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Weekly Updates
Our Industry Commentator with his top news links each week.
Featured
02 April 2018
The FCA is considering banning contingent charging in relation to defined benefit transfers – a move outlined in a new consultation paper.
25 March 2018
The FCA is removing obstacles to selling retirement interest-only mortgages. It sees them as a possible solution to those struggling to roll over interest only mortgages – some of which were linked to endowment policies.
19 March 2018
It looks like stock market listings are back in fashion for financial services businesses.
11 March 2018
Sadly there is another bit of nasty news for the sector as another fraud is admitted.
05 March 2018
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.
25 February 2018
Standard Life is to sell its legacy life business to Phoenix for around £3.2bn. Phoenix will pay a total of £2bn in cash for the business with Standard Life Aberdeen taking a 19.9 per cent shareholding in Phoenix, increasing the total value of the deal to £3.2bn. The deal builds on the fact that Standard Life already manages £48bn on behalf of Phoenix.
18 February 2018
It is almost indisputable that the pension transfer issue represents the biggest shock to the industry for many years as one firm at the centre of the debacle goes into liquidation and MPs demand a ban on contingent charging.
11 February 2018
It has been a very interesting week in markets with falls in the US and markets worldwide meeting the definition of a correction.
04 February 2018
Pension transfers continue to dominate the headlines as the wheels of regulation and politics continue to turn slowly.
28 January 2018
The issue of the disclosure of trading costs as part of MiFID II has been rumbling on this week with arguments breaking out all over the place.
21 January 2018
A lively if unlikely spat has broken out between the FCA and the Work and Pensions select committee. The committee and the chairman Frank Field has made some very stark criticisms of the FCA and its actions over the British Steel Pension Scheme. There is a long list of correspondence from various parties on the committee website including from one of the advice firms and the introducer embroiled in the issue.
14 January 2018
Whitehall officials and the Pension Regulator are meeting to discuss the implications of Carillion’s possible collapse. This is surely the key quote from the Sky website.
08 January 2018
As they face another bill, IFAs may well be asking themselves when on earth the FSCS is going to reformed. Actually change is in the pipeline but too soon for the latest cash call.
17 December 2017
The big auto-enrolment review has been published with plans to extent it to 18 years hitting the headlines though not for seven years. There is no decision on increasing contributions. The Secretary of State of Work and Pensions David Gauke writes about the reform in the Guardian.
11 December 2017
Bitcoin has made the headlines, but it is arguably pension transfers not the modern equivalent of tulip mania which most IFAs should be worried about even if it is only the threat of higher compensation bills in future.
03 December 2017
Advisers are on the front of the weekend Financial Times for all the wrong reasons. The full headline is grim for the sector ‘Port Talbot workers lured to opt out of pension fund in adviser ‘feeding frenzy’. Here is the link though the story is, of course, behind the FT paywall.
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