Industry news and views from Panacea and our partners.
FSA/FCA_
Fidelity: Response to FCA Thematic Review of Annuities
Alan Higham, Chairman of Annuity Direct and Head of Retirement Insight at Fidelity initial thoughts ahead of Friday
Compliance Consultant: So What Is This Conduct Risk All About?
Conduct Risk is the buzz phrase in the financial services world today; but seems a great deal of confusion and many people want to know what this involves.
FSCS, Stick a pony in me pocket, I'll fetch the suitcase from the van
An adviser contacted me recently regarding a very interesting dinner party conversation about the FSCS and its supposed pot less state.
Safeguarding the future of your business Life after Trail
As many of you will be aware, earlier this month, in conjunction with New Model Business Academy, Panacea Adviser hosted a panel debate examining how advisers will fare once the end of trail commission comes into play and how advisers can prepare for the future of their business.
Wheatley is pleading the fifth.
In the constitution of the United States when a suspect invokes his or her Fifth Amendment right to remain silent, this is referred to in the vernacular as "pleading the Fifth." It should not by any means be taken as a sign of guilt, but it is generally portrayed as such in the movies when some criminal act is trying to be covered up in the hope it goes away.
A nice little earner Terry, but what about a slice for the FSCS
The FCA budget for 2013 was £432.1m with adviser contributions being £41.9m for this financial year, for the sector covering investment intermediaries who hold client assets they will be £45.3m.
Hit me baby one more time
How much more must the world of financial advisers come under attack? Nearly 1,000 advisers have now voted on our poll Will the removal of trail commission have a negative effect upon your business?
TrailTube- the movie, your movie in fact
With nearly 800 community members so far telling us that the removal of trail will have a catastrophic effect on their business, we feel a sense of duty calls to make sure the concerns of so many are heard and hopefully acted upon.
Shaken, not stirred
We have seen some encouraging data from the FCA suggesting that the number of qualified advisers increased between December 2012 and July 2013", says Paul Richards, FundsNetwork's Head of Sales.
FCA, asleep at the wheel or just showing off
Will the removal of trail commission have a negative effect upon your business?
Scottish Life: The future of trail commission
There has been a lot of coverage in the press following the Financial Conduct Authority's (FCA) Board Meeting in June. We consider what was said, what the issues are and what happens next.
Doom and Gloom
No, not the recent Rolling Stones album, but will the FCA next find fault with adviser servicing fees with Miss- billing as their next scandal? Recent forums discussing financial adviser remuneration, employment status and fees have highlighted one more unseen, unintended and possibly unfortunate consequence of the RDR.
Regulatory & Investment Change
2013 is a year of major regulatory change for the wealth management, retail fund management and the advisory sectors. The investment landscape is proving more positive but still fragile, but how are the clients responding to these challenges?
Trail commission matters?
The subject of trail commission removal and the rights and wrongs of it has caused considerable debate in recent weeks
Money for nothing and your cheques for free
The just published FCA thematic review on Inducements and Conflicts of Interest, a result of last years Dear CEO letters, does a lot to recognise that in the RDR world, support that networks and national advisers first requested many years ago, expected, then demanded and got from providers, is no longer compatible with the RDR ethos.
CEI Compliance: The FCA Are Focusing On Risk: Are You?
In the FCA Risk Outlook Document, there are numerous risks that the FCA will be concentrating on and expecting firms to take steps to address.
Aegon: Flexible drawdown: a 'gold standard' in retirement planning?
When flexible drawdown was first introduced on 6 April 2011, many advisers saw it simply as a new opportunity for clients to cash in their pension pots.
August Hot Spot talking point- Stand well back, something nasty is about to hit the fan.
August saw a very interesting discussion develop on the subject of post RDR adviser charging and the FCA attitude to what they see now.
CEI Compliance: The regulator, data security and you
In April 2008 the then regulator published a report entitled Data Security in Financial Services-firms controls to prevent data loss by their employees and third party suppliers.
Letter of the week
I would like to suggest to you as fellow financial advisers that you should sign the LINKED petition to create fair liability for financial advice.
As American as Mom, Apple Pie and Baseball
A phrase often heard to describe something that is unique to the culture and society you live and work in, illustrating principles or values with which few disagree.
Named and shamed
Listening to recent reports, we hear that unless surgeons and consultants make public the death rate results of their labours, they will be named and shamed.
Can somebody translate this FCA statement please into plain English?
A few months ago we highlighted concerns that regulation and the various diktats and tomes that accompany it would benefit from being put into plain English.
Latest news from Compliancy Services
The Financial Services Authority (FSA) has finalised new rules and regulations for financial benchmarks.
Standard Life Investments: Radical policy shift for Japan?
The decisive victory secured by the Liberal Democratic Party (LDP) in elections in Japan over the weekend
Response to your request for information
We highlighted concerns about the way the FSA dealt with FOI requests in a recent Bento article and we are pleased to see the following response has been received
Wizard Learning: Financial Crime online training course for you and your business
Financial crime is very high on the regulatory agenda and there are many criminal offences involved. Although the world of criminality may seem remote from the average financial services firm, it has been well documented that criminals, terrorists and tax avoiders make use of financial services to disguise the proceeds of crime.
FSA and FOI requests, what's good for the goose?
Linda Woodall recently affirmed that there was tension between regulated firms and the FSA and that this is how it should be.
Views from the Front Line
Our recent FSCS Levy Survey was completed by almost 500* independent financial advisers and the results produced almost 100 pages of comments.
MetLife focuses on business development in RDR countdown
MetLife is increasing its focus on business development as it continues the countdown to the implementation of the FSAs Retail Distribution Review on 31st December 2012.
Compliancy Services eNewsletter
The FSA has proposed changes to the funding of the Financial Services Compensation Scheme.
FSCS Levy Survey - now closed, results due next week.
The FSA has proposed to hike its annual costs by 15.6 per cent from £500.5m for 2011/12 to £578.4m for 2012/13
FSA Guidance brings welcome clarity to ethical or sustainable and responsible investment market
The recent FSA Finalised Guidance paper FG12/15 Retail Distribution Review: Independent and restricted advice (June 2012) has brought welcome clarity to the world of ethical or sustainable and responsible investment
Gimme the money- now! The cost of running and IFA business in 2012
In the run up to RDR, now some 180 days away, and minds very focused on a myriad of distractions such as exams, business models, segmentation and post RDR status it is re-assuring to know that right in the middle of this morass comes encouragement to firms to just keep going from the FSCS and the FSA by way of ever increasing demands for cash.
Counting the cost of Independence
If you pop into Gieves & Hawkes at 1 Saville Row and head for the made-to-measure department, you will have two choices, bespoke, made from outset specifically for you, or the so-called personally tailored suit.
Who do you think your kidding Mr. Hitler- ruminations on RDR
Sales Director Mr. Hitler's initial pleasure with this month's sales figures cause concern as it is revealed the firm's sales practices were not quite up to scratch.
IFA Letter: The Treasury Select Committee recommendations on accountability of FCA
Governments response to Treasury select committee report on the Financial Services Bill was largely unsympathetic to their recommendations. The Treasury select committee says its recommendations on accountability of the Financial Conduct Authority require statutory force in a report published today (8 June).
IFA Letter of the week: Rules of Bureaucracy
Rule #1: Maintain the problem at all costs! The problem is the basis of power, perks, privileges, and security.
FSA may probe NewsCorp emails
The Financial Services Authority (FSA) is considering scrutinising emails sent from the office of culture secretary Jeremy Hunt to News Corporation representatives, it has been reported.
There must be some kind of way out of here
There must be some way out of here, said the joker to the thief, there's too much confusion, I can't get no relief. Dylan and Hendrix were right.