligibility for compensation. Investors suffering […]
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The curious goings-on in the world of financial services
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 […]
OMGI chief executive and star fund manager Richard Buxton is set to lead a management buyout of the single-strategy funds division of Old Mutual Wealth with the backing of TA Associates. The £550m deal is set to be announced before Christmas, Sky News reports. The buyout is part of Old Mutual’s managed separation, which is […]