- Managers of Wealth - Europe - Wealth, private banking and asset management news and opinion

Fraudster pleads guilty to giving unauthorised advice

Sentencing for the offences of carrying on unauthorised business will take place after the conclusion of the trial for the fraud offence.

FCA reforms rules for financial promotions

This rule is known as the “financial promotion restriction” and is set out in section 21 of the Financial Services and Markets Act 2000 (FSMA).

FSCS urges families of deceased LCF investors to come forward

At the time, it still had 88 bonds left and had paid out on 12,330 bonds, totalling more than £114mn.

Pru apologises for appalling customer service levels

The client has now received their benefits and has been paid £225 in compensation.

PwC fined £2.5m over BT fraud audit failures

One of the firm’s former audit partners was fined £60,000

JetBlue Airline boss over-hiring to beat staff exodus

Airlines have cut summer schedules and made last-minute cancellations.

City workers get double-digit wage rises while lowest-paid see 1% increase

Report finds ‘tale of two labour markets’ as workers in London’s financial district enjoy inflation-busting increases

PS7/22 | CP3/22- Responses to Occasional Consultation Paper – March 2022

The implementation date for the policy changes set out in chapters 2, 3, 4, 5, 7, and 8 of this PS is Thursday 1 September 2022.

Bank of England shows new focus on inflation

Central bank accelerates rate hikes with 0.5% increase, but dire forecasts signal rates may not go as high as previously feared.

Outsourcer Serco to hand out total of £9m in one-off payments to staff

The payments will be made to staff outside management grades

Explanatory Note: Managing the operational implications of APF

During the course of 2022, the Monetary Policy Committee began reducing the stock of assets held in the Asset Purchase Facility to meet its monetary policy objective.

Bank of England increases interest rates by 0.5 percentage points – how to make more of your savings

The Bank of England has raised interest rates by 0.5 percentage points to 1.75%. Here’s what it means for savers and how they can make more of their savings.

FCA confirms new rules to improve oversight of Appointed Representatives

Principal firms are responsible for ensuring their ARs comply with our rules.

Addleshaw Goddard: Financial Services & Banking News

The FCA has confirmed that although at this stage it will not intervene it will continue to monitor the market and may intervene in future if it sees evidence of practices similar to that previously seen in the General Insurance market.

FCA proposes DB transfer redress be paid into a DC scheme

Some schemes may also no longer exist, having wound up and there is no legislation which compels trustees to accept former members who transferred out.

We consult on changes to redress calculations for unsuitable pension transfer advice

Redress aims to put consumers back in the position they would have been in had they remained in their DB scheme.

FCA issues an update on switching in the mortgage market

Given the rising cost of living, it’s important that borrowers consider their options and switch if they can where it meets their needs and circumstances and saves them money.

FCA to open Leeds office in September with 100 new jobs

The FCA’s Digital Delivery Centre will be based in Leeds alongside other key FCA business teams.

Addleshaw Goddard: Financial Services & Banking News

The FCA consulted on these rules, which are a key part of its Consumer Investments Strategy to deliver a consumer investment market that works well for people who want to invest with confidence, in January 2022.

Germany’s BaFin clarifies rules for fund distribution and pre-marketing

In Germany, this means that almost every exchange between the fund manager and a potential professional or semi-professional investor about a yet-to-be-set-up investment fund now falls under the term ‘pre-marketing’ and thus under the newly cr

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