News by: Daniel Grote
Markets
FSCS reveals plans for payouts from Lifemark recovery
The Financial Services Compensation Scheme has outlined how it will distribute money it recovers from its holding in the Lifemark life settlement vehicle, which is set to make an initial distribution of 7.5p in the pound.
The regulator replies: FCA answers your questions
As new model advisers continue to build on their business success in the retail distribution review world, the impact of financial services regulation has rarely been as great. So we asked Financial Conduct Authority head of investment intermediaries Linda Woodall to field a selection of your top questions.
Targeting the right clients: are you too hung up on high net worth?
IFA voices are barely audible
With rising regulatory fees, levies from the compensation scheme, professional indemnity costs and a host of other pressures, it is clear why there is a lack of appetite to pay for representation. But it is equally clear that the chances of an IFA voice being heard in the corridors of power are waning.
One adviser's astonishing Eurovision spoof (warning: hot pants alert)
How do you convey sensible financial planning approaches to the nation's public in a style befitting of the Eurovision Song Contest?
Harlequin investors warned not to hand over more cash
Lawyers have warned investors in stricken Harlequin not to hand over more money to the scheme until the business has been restructured, according to the Financial Times.
FCA ‘open and neutral’ over role of advice in annuity market
The Financial Conduct Authority has outlined further details of its probe into the sale of annuities, and said it is ‘open and neutral’ over whether consumers take advice.
Celebrities and football stars caught in alleged £125m tax fraud
Celebrities, bankers and football stars have been caught up in an alleged £125 million tax fraud involving film investment plans, according to the Mail on Sunday.
James Hay sales jump 125% as Modular iSipp takes off
Sipp provider James Hay has reported a 125% jump in sales for the first quarter of the year, compared to the same period last year.
George Galloway blasts ‘toothless, gutless’ FSA’s handling of Cru
MPs have examined the role of Capita and the Financial Services Authority in the Arch Cru scandal, as part of a briefing session organised by IFA Centre managing director Gill Cardy, who is leading a campaign for investor compensation.
RBS warns of further job cuts and branch closures
Royal Bank of Scotland chairman Philip Hampton has warned the bank will need to make further job cuts and branch closures in order to improve performance, according to reports.
Consultancy charging ban is a gift
Full marks to pensions minister Steve Webb for nipping in the bud the controversial practice of consultancy charging.
Co-op considers bonuses clawback after downgrade
The Co-operative Bank is considering clawing back the bonuses of former executives following the shock downgrade of its debt to junk status, according to The Telegraph.
Bischoff to step down as Lloyds chairman
Lloyds Banking Group has announced that Win Bischoff is to step down as chairman.
Partnership announces flotation plans
Enhanced annuity provider Partnership has announced its plans to float.
Aviva wards off shareholder rebellion over pay
Aviva has secured backing for its remuneration plans at its annual general meeting, despite investor disquiet in the run-up to the vote.
Co-op Bank boss quits as downgrade bites
Co-operative Banking Group chief executive Barry Tootell has quit the business following the collapse of its proposed takeover of 632 Lloyds bank branches.
Towers Watson study points to low opt-outs from auto-enrolment
Nine out of 10 auto-enrolled workers are staying in their company pension plans, according to a study from pension consultants Towers Watson.
Origen and PosSol post £1.7m loss; RDR hits Aegon earnings
National IFA businesses Origen and Positive Solutions have posted a combined £1.7 million loss over the first three months of 2013, parent Aegon UK has reported.
The charging challenge is on
The days of ‘three plus a half’ charging are over, Ernst & Young told us last week. There is nothing wrong with that pricing level per se. But it does suggest that an adviser mentality of being paid by providers has not gone away.