More than half the FCA’s staff have told the consultative committee that they would consider quitting under new pay proposals according to a New Model Adviser exclusive.
Clearly it isn’t clear whether the staff would really carry through with the threat. Yet it does put a spanner in the works of FCA plans to be more effective with its transformation programme. While the dispute can make for quite distracting almost entertaining reading, an ineffective FCA may not help anyone.
In one instance of being effective, iy has stepped in to prevent a firm that advised on British Steel pension transfers from paying out dividends and disposing of assets without FCA permission.
Chase de Vere has announced Stephen Kavanagh will step down as CEO and become its new chair at the end of April.
He will be succeeded by Kathleen Gallagher, who joined Chase de Vere as a trainee financial adviser in August 2000. Impressive rise.
Ed Dymott, managing director – wealth at Benchmark Capital, which does itself buy IFAs, says that the current situation regarding private equity buyers is concerning.
Dymott sees an issue with variously - client outcomes particularly from two changes in proposition likely to happen with PE buying in and selling out, elevated valuations which bring more risk, the issue of long term liabilities ending up with the FSCS and potential consolidator failures. It is quite a list and the article is arguably worth a full read.
The FSCS pays out £27 million for claims related to Beaufort Securities and tells FTAdviser that of the 3,000 claims it has received, it has compensated just under 50 per cent of them, with 10 per cent still being reviewed.
Advisers will be frustrated that such a failure of a brokerage, mainly due to failures and fraud in the US, winds its way to the scheme.
Investment Week considers how advisers and investment committees are handling rising inflation.