The FCA is consulting on the future of illiquid assets and open-ended investment funds (Discussion Paper 17/1). This follows the well-publicised suspension of redemptions by open-ended property funds in the immediate aftermath of the EU referendum. However the issues it raises are relevant to all open-ended funds investing in illiquid assets, including infrastructure and private […]

The FCA has published the results of its supervision review of investment advisory firms’ practices when acquiring clients from other firms. The review was conducted in response to market changes, including the way in which services are provided to clients and the fact that firms now increasingly adopt a standardised approach to providing investment advice, […]

Tomorrow (1 February 2017), the FCA and the PRA are due to announce their final positions on the changes they are proposing to make to their ENFORCEMENT DECISION MAKING PROCESSES, following HM Treasury’s recommendations. Mr Steward flags that some of the proposals floated by the FCA, in particular, seem particularly timely given the shift in […]

The FCA has updated its webpage on investment advisers’ and authorised firms’ responsibilities when accepting business from unauthorised introducers or lead generators. The update notes that many authorised firms receive customer instructions from unauthorised introducers, lead generators and/or other authorised firms (introducers). The FCA is concerned at the increase in cases in which the introducer […]

Te Financial Conduct Authority has clarified its rules on adviser charges for lump sum investments. In the Financial Advice Market Review it was recommended that the FCA take steps to make sure advisers were aware of the existing flexibility of the rules. Some in the advice industry responded to the FAMR to say the rules […]

Following the Financial Advice Market Review Report the FCA has published a new webpage providing information on the payment of initial advice charges for advice on lump sum investments to retail clients. The webpage sets out how firms who permit clients to pay in installments for advice on a lump sum investment are afforded some […]

A financial services industry group will update guidance to help users gain digital access to financial services, the UK chancellor has announced as part of the government’s Autumn Statement. “The government … has agreed with the Joint Money Laundering Steering Group (JMLSG) that they will modernise their guidance on electronic ID verification to support the […]

Three employees of major banks have been arrested as part of a investigation of insider dealing sparked by intelligence from the leak of the panama papers, it has been claimed. More arrests are planned in the joint-investigation by the FINANCIAL CONDUCT AUTHORITY (FCA) and the NATIONAL CRIME AGENCY (NCA), Bloomberg news reported. The existence of […]