News by: Alex Steger
Markets
Fred Goodwin stripped of knighthood
Fred Goodwin, the disgraced former chief executive of the Royal Bank of Scotland has been stripped of his knighthood.
FSA stands firm over Mifid II's impact on commission ban
The Financial Services Authority has reiterated its stance that the ban on commission under the retail distribution review (RDR) will not be overturned by the European Commission's Mifid II proposals.
FSA fines ex-JC Flowers boss £2.9m over fraud
The Financial Services Authority has banned fromer JC Flowers UK chief executive Ravi Sinhaand and fined him £2.9m over a fraudulent invoicing scheme.
Alleged £1.5 billion UBS rogue trader pleads not guilty
The alleged rogue trader Kweku Adoboli has pleaded not guilty to two charges of false accounting and two charges of fraud while working at UBS.
PwC's role in Tenon's troubles comes under spotlight
Concerns are understood to have been raised over the role of accountancy firm PricewaterhouseCoopers in the growing problems of troubled accountancy and advisory firm RSM Tenon.
Ex-Cofunds chief Williams returns with private equity venture
Former Cofunds and Skandia boss Brett Williams has made a return to financial services with private equity firm Lime Tree Investment Partners.
RBS chief Hester rejects £1 million bonus
Royal Bank of Scotland chief executive Stephen Hester has agreed to waive his proposed bonus of nearly £1 million after a public outcry and intense political pressure.
FSA divided over toxic loans to pension schemes
The Financial Services Authority is split over pension schemes accepting toxic loans from banks through complex liquidity swaps which expose loopholes in financial regulations.
Santander adviser fired after defrauding clients of £17.5k
A Santander adviser has been fired after transferring over £17,500 out of clients accounts and into her own.
Research reveals IFAs control £591bn in assets
IFAs are a crucial part of the UK’s wealth management industry, controlling over a quarter of the assets it holds and employing just over a fifth of its workers, according to new research.
Online offerings set to milk advice gap created by RDR
Financial services consultant Vaughan Jenkins has argued a growing number of online investment offerings will try to exploit the advice gap created by the retail distribution review, as another proposition readies for launch.
Ex-Lloyds boss Daniels returns to financial services
Former Lloyds Banking Group boss Eric Daniels has made a return to financial services with a lucrative part time advisory role.
Clegg calls for £10,000 personal allowance before 2015
Deputy Prime Minister Nick Clegg is set to propose plans to raise the minimum level at which people pay income tax to £10,000 before the next election.
Adviser Week: What the RDR means for with-profits funds
Life companies face being unable to facilitate adviser charging for top-ups on with-profits funds if the Financial Services Authority’s legacy commission ban goes through as currently proposed.
RSM Tenon share price plummets 27% as chief exec steps down
The share price of RSM Tenon has fallen by 27% on the news that its chief executive and chairman have left the company following a profit warning for the second half of 2011.
Cable calls for mansion tax in next Budget
Business secretary Vince Cable has called for a mansion tax to be included in the government’s next Budget, according to reports.
FSA pushes banks to curb bonuses after PPI scandal
The Financial Services Authority is pushing banks to cut their bonus pools to reflect the heavy losses incurred through the mis-selling of payment protection insurance, according to reports.
MAS directors share £100,000 bonus pool
Executives at the Money Advice Service shared a bonus pool of around £100,000 in the last financial year, according to reports.
Adviser Week: IMA takes on ABI in legacy commission battle
New Model Adviser® news editor Alex Steger examines the escalating lobbying battle between the Association of British Insurers and the Investment Management Association over legacy commission.
Barclays to rival Hargreaves by rebating commission
Barclays Stockbrokers is looking to rebate trail commission to investors in a move to make it more competitive with the likes of Hargreaves Lansdown.