This week sees a lot of skirmishes over the FCA asset management review as the deadline for responses closes.
TCF Investment’s Gina Miller accuses fund managers of ‘soft lobbying’ over the asset management review. It is very interesting to see a lot of debate around what is effectively a deadline for consultation submissions. But Miller, having perused those responses made public, says the managers are defending their corner in very general terms rather than answering the FCA’s questions.
We have seen a little bit of a furore as three of the big pension consultancies, Aon Hewitt, Mercer and Willis Towers Watson discuss ways to increase competition and transparency in their submission, but won’t publish what they said, which doesn’t sound very transparent.
The AIC wants the review to be extended presumably to look at how excellent investment companies are. It points out trusts’ generally superior performance.
Money Marketing has got hold of an SJP adviser’s note to clients defending the business against the Sunday Times accusations saying it offers full disclosure.
Pension contributions reach a record £24bn. Prudential and Standard Life are carrying out a past business review of non-advised annuity sales with Standard having set aside £175 million. Pru’s review extends back to 2008.
Standard Life paid £31m to buy Elevate according Citywire as the firm suggests it will reach profitability in a couple of years.
Aberdeen boss Martin Gilbert makes a plea for more innovative retirement plans in the the Telegraph.
Neil Woodford gives some more detailed of a new focused income fund which will have some unquoted holdings.