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

Building operational resilience at the heart of the financial system − speech by Sasha Mills

Given at the London Institute of Banking and Finance

HMRC is rejecting increasing numbers of SSAS approvals warns association

A number of Association of Member-Directed Pension Schemes members have reported rejections on new applications and delays in communication

AFH sues ex-adviser for £1.6m in restricted covenant breach claim

The wealth firm alleges that ex-adviser Samantha Baker broke a restricted covenant to take 121 clients with her to Regentia Lifestyle Planning.

FSCS declares firm in default over poor pension transfer advice

The last two provided investment advice, and recommended clients transfer their pensions into self-invested personal pensions

Are you prepared for FCA’s next deep dives?

The FCA will be looking closely to ensure it is not a compliance-led or tick box rubber stamping exercise.

Crypto regulation in the UK: what are stablecoins?

The rationale behind the legislative approach was, along with other jurisdictions, to bring cryptoassets into the same regulatory perimeter as other asset classes.

Chancellor Hunt warns FCA over ‘name and shame’ plans

The regulator is consulting on plans to name firms under enforcement investigation when it is in the public interest, but the industry is fiercely opposed.

Insurance intermediaries: mandatory follow-up documentation to be submitted to FINMA by the end of June 2024

Insurance intermediaries who submit their follow-up documentation by then may continue to operate as insurance intermediaries until FINMA decides whether they meet the registration requirements.

FCA issues almost 600 alerts in initial months of tighter financial advert rules

11% related to clone scams

Ex-Manulife financial adviser gets 12 year ban over S$1.2m ‘fictitious investment’ transfer

The banning order was issued following Ong’s conviction in the State Courts for cheating offences

FCA charges man with fraud over £2.7m investment scheme

Maggs is alleged to have operated an unauthorised investment scheme called 'Kube Trading'

What’s next? Bulk annuity insurers – Regulatory developments − speech by Lisa Leaman

Given at Westminster and City’s 21st Annual Conference on Bulk Annuities

FCA is keeping close eye on systemic risk following private equity fears

As high interest rates raise the risk of losses for banks and the private equity sector is heavily reliant on debt, regulators are stepping up their scrutiny of private equity markets.

Calls for urgent reform of LoA process after report reveals wasted cost

The LoA is a gateway process for individuals navigating financial advice or pension transfers

How have financial firms adapted with Consumer Duty implementation?

The Consumer Duty regulation has already shown it will have a long-lasting impact

FCA proposes extension of the SDR regime to portfolio managers

The proposals to extend the regime are primarily aimed at wealth management services for individuals and model portfolios for retail investors.

FCA extends SDR rules to portfolio managers

This will include model portfolios, customised portfolios and/or bespoke portfolio management services.

50% of Emea firms seek clearer AML regulations

Despite the digital push, 35% of respondents see skilled staff as vital for effective AML compliance, hindering digital tool adoption that could boost the detection of suspicious activities.

Retirement advice review will see more advisers outsource solutions

In response to the FCA’s review, Brooks Macdonald and The Verve Group published a retirement income whitepaper to help advice firms translate the FCA’s guidelines around building a central retirement proposition.

‘Big Tech a priority’ says FCA Chief Executive

Currently, Big Tech firms can access financial services data through Open Banking but are not required to share their data with the financial industry.

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