Asset management firms face overhaul of fund disclosure after FCA publishes market study February 4, 2019 Asset management firms must provide greater clarity for investors to make more informed decisions, the UK’s financial regulator has said. The Financial Conduct Authority (FCA) said today that managers must make fund objectives and investment policy descriptions more useful to investors, and explain how and why funds use particular benchmarks. Read more: A quarter of high [...]
Treasury under fire following allegations it had ‘influence’ over RBS GRG unit January 30, 2019 The Treasury has been accused of a “flagrant breach” of the arms-length relationship it had with RBS during the financial crisis following allegations that a Whitehall agency exerted influence over the bank’s controversial restructuring unit. On Tuesday allegations came to light via a legal claim by one of RBS’s former customers, Oliver Morley, that the [...]
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 [...]
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 [...]
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 [...]
Goldman Sachs backs digital wealth manager Nutmeg January 22, 2019 Goldman Sachs has taken a stake in digital wealth manager Nutmeg as part of a £45m funding round. The round was co-led by Goldman Sach’s Principal Strategic Investments Group, which invests in “fast-growing technology companies”. Read more: Goldman Sachs launches UK consumer bank Hong Kong financial advisory firm Convoy, which is an existing investor, also upped [...]
Prominent MP slams City watchdog over lack of action on allegations of interest swap mis-selling January 20, 2019 A prominent MP has blasted the head of the Financial Conduct Authority (FCA) Andrew Bailey over the watchdog’s response to alleged mis-selling by Clydesdale Bank. Conservative MP Kevin Hollinrake, head of the all party parliamentary group on fair business banking, said the FCA had failed to “press the case for justice and compensation” for thousands [...]
MPs fear FCA proposals on overdraft rules could end free banking January 15, 2019 The head of the UK’s financial watchdog told MPs this morning that he is “very alert” to the possibility that proposed rules to tackle charges for unplanned overdrafts could raise the cost of planned consumer borrowing. MPs raised concerns that changes to overdraft rules could negatively impact the availability of free banking as banks would [...]
Leading MP slams Lloyds Banking Group’s overdraft fee changes January 13, 2019 An influential MP has slammed Lloyds Banking Group for trying to “game the system” with its new overdraft fees. Labour MP Rachel Reeves, chair of the Business, Energy and Industrial Strategy select committee, said Lloyds’ upcoming overdraft changes would increase fees for the majority of customers and went against the spirit of recent recommendations from [...]
Government rules out new regulations to stop a repeat of RBS SME debacle January 11, 2019 Ministers are burying their heads in the sand by refusing to regulate loans to small and medium size businesses, according to Treasury Select Chair Nicky Morgan. The former financial secretary to the Treasury launched a scathing attack on the government after it refused to back proposals from her committee intended to protect SMEs. A report [...]