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The FCA has proposed banning financial services firms from using premium rate telephone numbers for customers. The regulator says it is not fair that consumers often have to use expensive phone lines when calling firms to ask for help or complain. It says some firms provide only premium rate numbers for existing customers who want […]
During Act Two of the life company tragedy, established lifecos suffered a double whammy. While inflation was eating their working class industrial branch lunch, upstart unit-linked life companies were eating their middle-class dinner. These direct sell ulicos – Hambro Life, Abbey Life and a wave of others – had plans and business models designed not […]
The FCA is shortly to publish its findings from a year-long study of the annuity market. This follows a previous year-long study to identify the problems consumers face when securing their retirement income from their pension savings. Many consumer champions have long called for the regulator to intervene in the market to force providers to […]
Court rejected advisers’ argument that complaints should be stayed
Those with decent-length memories will recall that in the 2014 Budget statement George Osborne announced the new (and entirely unexpected) pension freedoms. The new rules come fully into force in less than two weeks.
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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 […]