Proposed changes to the FSA approved person’s regime could lead to more companies being fined as the regulator has less scope to fine individual employees, warns law- yers Freshfields Bruckhaus Deringer.The firm says the rules, which are expected to come into force next April, will merge previously specific systems and management roles within financial services companies into two generic sets of roles to reduce the admin burden. The FSA will no longer be able to fine individuals ceasing to be approved persons but will be able to prohibit them from holding particular roles in the future. FBD says the FSA’s reduced ability to discipline individ-uals might increase its willingness to discipline the firm itself for regulatory breeches. It says companies will be required to ensure appropriate internal systems are in place to monitor the fitness and propriety of employees, with the FSA suggesting that the firm’s compliance officer becomes responsible for this. Firms will have to decide what internal training and competence policies they apply to wholesale employees in future as FSA rules will no longer require them to pass exams. A Freshfields Bruckhaus Deringer spokesman says: “The removal of large num- bers of employees from the scope of the regime raises the possibility that the FSA’s reduced ability to discipline these individuals might increase its willingness to dis- cipline the firm itself for regulatory breaches.”
Prudential’s with-profits fund has been upgraded in the Cazalet with-profits ratings but the outlook remains bleak for most investors in the sector. Despite a marginal increase in the average equity exposure of with-profits funds in the first half of this year from 33 per cent to 34 per cent in the same period last year, […]
Marlborough Fund Managers is merging its active managed and international funds of funds, reducing its multi-manager range to three funds.
The FSA’s move to rein in misleading promotions by protection providers has been slammed as “woefully inadequate” by consumer group Which?. The FSA says it has uncovered evidence of scaremongering in product literature. However, Which? says the regulator should impose severe penalties on guilty providers rather than just writing to warn them. A recent FSA […]
To be a professional means more than merely having a job, it involves striving to achieve the highest standards.
The continuing fall-out from the Competition and Markets Authority’s (CMA’s) review, the rise of the private GP and digital engagement will be the primary focuses in the private healthcare industry during 2015, according to Iain Laws, managing director, healthcare and group risk, at Jelf Employee Benefits.
- Top trends
- Top trends
- Revealed: Fidelity International director investigated over harassment claims
- Lifetime allowance 2018/19 increase confirmed but pensions absent
- How much are advisers charging for pension transfers?
- Steve Bee: Why still no justice for Waspi women?
- Robert Reid: Don’t let social media comments diminish our profession
News and expert analysis straight to your inboxSign up
Latest from Money Marketing
Transact saw funds under direction marginally increase to £29.8bn in the second quarter of 2018, according to a stock exchange announcement from parent IntegraFin Holdings. IntegraFin listed on the London Stock Exchange in March with a £650m valuation. In a Q2 update today, the company says funds under direction at the close of the three-month […]
The impact of weaker markets saw funds under management at St James’s Place drop in the first quarter of the year, when compared to its Q4 2017 result. In an update this morning, SJP says funds under management at 31 March 2018 were £89.9bn, down from £90.8bn in the previous quarter. On a year-on-year basis, funds under […]
The Department for Work and Pensions expects to spend £96.6bn on the state pension in 2018/19, a 3 per cent increase on the year before. The DWP has detailed its cost estimates in a memorandum sent to the work and pensions select committee, published on its website yesterday. The latest forecast for state pension costs […]