It feels as if the IFA sector will be grappling with the fallout from the pensions transfers debacle for a very long time.
Shropshire-based IFA Financial Page’s principal Andrew Page, which went into default following a Section 166 order involving pension transfers, is raising money for a legal challenge to the FCA.
Whatever the rights and wrongs of the case, it does demonstrate that many IFAs who are subject to reviews and/or regulatory action do not believe themselves to be in the wrong. And of course, the regulator will not always get it right.
The Bank of England has forecast growth for 2019 of 1.2 per cent revising down a previous estimate of 1.7% thus predicting the slowest rate of expansion since 2009.
Poor behaviour is certainly not confined to the worst sort of intermediary.
The FCA has fined ex-fund manager Paul Stephany £32,200 over conduct around an Initial Public Offering.
The FCA says Stephany, who was a fund manager at Newton Investment Management, on two occasions attempted to “influence [other fund managers] to cap their orders at the same price limit as his own orders” when undertaking a book build for shares to be quoted on public exchanges.
Costs and charges disclosure under MiFID II could corrupt investment strategies argues the Investment Association. Not quite sure I follow.
Fund Calibre’s Darius McDermott suggests three global funds to weather the current turmoil.
Consultant Phil Young argues that the debate around contingent charging is a sideshow which distracts from the politicians, regulators and advisers who are really to blame.
Pensionsync releases research suggesting that one in twenty payslips are wrong due to errors in pensions calculations as Corporate Adviser reports.