Tory backbencher Gregory Barker has tabled three written questions to Parliament about the the FSA, asking about future plans for reform, staff expenditure and malpractice.Treasury economic secretary Ivan Lewis said that apart from the complaint received by the Parliamentary Ombudsman alleging maladministration in respect of the prudential regulation of Equitable Life, there have been no issues regarding malpractice. He said the investigation of this complaint, covering regulation of Equitable Life under contracting-out arrangements from January 1999 to December 2001, is continuing. He also said a previous statement of complaint against the FSA for this period found no maladministration. Lewis added that following the review of the Financial Services and Markets Act, the FSA has been working to further refine its cost-benefit analysis and implementation. He said that as the FSA is operationally independent of the Government, expenditure on human resources and staff pay are a matter for the regulator’s board.
Sam Shaw talks to Abbey’s chief executive (insurance and asset management) who says working in Italy has given him a cynical view of the UK finance industry which he accuses of ‘xenophobic arrogance’. He talks avidly about working with Mark Weinberg and Mike Wilson and forecasts a wrap explosion in a year’s time.
Isis Equity Partners is raising up to 22m for the Baronsmead VCT 3 through a C share issue to expand the venture capital trust without diluting its existing portfolio.
Downing Corporate Finance
Pennine Aim VCT 6
Downing Corporate Finance has established the Pennine Aim VCT 6, a venture capital trust that has an inheritance tax option after three years.
Jennifer Gilchrist Proposition Lead – Design, Royal London When someone mentions whole of life plans, most people will think of a niche product that serves as an inheritance tax planning tool for high-net-worth clients. And it’s really not surprising they’ve been pigeonholed in that way because before the arrival of RDR in 2013, that’s more […]
- Top trends
News and expert analysis straight to your inboxSign up
Latest from Money Marketing
Scotland has introduced a new set of income tax bands, but pensions experts warn that the changes could cause issues with pension tax relief calculations. In the Scottish Budget today, the Government announced a new starter rate of 19p and then a 21p rate for those earning over £24,000. The higher rate of tax is […]
The scramble to do as many defined benefit transfers as possible while values remain high is unabated, and I am constantly amazed at how some firms have thrown caution to the wind in the hunt for their share of this – admittedly lucrative – opportunity. The problem is that advisers are putting their profits before […]
The FCA working group tasked with setting a template for fund charge disclosure is considering whether one or multiple templates would be more suitable. The institutional disclosure working group, chaired by transparency champion Chris Sier, has been tasked with creating a new template for fund costs and charges following the package of remedies outlined in […]