It looks like fund managers have finally fallen foul of the regulator. Asset managers will pay £34 million in redress to investors in closet trackers in an agreement with the FCA which will also reportedly see one firm facing enforcement action.
The regulator has been threatening to take action on this issue for several years now. A policy statement is expected later this month. It is going to be quite a hit to some firms' reputation.
The Lib Dems have called fora ban on contingent charges. While the party may not have much influence these days, other parties more likely to be in government can of course embrace their policies. One to watch.
Former clients and advisers of Axa Wealth are warned of systems downtime as they move fully on to Phoenix. This may cause concerns among advisers elsewhere.
Rob James, banks analyst at Old Mutual Global Investors, says that higher interest rates, the end of cheap government financing and a tougher climate for buy-to-let will make things challenging for challenger banks.
David Cameron and George Osborne hail the success of their austerity programme as it becomes clear that the day to day spending deficit has been eliminated since November though some spoil sports suggest this is two years’ late.
The IMF publishes an interesting article in its website suggesting that the austerity policies followed by Ireland and UK i.e. cuts were a better course of action than tax rises for limited the damage to economic growth.
Matrix Capital retains its contracts to advise premium bond winners.
The Lang Cat’s Mark Poulson urges advisers not to cut and run from Standard Life platform as client suitability comes first despite the upheavals of the Phoenix deal.
Platform listing seasons looks to be in full swing. Nucleus is to examine a flotation as Transact parent IntegraFin Holdings lists.
Citywire asks will St James’s Place be able to force reform of FSCS. Its annual bill has now reached £17 million.