FCA to force pension providers to unveil hidden ongoing charges under new proposals January 28, 2019 Companies offering popular pensions products will be forced to be transparent about ongoing charges, in a fresh batch of measures bidding to help increase savers’ pension pots by £25m a year. The Financial Conduct Authority (FCA) announced today it would force providers of so-called drawdown products – where retirees leave their pension funds invested rather [...]
A quarter of high net worth investors keep 50 per cent of savings in cash rather than invest January 28, 2019 A quarter of high net worth investors hold more than 50 per cent of their wealth in cash as they believe that it is the least risky option, new research has found. A further 35 per cent of those with more than £100,000 in investable assets keep between 26 to 50 per cent of their savings in cash, [...]
Million-pound pension scheme scammer locked up for seven years after fraud investigation January 25, 2019 A man has been thrown behind bars for seven years after stealing more than £1m from a company pension fund, using it to fund the purchase of a house and several cars. Ian Woodall, 47, diverted the stolen money from Westminster City Council (WCC) through Swiss bank accounts and then back into the UK. Read [...]
Spreadbetter CMC Markets’ revenue hit by regulatory measures January 24, 2019 Spreadbetting firm CMC Markets continued to feel the effects of new regulatory measures at the end of last year, the firm reported today. In its first full quarter trading update since the European securities and markets authority (ESMA) cracked down on CFD trading, CMC said revenue between October and December was down year on year [...]
Wealth manager St James’s Place boosts inflows in 2018 despite market challenges January 24, 2019 Wealth management firm St James’s Place boosted inflows for 2018, it said today, despite difficult market conditions. The figures Full-year gross inflows were £15.7bn, eight per cent up on the previous year, the company said in a trading update. Net inflows were also up eight per cent to £10.3bn. Inflows weakened in November and December and [...]
FCA says UK firms need ‘clarity’ on cryptoassets as it consults on regulation January 23, 2019 The UK financial watchdog has called for further clarity in the regulation of cryptoassets, as it launches a consultation on guidance applicable to the wide sphere of crypto. The Financial Conduct Authority (FCA) said firms will have a better understanding of whether their activities with cryptoassets such as bitcoin are compliant with regulation as a result of [...]
Brewin Dolphin funds under management dip due to market uncertainty January 23, 2019 Brewin Dolphin saw funds fall 7.7 per cent to £39.5 per cent in the first quarter of the financial year driven by market uncertainty, the wealth manager announced today. In a trading update the firm said discretionary funds also fell 7.2 per cent from £37.6bn to £34.9bn due to lower market levels in the three [...]
From truffle trees to sunken treasure, beware of unregulated investments in your pension January 23, 2019 Self-invested personal pensions, or Sipps, give us the freedom to invest in what we want. But while this DIY approach to pensions appeals to many investors, there are mounting concerns that some Sipp providers are doing customers a disservice by allowing inexperienced investors to allocate their savings to unsuitable schemes. Liberty Sipp is the latest [...]
AJ Bell assets fall in first post-IPO market update January 23, 2019 AJ Bell today revealed that assets fell in the months leading up to its blockbuster December float. Read more: AJ Bell prepares for London IPO Underlying platform inflows grew 20 per cent to £1.2bn in the three months to the end of December compared to the same period in 2017, AJ Bell said today in [...]
Number of funds generating top returns plunges in torrid investment environment January 22, 2019 The number of funds generating top returns plunged in the fourth quarter during a torrid investment environment. Only six of the 1108 funds analysed achieved consistent top quartile returns in the fourth quarter of last year, representing 0.54 per cent, down from 19 funds in the previous quarter, according to BMO Global Asset Management. Read [...]