The biggest FCA fines of 2014

Forex, IT meltdowns and advice failings made up a total of over £1.4bn in regulatory fines this year.

Claims firm ads banned again for targeting Lloyds customers

Online adverts claiming Lloyds customers may be due a refund for missold packaged bank accounts.

Our most talked about stories of 2014: MAS on adviser ethics and 'unaffordable' FOS complaint fees

Money Marketing’s most commented articles of the year.

Businesses back staying part of 'reformed' EU

Trade body says businesses want to be part of a reformed Europe.

Our most popular stories of 2014: The year of the Budget bombshell

The most read articles on Money Marketing this year.

Libyan crude burns as North African war rages

A massive tanker fire in eastern Libya may stem the precipitous fall in oil, with 850,000 barrels burned up already.

JPMorgan Asian drops performance fee and puts managers on notice

JPMorgan Asian investment trust has scrapped its performance fee and has put the management team on final notice after a year of abject returns.

Bank of England issues cybercrime warning

The Bank of England and financial firms have hed talks over hiring hackers to test firms’ ability to withstand a cyber attack.

Slew of GDP revisions reveals 'fragile' UK recovery

The UK recovery is looking “more fragile” than ever before, with five past quarterly GDP figures revised down by a considerable margin, Office for National Statistics data shows.

Is Japanese debt a ticking time bomb?

Abenomics crashes on sending the Topix higher and higher to investors’ glee, but an implicit bet on the creditworthiness of Japan accompanies the trade.

Accounting watchdog launches Tesco probe

The Financial Reporting Council has launched an investigation into Tesco that may see the company sanctioned and force the restatement of its last three financial reports.

Ex-adviser jailed for five years over fraud

Alok Dhanda found guilty of 37 counts of fraud.

EU regulator waters down dealing commission stance

Investment managers will not be banned from using dealing commission to pay for research.

Guernsey cells win £22m legal battle against Arch Financial

High Court rules fund manager behind Arch cru failed to exercise reasonable skill and care. 

Accord to become latest lender to increase proc fees

ARs and DAs will receive increased proc fees for residential mortgages.

Debt management firm to pay £185k in redress after FCA action

Delays in communications with creditors meant some customers owed more in charges. 

FCA bans ex-BlackRock MD for dodging £43k in train fares

Regulator rules Jonathan Burrows is not fit and proper. 

Govt to sell more of Lloyds stake

Taxpayer share expected to fall from 25 to 20 per cent, raising around £3bn.

EU policymakers reach deal over controversial trusts plans

Trusts to be made exempt from public registers in victory for UK. 

Legacy pension audit reveals £26bn exposed to high charges

Nearly £1bn of pension savings are being charged over 3 per cent, according to the Independent Project Board.

CML forecasts lending to grow 16% in next 2 years

Trade body says gross lending will reach £240bn in 2016.

RDR has pushed up cost of advice

Research says some advisers are recommending low-cost passive funds rather than reducing charges.

London & Colonial targets pension freedoms with guaranteed drawdown launch

Adviser-led product aims to meet post-Budget appetite for flexibility and certainty.

Ex-Towry boss to advise Irish wealth manager

Former Towry boss Andrew Fisher has joined the business advisory board of Davy Private Clients.

FCA to ban premium rate phone lines

Regulator says it is unfair for consumers to have to use expensive phone lines to complain. 

FCA to force firms to report all complaints

The FCA has proposed forcing firms to report all complaints they receive as the regulator looks to raise transparency requirements.

Coventry Building Society loosens affordability criteria

The lender has loosened its criteria by considering bonuses when calculating affordability.

BoE announces reforms to interest rate setting policy

Bank says MPC meetings could be cut back from 12 a year to eight.

Advisers say flexi-access drawdown poses biggest Budget risk

Research also finds advisers backing IHT reform.

Nucleus compensates hundreds of customers after technical glitch

Technology upgrade resulted in a series of trades being affected. 

Ex Origen boss Mike Kirsch to head up Saffron Building Society

Kirsch has been appointed interim chief executive of the mutual.

Industry backs Govt decision on post-75 pensions tax relief

The Government has dropped plans to extend tax relief to pension contributions made by people over the age of 75.

Taxpayers to fund £258m compensation for Northern Rock borrowers

High Court has ruled against the former bank over wording used in past loan documents.

Moray McDonald set to become CML chairman

McDonald is currently head of personal and business banking products at Royal Bank of Scotland.

L&G reveals post-Budget investment strategy

Mastertrust will offer members three investment options three years before retirement.

Partnership in record enhanced bulk annuity deal

£206m “top-slicing” transaction helps offset post-Budget fall in individual annuity sales.

Three directors convicted over £23m biofuels fraud

Convictions follow investigation by the Serious Fraud Office. 

Hargreaves Lansdown’s CFO Tracey Taylor to exit

Leaves discount broker after 15 years with the firm

Brokers accuse lenders of 'cashing in' on borrowers as SVRs rise

Average SVRs increased 0.12 per cent between January and October despite no movement in base rate.

Advisers hit back over paying for Budget guidance

No evidence that advisers will benefit from guidance guarantee, industry argues. 

ECB holds rates as Draghi paves way for QE in 2015

The Governing Council of the European Central Bank announced it is keeping interest rates on hold at the its monthly meeting today.

Trade body drafts radical pensions tax relief reform plans

An influential actuarial trade body is drafting radical pensions tax relief reform proposals.

High Court rejects advisers’ appeal against FOS Keydata complaints

Advisers had argued FOS decisions should be stayed until outcome of FSCS litigation is known. 

Clive Adamson set to leave FCA as closed book report looms

Adamson made newspaper briefing which caused insurers’ share prices to tumble. 

TSC committee member calls for MMR impact review

Brokers support Conservative MP Mark Garnier’s push for a Treasury review into the impact of new mortgage regulations.

AS 2014: Govt in further crackdown on Dotas tax avoidance schemes

Government will increase penalities for non-declaration of Dotas schemes. 

AS 2014: Stamp duty 'double taxation' to be removed for Paifs

An aberration in the tax code that means some property funds are stung with a stamp duty charge when converting to Paifs is being cleaned up, Chancellor George Osborne has announced.

AS 2014: Govt drops pensions tax relief for over 75s plan

The Government has dropped plans to extend tax relief on pension contributions made by people over the age of 75.

Osborne set to give non-UK fund groups CGT exemption

The UK Treasury is set to offer a carve out in the Capital Gains Tax regime for non-UK asset managers.

Royal Mail slides on Ofcom dismissal

Royal Mail’s share price has slid 2.9 per cent to 405.8p after the competition watchdog dismissed its plea for regulatory support against rivals.

TSC member to push for parliamentary review of the MMR

MP Mark Garnier, who says he has sympathy with lenders over transitional arrangements, to push for review of MMR.

FCA: Financial services needs ‘drink driving’ cultural shift

Regulator wants firms to do the right thing instinctively, not because of fear of enforcement. 

FSCS recovers £100m from Keydata; rebates half to fund managers

Fund managers will receive a cheque for £50m, says FSCS. 

Property investor charged with 12 counts of forgery and fraud

Phillip Martin, 41, will appear at Milton Keynes Magistrates’ Court on 12 December.

Moody's downgrades Japan due to 'third arrow' doubts

Moody’s has downgraded Japan one notch to A1 citing doubt about the timing and effectiveness of its monetary stimulus and uncertainty of reducing its deficit.

Architas unveils real assets fund for Rock

Architas has launched an alternatives fund for chief investment officer Caspar Rock that aims to grind out returns uncorrelated to precarious bond markets and equities.

Aviva to pay £2m compensation over misleading guarantee claims

Aviva is to pay compensation to 40,000 pension savers after they were misled over the existence of a capital guarantee.

Ex-adviser pleads guilty to 24 counts of fraud

Former adviser due to be sentenced in December. 

MGM Advantage enters drawdown market

Adviser-led Retirement Account allows savers to combine annuities and flexi-drawdown in one product.

PTFS finance director to replace Max Wright as chief exec

Wright to become non-executive chairman of the network.

L&G restructures following John Pollock exit

Savings split into mature and digital divisions.

Experts rubbish drawdown charge cap proposal

Labour wants to save investors from “rip-off” charges, but experts say charge for drawdown is unworkable.

FCA to scrutinise non-advised drawdown

Regulator to investigate non-advised drawdown and reveals ‘output document’ in updated standards for guidance guarantee.

FCA halves Budget guidance levy for advisers

FCA says advisers should pay less as it is not clear whether they will benefit from guidance service. 

Insurer share prices rocket despite year of pensions turmoil

Despite plunging individual annuity sales, insurers have enjoyed rocketing shareholder returns.

IMA: Consumers don't want to look under the bonnet of investments

There is a limit to the disclosure fund managers should provide, IMA suggests. 

Woodford hires risk and compliance chiefs

Woodford Investment Management has hired Simon Osborne as head of compliance and Gavin St. John-Heath as chief risk operations officer.

Treasury refuses to review £2bn pension freedoms tax loophole

Shadow Treasury minister Cathy Jamieson pushes Government to review behaviour from new freedoms.

Axa Wealth scraps pension platform charges

New flexible drawdown product due to launch.

Partnership banks on US launch and DB deals to counter Budget blow

Annuity sales “well below” 50 per cent of pre-Budget levels.

Pensions Policy Institute deputy director to join USS

Mel Duffield joined think-tank in September 2013.

Govt faces calls to scrap Budget reporting demands

Govt has U-turned on plans to force members to contact all previous schemes when they access Budget pensions flexibilities.

Paragon increases B2L lending by 82.5%

Specialist lender completes £658.8m of buy-to-let loans in 12 months to 30 September 2014.

Telegraph defies own exit fees campaign with D2C wrap

The Daily Telegraph appears to have gone against its own editorial stance on exit charges by charging transfer fees on its new direct platform proposition.

Treasury U-turns over 'unworkable' Budget reporting demands

Treasury U-turns on savers’ reporting requirements after just one month.

Financial Planning Week: How advisers are spreading the word

Campaign to raise awareness of financial planning now in its seventh year. 

Ivan Massow launches campaign to be London Mayor

Former IFA is aiming to suceed Boris Johnson in May 2016.

Telegraph links with Interactive Investor for direct platform launch

Interactive Investor has partnered with the Daily Telegraph to launch a new investment service, Telegraph Investor.

Friends Life shares rocket 6% on possible Aviva deal

Aviva shares fell nearly 5 per cent as markets opened this morning.

Aviva in talks to buy £5bn Friends Life

The deal would create the largest insurance and savings business in the UK.

Why have internal annuity sales not fallen since the Budget?

The ABI says while external annuity sales have fallen as a result of the Budget, internal annuity sales remain at similar levels.

Pensions regulator shuts down £134m liberation schemes

Five pension schemes have been stopped receiving transfers after a High Court battle.

Sarasin teams with Indexx Markets to create 'more efficient' S&P 500 index

Bespoke indices give asset managers the ability to separate and sell their investment process, Indexx Markets co-founder James d’Ath says.

Aviva: Drawdown 'unlikely to be appropriate' for pots below £30K

Aviva’s comments follow FCA evidence to parliament that drawdown pots below £50,000 are likely to be unsuitable.

FCA chief operating officer quits to become TPR chief exec

Lesley Titcomb was instrumental in driving through the mortgage market review.

Advisers back Consumer Panel warning over 'nightmare' non-advised drawdown

The Consumer Panel raised the alarm over non-advised drawdown in parliament last week.

PruProtect launches into short-term IP market

Provider has also launched LTC offering and mortgage incapacity cover. 

Tony Wickenden: Provider-facilitation as a payment method

It is important to consider the tax consequences where a provider pays an adviser on the client’s behalf

Clamour grows for DWP to lower auto-enrol earnings trigger

Industry unites with employees to demand change in Government consultation.

CML: Lending to older borrowers will improve

CML says access to finance for older borrowers will improve once FCA publishes results of its thematic reviews into the MMR.

MPC holds base rate due to continuing eurozone concerns

The minutes show that yet again seven out of nine MPC members voted against raising the base rate.

Apfa chairman: Industry needs light-touch regulation

Apfa chairman Lord Deben says he is “amazed” at level of regulation imposed on financial services. 

BofA ML: Risk appetite on the rise in November

A net 47 per cent of the global panel says the economy will strengthen in the coming year, up from a net 33 per cent in October.

UK inflation at 1.3% in October

Consumer Prices Index inflation grew by 1.3 per cent in October, up from 1.2 per cent in September, Office for National Statistics figures show.

Adrian Lowcock joins Axa Wealth as head of investing

Former Hargreaves senior investment manager Adrian Lowcock has joined Axa Wealth as head of investing.

FCA: Differences between regulator and FOS are a myth

Issue is rooted in perception rather than reality, says FCA’s Rory Percival. 

FCA consults on making firms report all complaints

The FCA is to consult on whether to remove the non-reportable complaints rule which means firms who settle complaints by the following business day do not need to report them to the regulator.

FCA fines Chase de Vere £560k over £50m Keydata investments

Chase de Vere has been hit with a £560,000 FCA fine for failures surrounding the sale of Keydata products.

Hargreaves blasts 'patronising' Consumer Panel over non-advised drawdown

Consumer Panel member Teresa Fritz said non-advised drawdown is a “big area of concern”.

Teachers Building Society pulls out of Scotland

Mutual says it will continue to process pipeline cases, while existing customers may still apply for a further advance until further notice.

FCA says small firms still failing on financial crime rules

An FCA review has found many small banks and insurance intermediaries are still failing to effectively managed risks around financial crime.

FCA chairman: Increase in rules has failed to prevent problems

John Griffith-Jones says more rules can create greater complexity. 

Labour calls for review of pension freedoms next year

Labour wants the use of salary sacrifice to avoid tax to be examined.

Money Marketing scoops four personal finance media awards

Money Marketing won trade title of the year and trade website of the year at last night’s Santander Media Awards.

FCA sets out plans to regulate £75trn payment systems industry

Payment Systems Regulator will be fully operational from April. 

FCA: Advice industry not yet a profession

Regulator still has concerns over suitability letters, says FCA technical specialist Rory Percival.

Inner Circle Riches - Does It Work?

Old Mutual: Blurred lines of advice holding back customer service

Customer service staff fearful of inadvertently giving advice, says Old Mutual Wealth. 

Ex-Whitechurch adviser wins court battle over £37k Keydata claim

Network failed to recover PI excess costs following FSCS settlement.

Out of context: 'I thought they were talking about horses'

“I attended a meeting recently where the guidance guarantee was referred to as the ‘GG’. I thought they were talking about horses.”

Revealed: Savers face two week wait to access pension freedoms

Providers hit out at suggestion the new freedoms will turn pension funds into bank accounts.

Advice firms merge to manage £550m of funds

Combined group will look after 2,000 clients under 14 advisers.

Consumer Panel raises alarm over non-advised drawdown sales

Consumer Panel turns its focus on to drawdown after hitting out at non-advised annuities.

Clarkson Wayman Ball outsources investment to Brooks Macdonald

Brooks Macdonald Asset Management has agreed a strategic alliance with IFA firm Clarkson Wayman Ball to offer its investment management portfolios to advised clients.

Treasury threatens clampdown over pensions recycling abuse

The Treasury has threatened to clampdown on pensions recycling amid concerns the tax loophole could cost the Exchequer billions of pounds.

Co-op Bank outsources £23bn mortgage book to Capita

Co-op Bank will see 660 staff transfer to Capita from its Leek and Plymouth offices.

SLI adds two hires to European equities team

Standard Life Investments has bolstered its European equities team with two hires.

Prudential sells 25% stake in PruProtect and PruHealth

Prudential confirms £155m sale of PruHealth and PruProtect to majority shareholder Discovery Group Europe.

FSCS Keydata legal battle set to proceed to trial

Court rules legal costs to be shared between all firms remaining in the litigation. 

Platforms: We must do more to help advisers on due diligence

Major platforms say they need to be more open and consistent in the information they give advisers. 

Labour makes fresh push to force annuitants to use independent broker

Labour still wants everyone to speak to an annuity broker despite new freedoms.

BoE holds base rate at 0.5 per cent

Benchmark interest rate held at 0.5 per cent for the 68th consecutive month.

RDR accelerates drop in self-employed pensions

Experts say extending auto-enrolment not the answer

Now: Pensions Christmas ‘blackout’ to hit 200,000 savers

Advisers concerned as members and employers locked out for over a month during admin switch.

Transact and Ageas Protect launch investment-linked protection

Term assurance product launched through pilot. 

Octopus launches £20m Apollo VCT 'top-up' offer

Octopus Investments has launched a £20m top-up offer for its asset-backed investment Apollo VCT.

Henderson to appoint First State's Finegan as EM equities head

Henderson Global Investors has hired former First State manager Glen Finegan as head of emerging market equities in a move it hopes will boost its asset gathering.

Tilney Bestinvest risk profiles discretionary portfolios

Tilney Bestinvest has unveiled a new “risk-mapping” addition to its portfolios allowing IFAs to completely outsource their investment management.

Woodford scoops over £1bn in Q3 despite jittery investors

Woodford IM bucked a jittery third quarter to attract about £1.15bn in net sales despite investors’ growing aversion to risk, the Pridham Report shows.

Markets relieved by 'less draconian' FPC leverage ratio proposals

The Bank of England’s Financial Policy Committee has proposed a leverage ratio of up to 4.95 per cent by 2019, lower than expected.

Now: Pensions questions integrity of DWP Nest consultation

Danish scheme suggests it entered the UK market on false pretences.

Treasury eyes LTV cap on buy-to-let mortgages

Treasury says it wants to build an “in-depth evidence base” on buy-to-let.

FCA warns advisers over auto-enrolment commission ban dodge

Regulator believes some firms are looking to replace commission payments with other forms of remuneration, such as adviser charging.

FCA fines Sesame £1.6m over 'pay to play' distribution deals

The FCA has fined Sesame £1.6m for arranging “pay to play” distribution deals. 

TSC slams FSA for Co-op failings but clears Treasury

The TSC says there is no evidence the Treasury interfered in the sale of Lloyds Banking Group branches.

Platforms to launch new industry body

All major platforms set to join new industry group.

Ad hoc payments and harassing calls: Why Yorkshire BS was fined £4.1m

Mutual prioritised ad hoc payments from borrowers over sustainable payment plans, FCA finds. 

Wheatley: Regulated firms not subsidising Project Innovate

FCA refutes criticism that Project Innovate is unfair on regulated firms. 

Land Registry: House prices fall for the first time in 6 months

Prices fell 0.2 per cent between August and September.

Land Registry: House prices fall for the first time in 6 months

Prices fell 0.2 per cent between August and September.

Investor Forum launches to drive change in UK corporates

The Investor Forum – a lobbyist for “long-termism” in investment markets – unveiled its board and structure today, two years after it was recommended in the influential Kay Review.

Amps launches judicial review into FCA Sipp cap ad rules

Sipp and Ssas trade body challenges regulator over ‘unlawful’ consultation.

Amps launches judicial review into FCA Sipp cap ad rules

Sipp and Ssas trade body challenges regulator over ‘unlawful’ consultation.

Leaked letter reveals Wonga thought it was worth £15bn

Payday lender told staff it would be valued at £15bn by next year.

Leaked letter reveals Wonga thought it was worth £15bn

Payday lender told staff it would be valued at £15bn by next year.

Cameron: UK will not pay 'unacceptable' £1.7bn EU bill

Prime Minister David Cameron has insisted the UK will not pay the £1.7bn demanded by the European Union by next month.

Cameron: UK will not pay 'unacceptable' £1.7bn EU bill

Prime Minister David Cameron has insisted the UK will not pay the £1.7bn demanded by the European Union by next month.

SMEs call for auto-enrol staging date delay in wake of Budget

SMEs want their staging dates pushed back while legislation is outstanding.

SMEs call for auto-enrol staging date delay in wake of Budget

SMEs want their staging dates pushed back while legislation is outstanding.

Morningstar: Investment trust monthly reports increase four-fold

The number of investment trusts reporting portfolio holdings on a monthly basis has more than quadrupled to 122 over the last two years.

Morningstar: Investment trust monthly reports increase four-fold

The number of investment trusts reporting portfolio holdings on a monthly basis has more than quadrupled to 122 over the last two years.

MG Rover scheme agrees £8m deal to escape PPF

£8m settlement secures member benefits.

MG Rover scheme agrees £8m deal to escape PPF

£8m settlement secures member benefits.

FCA slammed for failing to provide guidance 'backstop'

Regulator has come under fire for saying there will be no second line of defence for consumers

FCA slammed for failing to provide guidance 'backstop'

Regulator has come under fire for saying there will be no second line of defence for consumers

Apfa reports 75% fall in annual surplus to £29k

Trade body says it is pleased with financial performance in a ‘challenging climate’. 

Short service refunds scrapped by October 2015

Refunds only available within the first month of pension contributions, down from two years

Been There, Done That: 11 Overdone Blog Post Topics

I submitted my guest post for the Blog Engage Guest Blogging Contest and you can help me win by sharing it and leaving a comment! In it, I discuss 11 blog post topics we should all avoid. They’re unoriginal, overly competitive and offer no new discussions to the blogosphere.

Read

[...]

Been There, Done That: 11 Overdone Blog Post Topics

I submitted my guest post for the Blog Engage Guest Blogging Contest and you can help me win by sharing it and leaving a comment! In it, I discuss 11 blog post topics we should all avoid. They’re unoriginal, overly competitive and offer no new discussions to the blogosphere.

Read

[...]

Short service refunds scrapped by October 2015

Refunds only available within the first month of pension contributions, down from two years

Hargreaves warns low interest rates and deposit restrictions hit margins

Hargreaves Lansdown has warned that continued low interest rates and the prevention of platforms to offer fixed term deposits is having a continued affect on revenues.

Just Retirement completes £75m de-risking deal

Buy-in is the insurer’s biggest bulk annuity transaction to date.

Interest rate swap redress hits £1.5bn

FCA expects redress exercise to continue until the end of the year. 

OMGI hires ex-Ignis fixed income team

Old Mutual Global investors has hired ex-Ignis fixed income team led by newly-appointed head of fixed income - absolute return Russ Oxley.

London house prices up 20% year-on-year

Average UK price grew 11.7 per cent year-on-year in August.

Aegon warns of 'abuse' risk from new pension withdrawal option

The new lump sum pension withdrawal option puts savers at risk of “abuse” by unscrupulous organisations, Aegon claims.

M&G's Woolnough: Europe's third way

The falling euro should give the trading bloc the boost it has lacked from its central bank and member governments, M&G’s Richard Woolnough says.

China exports unexpectedly jump in September

Exports increased by 15.3 per cent compared to the same month a year previous.

Scotland slashes price ceiling for Help to Buy scheme

From 22 October, the maximum price on eligible new-builds will be £250,000, as opposed to £400,000 at present.

Mercer: Budget freedoms could damage UK pensions sustainability

Auto-enrolment boosts UK’s score in global league table, but reforms likely to bring it down next year.

Complaints Commissioner rejects FSA complaint over £15k Catalyst loss

Investor claims regulator’s “toxic” warning against life settlement funds led to Catalyst’s collapse.

Tesco launches into 90% LTV mortgages

Range begins at 3.49 per cent.

Caerus reports £667k pre-tax loss after Paradigm deal

Network pushed into loss following acquisition of Paradigm Financial Advisers. 

HSBC ordered to repay trail commission for lack of ongoing advice

Mr J said he was unable to get a review of his pension when he asked despite paying 0.5 per cent trail commission.

Apfa calls on advisers to lobby MPs over guidance levy

Advisers urged to write to MPs over “disproportionate” cost of guidance. 

Aldermore scraps IPO plans following equities slump

Challenger bank had been due to launch its shares on the London Stock Exchange this month.

Govt considers freezing auto-enrol earnings threshold

The Government is considering ditching the link between the automatic enrolment earnings trigger and income tax next year.

Govt considers freezing auto-enrol earnings trigger

The Government is considering ditching the link between the automatic enrolment earnings trigger and income tax next year.

Govt moves to close pension recycling loophole

Flexible annuities will be subject to a lower annual allowance of £10,000.

Govt urged to rethink 'corrosive' auto-enrol earnings rules

Policymakers are facing calls to rethink the way automatic enrolment contributions are calculated after experts raised concerns the current method penalises low earners.

OMGI's Richard Buxton: No BoE rate rises until after election

Old Mutual Global Investors head of UK equities says he does not expect the Bank of England to hike interest rates before the 2015 general election.

Are advisers dressing up advised sales as execution-only?

Concerns over spike in non-advised sales which suggests firms may be using non-advised sales to get around suitability rules.

ABI: FCA is 'frustrating' simplified advice progress

ABI members keen to develop simplified offerings in time for Budget changes.

FOS ruling on HSBC could open 'can of worms' on trail commission

The Financial Ombudsman Service has ordered HSBC to repay trail commission

Salmond wants FCA to investigate RBS threat to leave Scotland

First minister Alex Salmond has accused the Treasury of breaching insider trading rules.

NAPF and Pensions Management Institute consider merger

Pension trade bodies plan to join forces to tackle “seismic shifts” in industry.

Experts warn of pensions 'car crash' next year from low guidance take-up

Legal & General saw just 2.5 per cent of those contacted take up an offer of free pensions guidance.

Just 2.5% take up pensions guidance in L&G pilot

Experts warns the Government’s reforms could result in a “car crash” unless tough regulations are in place.

Scotland unveils 'mansion tax' plans

Scotland will increase taxes on expensive property while cutting them on more modest homes, the Financial Times reports.

Newton's Pidcock: Why the Fed is likely to roll out QE4 next year

There is more chance of the Federal Reserve launching a fourth round of QE next year than raising interest rates, Newton’s Jason Pidcock says.

LV= protection head Mark Jones exits

Jones steps down after four years with the provider. 

Investment trusts added to Zurich Collection fund list

Zurich has added four investment companies including Nick Train’s Finsbury Growth and Income trust.

BoE votes to keep base at 0.5% for 67th consecutive month

Quantitative easing kept at £375bn.

Govt consults on scrapping Nest restrictions

Government seeks views on legal changes to remove Nest’s contribution limit and right to transfer.

FCA bans and fines two ex-directors of stockbroking firm

Ex-directors of Pritchard Stockbrokers banned for failing to protect client money. 

2020 vision: What the major political parties are planning after the election

The political conference season has shed more light on the parties’ plans for the next parliament.

Tories under fire over plans for £7bn of unfunded income tax cuts

Prime Minister David Cameron has promised to cut income tax for middle earners in the next parliament

Origen reports £5.6m loss as restricted costs hit

Origen Financial Services has reported a pre-tax loss of £5.6m for 2013.

HSBC warned of challenges following shock broker lending announcement

Mortgage brokers say HSBC may need to loosen its lending criteria after announcing shock plans to lend through brokers for the first time.

Fidelity hires Barclays Wealth CEO Horrell as MD

Peter Horrell will join Fidelity in April 2015.

Stocks fall as IMF cuts global growth for 2014 and 2015

The IMF has praised the UK economy in a grim World Economic Outlook that has clipped 10 basis points off its global growth estimate for this year and double that for 2015.

IFDL sales director exits for sunset clause-tackling venture

IFDL institutional sales director Rob Beverley has left the platform provider to join newly launched firm Sentinel alongside Succession co-founder Andrew Smith.

Partnership: Govt 'free advice' pledge undermines RDR

Insurer’s chief executive says Budget reforms on par with RDR impact.

Woodford sells Reckitts as market 'tantrum' rumbles on

Neil Woodford has sold out of Reckitt Benckiser after holding the stock in his various UK equity income funds for more than a decade.

Labour attacks Osborne over 'shambolic' death tax announcement

The original Treasury announcement explicitly said annuities and scheme pension would be excluded from the reforms.

Lenders: Rate war set to continue during fourth quarter

Lenders expect credit availability to increase in Q4, after falling in Q3.

Should mortgage lenders pay towards the pensions guidance levy?

Pensions minister Steve Webb confirms the guidance regime will soft launch before April.

MP Nicky Morgan: Financial services must take lead on gender equality

Finance firms need to shake up their recruitment practices to increase the number of women they employ in senior roles Minister for Women and Equalities Nicky Morgan says.

BNY Mellon to acquire US fixed income house

BNY Mellon has agreed to buy US fixed income house Cutwater Asset Management for an undisclosed sum.

Steve Webb: Cutting pensions tax-free lump sum is 'complete no-go'

Pensions minister Steve Webb says the 25 per cent pensions tax-free lump sum is an economic “nonsense”.

PPF cuts levy estimate to £635m

The Pension Protection Fund has reduced its annual levy estimate for 2015/16 to £635m, some 9 per cent lower than the 2014/15 figure.

Deutsche Bank: Market has 'completely misunderstood' pension death tax changes

Bank predicts annuity sales might increase as a result of the tax cut.

MMTV: Pensions minister Steve Webb discusses the future of auto-enrolment

Pensions minister Steve Webb tells Sam Brodbeck about the future challenges facing auto-enrolment and new pensions freedoms.

Labour peer Lord McFall joins board of digital bank Atom

Lord McFall is joining as senior non-executive director as the bank seeks regulatory approval.

Axa Wealth executive changes spark more senior departures

Axa Elevate head of operations Mark Links and former Elevate chief operating officer Andrew Smith are set to leave the firm by the end of 2014.

Time-barring key to EEA Life Settlements misselling reviews

Advisers must consider risk profiling, fund size and time-barring when reviewing sales. 

Consumer bodies warn over FSCS protection and Budget reforms

Those taking their pensions as a lump sum may be unaware of the compensation protections they are losing. 

Moneygate reports £1.4m pre-tax loss for 2013

Consolidator in discussions with 70 advice firms. 

JP Morgan hit by 76 million-client cyber attack

JP Morgan has confirmed it suffered a massive cyber attack involving 76 million private and seven million business banking customers.

Foster Denovo exodus continues as another partner quits

Peter Butlin becomes the latest key adviser to quit the firm this year.

HSBC set to enter the broker market for the first time

HSBC will distribute through Countrywide initially.

PruProtect eyes whole of life LTC launch

Money Marketing understands PruProtect will launch the new product next month, with Ageas UK set to follow in February 2015.

Wonga takes £35m hit as it writes off loans worth £220m

Payday lender sets aside £35m in addition to writing off loans worth £220m.

Virgin Money confirms £150m IPO launch

Lender is seeking to raise £150m through the share offering.

Has Osborne's 'death tax' dealt fatal blow to annuity market?

Is the Government being irresponsible by incentivising drawdown over guaranteed income?

Lloyds Banking Group makes senior wealth management hires

Two senior appointments to bank’s wealth and mass affluent division. 

FCA: We came under 'massive' political pressure over Co-op/Lloyds deal

FCA director says the regulator is under political pressure “all the time” and it would “ratchet up” towards the election.

Perspective reports £5.4m pre-tax loss for 2013

Consolidator hit by costs of aborted flotation attempt. 

Octopus buys healthcare investor MedicX

Octopus Investments has bought healthcare real estate investment house MedicX Holdings adding £700m in assets under management.

Channel Islands Stock Exchange fined £190k over Arch cru

Guernsey regulator fines stock exchange for failings relating to Arch cru transactions. 

Vanguard unveils four new FTSE ETFs

The newly launched ETFs will feature ongoing charges between 0.10 per cent to 0.18 per cent.

Intelliflo director exits as David Child takes on COO role

Chessell joined the firm in July 2012 and was formerly Skandia UK sales director.

Old Mutual’s Ventre: Why past performance means nothing

Yesterday’s winners are inevitably dragged down by their own success, Old Mutual Global Investors multi-manager head John Ventre says.

UK GDP grew by 0.9% in Q2

The figure for the second quarter marks the fastest growth seen in the last nine months and is also 3.2 per cent higher than the same quarter in 2013.

Adviser summoned to Crown Court over £1m investment fraud

John Field, 77, is alleged to have fraudulently obtained more than £1m from 33 investors over a 9-year period.

State Street cuts fees on passive range

State Street says the cuts have an average drop of 20 per cent.

FSCS declares seven investment and pensions firms in default

Investment and pension firms among 14 businesses declared in default. 

Axa Sipp head Nick Elphick departs in management restructure

Axa Wealth has restructured its management team in a post-budget move which sees specialist Sipp and onshore division head Nick Elphick depart the firm.

Nationwide reports first drop in UK house prices for 17 months

Average UK prices fell 0.2 per cent between August and September, according to Nationwide.

BlackRock looks to boost tracker range

There are currently 18 UK-domiciled tracker funds under the BlackRock Collective Investment Funds umbrella.

Sesame restricted move prompts 6% member exit

Network sees 6 per cent of members leave after announcing plans for restricted move. 

TSC member: RDR impact comes at 'wrong time' for pension reforms

Conservative MP Mark Garnier tells the Tory conference that the RDR has had a bad impact.

Aberdeen outflows slow to £1.7bn

Redemptions at Aberdeen Asset Management dropped significantly from £8.8bn to £1.7bn in the two months to the end of August.

Pimco names Ivascyn as Gross successor

Ivascyn appointed following the departure of founder Bill Gross last week.

Ukip wants to scrap inheritance tax

Ukip economics spokesman calls for an increase in VAT to 25 per cent on luxury goods.

Ukip pledges to scrap inheritance tax

Ukip economics spokesman calls for an increase in VAT to 25 per cent on luxury goods.

Pimco founder Bill Gross quits for Janus

Pimco founder Bill Gross is leaving the firm to join Janus Capital to manage the Janus Global Unconstrained Bond fund and related strategies.

Government announces new Rent to Buy scheme

£400m Government initiative will offer tenants discounted rents for seven years before giving them the opportunity to purchase their new-build home.

Friends Life launches independent governance committee

Providers must have IGCs in place by January 2015.

Annuity providers eye platform technology for post-Budget decumulation

Annuity providers are in talks with investment platform technology providers to power retirement income propositions from April next year.

Woodford hits out at fund managers' fees and pay

Neil Woodford has hit out at the investment management association for charging customers too much and paying fund managers too much.

Advisers back FCA U-turn on independent advice and referrals

Change of stance will result in better consumer outcomes, say advisers. 

Second charge proposals could slash lending volumes by 20%

Between 10 and 17 per cent of consumers would no longer be granted a loan under proposals.

Carney warns insurers he could act over capital levels

Bank of England governor Mark Carney delivered a speech to the Institute and Faculty of Actuaries.

FCA U-turns on independent advice and referrals stance

The FCA has U-turned on its stance on independent advice and referrals following an outcry from the industry.

Lenders 'filled their boots' on non-income verified sales in run up to MMR

20 per cent of all mortgage sales in Q2 2014 had no income verification.

Sir David Howard to retire from Charles Stanley management

Long-serving Charles Stanley Group chief executive Sir David Howard is stepping back from day-to-day management owing to regulatory changes.

RBS chairman to step down

Sir Philip Hamption has served as chairman for five years. 

Miton Group makes £10m H1 loss

On an adjusted pre-tax basis the company reported a profit of £3.4m for the six months to 30 June, up almost 90 per cent on the same period last year.

Openwork acquires MetLife protection advisers

MetLife to focus on product manufacturing but other insurers weigh growth of direct salesforce

Fidelity cuts ongoing charges on Multi Asset passive range

Ongoing fees have been lowered from 0.45 to 0.25 per cent on Fidelity’s FundsNetwork platform.

FSCS defends ‘modest’ £3m PR campaign

FSCS targeting pensions freedoms in future communications. 

Apfa announces Towry as latest member

Wealth management firm Towry joins trade body. 

FCA bans adviser for false mortgage applications

Adviser overstated his income in two personal mortgage applications. 

Santander enters talks to merge AM arm with Pioneer

Banco Santander says no agreement has been reached at this satge on the structure and terms of the deal.

Nationwide opens up H2B1 to home movers again

Lender temporarily restricted shared equity deals to first-time buyers in June.

Old Mutual to float US asset management arm

Old Mutual has announced the intention to float its US asset management arm OM Asset Management.

Inaccurate FCA returns and account names: Why Barclays was fined £38m

Barclays mixed client money with other assets and held inaccurate data, FCA final notice reveals. 

Labour sets out concerns over Budget pension reforms

Labour has come under pressure from internal critics of the Government’s pension reforms.

Royal London appoints ex-Capita director to protection division

Debbie Kennedy joins provider’s intermediary protection business. 

Old Mutual sends 8,000 Skandia rebrand letters with incorrect firm details

The firm officially rebrands from Skandia to Old Mutual Wealth this week but said an administrative error had meant some firms received letters with the incorrect business information.

BBA urges Bank to exclude HNW clients from LTI cap

Bankers trade body says LTI cap will unfairly penalise private banks and high net worth clients.

Barclays Wealth appoints new chief exec

Barclays Wealth and Investment Management has appointed InfraHedge founder Akshaya Bhargava as chief executive.

Cass Business School: Markets threatened by pension fund 'herding'

Pension funds are threatening to destabilise financial markets by “herding” in and out of asset classes at the same time.

Labour would keep cutting child benefit until 2017

Shadow Chancellor Ed Balls says he is making tough decisions to “balance the books”.

L&G upgrades critical illness proposition

Provider has not upgraded its CI definitions in 17 months.

Zurich calls for cap on adviser contributions to guidance levy

Insurer warns advisers could be priced out of the market.

'Safe as houses': How ex-SJP adviser misled clients

Ex-SJP adviser promised clients annual returns of up to 24 per cent.

Architas cuts charges on multi-asset passive range

Architas cuts ongoing charge on multi-asset passive range and up front charge on its 0 per cent AMC share class.

US insurer opens UK asset management distribution office

TIAA-CREF opens asset management office in London.

Pru: Group advice sessions could be ‘hugely beneficial’

Insurance giant Prudential says group advice sessions could be “hugely beneficial” as a tool to help plug the UK savings gap.

Accountants cleared over £1m charity relief tax scheme

Montpelier Tax Consultants chief executive cleared over tax relief scheme. 

Court orders insider dealing ring to pay £3.2m

Seven individuals convicted of insider dealing ordered to pay £3.2m. 

Kleinwort Benson launches tailored DFM service for IFAs

Private bank and wealth manager Kleinwort Benson has unveiled a bespoke discretionary fund management service for IFAs.

AJ Bell director Eddie McGuire exits following restructure

AJ Bell client services director Eddie McGuire has left the firm following a restructure of the business.

Ex-Royal London director joins Apfa

Andy Peters to support trade body in recruitment. 

Octopus hires Elevate's Shaun Sandiford in IHT platform push

News comes as Octopus signs an agreement with Novia to offer Octopus Inheritance Tax Service on the platform.

Concerns over pension scheme deficits for independent Scotland

Final salary schemes may have to be fully funded if an independent Scotland joins the EU. 

HMRC permanently reinstates Oxford Tech VCT status

HM Revenue & Customs has permanently reinstated venture capital trust status to the Oxford Technology VCT and the Oxford Technology 3 VCT.

SRA strikes off solicitor convicted of mortgage fraud

Kamran Malik was imprisoned for five years for his role in a £5.2m mortgage fraud.

Aviva outsources absolute return fund management as duo move to US fund house

Aviva Investors has outsourced management of its convertibles absolute return fund to a US firm, with the two fund managers moving with it.

Nucleus CFO to leave for Zurich

Nucleus chief financial officer Aileen Mathieson is to join Zurich as chief investment officer. 

AFH advice deal sees assets hit £840m

Aim-listed AFH will pay up to £281,250 for Northampton-based firm Hindsight Financial Services.

MPs launch auto-enrolment inquiry after Budget overhaul

Report will assess implications of the Budget and plans for collective schemes.

Aegon set to join exodus if Scotland votes for independence

Insurer draws up plans for new life company registered in England.

Winterflood: Independence could create buying opportunity for Scottish trusts

Independence could lead to some investors ceasing active investment in Scottish-based trusts but this could cause discounts to widen and create a buying opportunity too.

Engage Mutual and Family Investments set for £6bn merger

New group would have over two million customers.

Barclays to lose two more senior members of its broker team

Regional intermediary directors Alun Donovan and Stephen Banks set for early retirement. 

Consumer Panel chair: RDR failed to improve trust in advisers

Consumer trust in advisers unchanged in last decade, says Sue Lewis. 

Annuity sales plummet 38% following Budget bombshell

Year-on-year sales nearly half, official ABI figures show.

Ana Botin succeeds her father as Santander group chair

Move announced after Emilio Botin dies of a heart attack earlier this week.

Asset allocation: 7IM swaps European equities for US exposure

The majority of the surplus has been allocated to US equities which are increasingly attractive against the current political unrest in Europe

Foster Denovo posts £250k profit as events arm closes

Regulation sees events arm move away from provider sponsorship.

Advisers: Providers cherrypicking auto-enrolment business

Advisers critical of provider services as smaller employers reach staging dates.

Standard Life sets out contingency plans ahead of Scottish independence vote

The Edinburgh-based insurer has been outspoken about the uncertainty a Yes vote will create for the financial services sector.

Industry slams Govt U-turn on buy-to-let regulation

Brokers believe the changes could lead to wider BTL market regulation

Liontrust non-exec director Hirsch to retire after 15 years

Hirsch, who is chief executive of property investment company Raven Russia, joined the Liontrust board in 1999.

B&CE appoints new director of operations

Mann joins The People’s Pensions provider from JLT.

Hargreaves Lansdown cuts minimum investment amounts

D2C giant says it hopes to attract more first-time investors. 

BoE: Base rate will not return to 'pre-recession' levels

Bank of England governor Mark Carney says an increase in base rate is “getting closer”.

Fidelity: Just 6% plan to cash in entire pension pot post-Budget

Over a fifth will enter drawdown, according to Fidelity study.

Standard Life to close staff DB scheme

Employees will join revamped DC plan.

Proportion of mortgages at 90% LTV or greater hits six-year high

The proportion of mortgage advances at 90 per cent LTV or higher reached 4.6 per cent in the second quarter of 2014.

Should the FCA be handed power to tap phones?

FCA chief executive Martin Wheatley tells MPs power would enable a different approach to insider trading investigations.

MEPs demand 'no backward steps' over bonus cap

Socialist MEPs threaten to block EU financial services chief unless they commit to stopping banks avoiding bonus cap.

Sterling weakens further on Scottish Yes vote prospects

The pound has been sliding from $1.66 at the beginning of the month. It took a 1.3 per cent tumble yesterday – a 10-month low of  $1.61 – after the Yes camp took the lead in referendum polling.

Pensions minister Steve Webb hits back over Nest restrictions

LibDem MP warns removing restrictions before 2017 would leave Government open to a legal challenge from the pensions industry.

FSCS launches consumer awareness campaign with Fearne Cotton

Campaign features five celebrities and aims to ‘deepend engagement’ with consumers. 

Liberal Democrats set out pensions tax relief reform plans

Party pledges to launch review on implications of introducing single rate of relief set above 20 per cent

30% willing to pay for pension advice

Pensions top of savers’ list when speaking to advisers, report finds.

Labour prepares fresh assault on Govt over Nest restrictions

Documents from the European Commission raise questions over Government claims removing restrictions would “not be lawful”.

IFA firm Argyle appoints Standard Life's Webster as head of pensions

David Webster was previously workplace strategy business partner and head of commercial marketing at Standard Life.

Govt confirms Nest restrictions to be scrapped in 2017

DWP announces “technical consultation” on removing annual contribution and bulk transfer restrictions from April 2017

Sterling slides on shock Scottish independence poll

Scottish independence appears closer than ever after a Sunday Times poll put the ‘Yes’ campaign in the lead for the first time.

TSC chair Tyrie slams banks over ‘misleading’ debt letters

Other banks including RBS and HSBC admit to sending misleading legal letters. 

The Pensions Regulator cuts 25 staff

Regulator merges DB and DC policy teams.

Govt U-turns on buy-to-let regulation for 'accidental landlords'

Treasury says it must regulate part of the UK buy-to-let market to comply with the EU mortgage directive.

FSCS offers advisers 90% discounts in Keydata legal battle

Firms with claims worth less than £100,000 are being offered settlement discounts of up to 90 per cent. 

Santander set for adviser recruitment push

Firm confirms plans to grow staff advising new clients after withdrawing in 2013.

Govt urged to ditch new pension withdrawal option

Aegon says the new option brings “unnecessary complexity” and could “significantly damage” the guidance guarantee.

Artemis retail head Richard Pursglove exits

Pursglove joined Artemis from Goldman Sachs Asset Management in June last year. Artemis head of asset gathering Dick Turpin will now take over Purglove’s duties.

Tory MPs call for stamp duty reform

Govt urged to raise threshold to £500,000.

Seven conveyancers banned over £8m fraud

Solicitors Compensation Fund has had to pay out £13m in compensation to more than 2,500 clients.

Pru calls for legislation to stop liberation schemes

Prudential’s Vince Smith-Hughes says scammers will take advantage of pensions freedom narrative unless action is taken.

ECB cuts rates to new lows

Bank surprisingly cut its benchmark interest rate to 0.05 per cent and dropped the deposit interest rate to -0.2 per cent.

BoE holds base rate at 0.5% once again

Programme of quantitative easing is maintained at £375bn.

Fidelity launches high conviction Asia Pacific fund

The Fidelity Asia Pacific Opportunities fund has been run as a pilot for the past two years and will be launched for retail investment on 24 September.

Friends Life restructure sees UK protection director Steve Payne depart

Group protection director David Williams also set to leave insurer.

Standard Life agrees UK distribution deal with Manulife

Deal announced following £2.2bn sale of Canadian arm to The Manufacturers Life Insurance Company.

FCA fines RBS £14.5m over poor mortgage advice

The banks’ mortgage advisers failed to properly assess affordability and gave personal views on interest rate movements

Citizens Advice chief slams MAS marketing spend

Citizens Advice tells MPs it could fund 300 debt advisers with MAS’ £13m marketing budget.

Skipton Building Society to slash revert-to rate by 0.5%

Residential and buy-to-let revert-to rates will be cut to 4.99 per cent and 5.19 per cent, respectively, from 1 October.

Advice firm delays FOS payment over redress limit confusion

Consumer has been waiting a year for FOS payment due to confusion over which maximum limit applies

Revealed: How much are FCA directors claiming in expenses?

Chairman spends £27,000 on expenses in a single year.

Mazars faces £2m fines and costs over pension fund advice failings

Accountancy firm and one of its partners failed to meet standards when advising pension fund trustees.

Key Group eyes secured loans market with V Loans acquisition

Key will retain the V Loans brand, with the packager remaining at its base in Cheshire.

Labour criticises Govt collective DC plans

Shadow pensions minister Gregg McClymont says key elements must not be added in later as planned.

Aviva Investors' Lis promoted to new CIO role

Aviva Investors has promoted David Lis to the new role of equities and multi-asset chief investment officer.

Steve Webb: Guidance levy will be 'modest'

Pensions minister says extra income from auto-enrolment will offset the cost of paying for the guidance guarantee.

Brown: Refusing UK debt would make Scotland ‘international outcast’

Defaulting on its share of UK debt would result in “dire consequences” for a country that is reliant on international trade, says former PM Gordon Brown.

Help to Buy picking up steam

Schemes responsible for 6.6 per cent of house purchases since April 2013 - up from 4 per cent in May.

MRM makes FCA hire to launch public affairs division

Financial services PR consultancy to launch public affairs services. 

Ascentric appoints Axa Wealth's Sarah Lyons as head of marketing

Lyons joins the platform after 12 years at Axa Wealth.

Jupiter chairman Dundas steps down due to ill health

Current senior independent non-executive director at Jupiter, Liz Airey, has replaced Dundas as non-executive chairman of the board.

Mattioli Woods posts 11% profit increase

Pre-tax profit of £5.1m includes £400,000 profit from Atkinson Bolton.

Webb hints at provider reprieve over 'huge' exit penalties

Webb says Government is talking to industry to deal with exit charges undermining pension flexibility.

Virgin Money edges closer to IPO

Sky News reports that Virgin Money could launch its shares on the stock exchange as early as October.

SLI cuts Ignis equity managers

Standard Life Investments has replaced the Ignis equity managers from 15 funds with its own managers.

BoE: Purchase approvals up 8% but remortgage lending down again

Economists say purchase figures are proof lending is starting to recover following the Mortgage Market Review.

Accord Mortgages introduces LTI cap on loans over £500k

Lender limits loans over £500,000 to four times income. 

Cost of skilled persons reports hits £145m

Though there are fewer S166 reviews under the FCA the average cost has more than quadrupled to £3m.

Tyrie questions FCA over cost of skilled person reports

Treasury select committee chair Andrew Tyrie says he is “particularly concerned” about cost to firms and customers.

FCA reopens over two million PPI complaints

Regulator asks firms to review complaints about missold PPI as redress bill hits £16bn.

FCA bans and fines adviser £350k for Ucis failings

Director of London-based advice firm promoted Ucis without adequate checks. 

Japan economy shows signs of stagnation

Japanese GDP contracted sharply during Q2 following increase in consumption tax.

House prices rises hit 11%

Average UK property increased in valued by 11 per cent year-on-year in August.

NatWest repeals mortgage ban against Financial Ltd advisers

Lender suspended new mortgage applications earlier this month.

Vanguard slashes trackers fees by as much as 50%

The firm has also reduced ongoing charges across a number of ETFs and its full range of LifeStrategy funds.

FCA fines Deutsche Bank £4.7m for reporting failures

Deutsche Bank breached FCA rules on transaction reporting over a six-year period. 

Reyker saga continues with direct calls to advised clients

Firm accused of soliciting advisers’ clients. 

Foxtons shares tumble after warning of market slowdown

Group chief executive says regulatory changes have had a “cooling” effect on the housing market.

MPs warn HMRC IT shake-up risks 'disaster'

Senior MPs warn over plans to break up super computer into as many as 100 parts.

PosSol offers advisers cash advance to cover commission delays

Advisers are around £500 worse off in some cases.

MAS considers extending retirement directory to all advisers

MAS confirms plans to go ahead with adviser directory but criteria may be extended. 

HSBC to fight £151m Keydata lawsuit

SLS liquidator bringing claim against HSBC’s US subsidiary for its role in collapse of Keydata. 

FCA fines RBS £14.5m over poor mortgage advice

Only two of the 164 sales reviewed met the required standards.

BBA: Post-MMR market 'settles' as approvals rise

House purchase approvals grew 12 per cent year-on-year in July, as MMR troubles ease.

Three directors of Ucis advice firm disqualified

Three directors banned for unsuitable recommendations worth £2m and unauthorised transfers. 

FOS upholds complaint over pension ‘pressure sale’

Consumer claims he was pressured into taking out a pension by Sun Life Financial of Canada.

Polar Capital hires Rushton to spearhead UK absolute return venture

The firm plans to launch its first product in the UK alternative space by the end of September with former L&G IM fund manager Guy Rushton.

Savills: UK house prices to rise 25.7% over the next 5 years

Savills raises 2014 UK forecast to 9.5 per cent.

FCA changes policy on compliance guarantees

Regulator revising guidance to supervisors over use of attestations.  

Barnett Waddingham acquires Sipp provider

Deal sees firm’s Sipp portfolio pass £1bn in assets under administration.

Mortgage boss fined £70k eyes stock market listing

Henry Moser was fined and censured by the FSA in 2012 for treating customers unfairly.

Rising house prices trigger boom in 30-year mortgages

Stricter affordability checks, rising house prices and the prospect of an interest rate rise are leading borrowers to take out longer loans.

Henderson and Bellpenny to end £27m fund deal

Henderson says assets under management are insufficient to make fund commercially viable. 

PI brokers raise concerns over new insurer

Unrated insurer may not have sufficient financial strength to pay claims, say brokers

FCA issues call for evidence on retrospective regulation

Regulator asks firms for examples to help close ‘expectations gap’ between FCA and industry. 

Brown Shipley makes raft of changes in multi-manager overhaul

The wealth manager has launched two funds, renamed two funds and merged three others to create a more cohesive offering.

Asset Allocation: Patience a virtue for JPM as it puts faith in Japan

The JP Morgan Fusion fund of funds range has doubled down on Japanese prime minister Shinzo Abe’s planned third arrow.

Barclays to launch two-year fix at 1.95%

Lender also to cut select buy-to-let rates by up to 0.4 per cent. 

Consumer Panel investigates fund management costs

Review will look at transparency of investment costs and charges. 

Six directors disqualified for £13m land banking scam

Scheme misled 300 investors into buying worthless plots of land. 

FCA ban upheld for fraudulent mortgage broker

Mortgage broker fraudently claimed £10,000 from a bank. 

Is London's housing market running out of steam?

Research from Rightmove shows asking prices were down 5.9 per cent in August - the third consecutive monthly fall.

SimplyBiz hires Aviva workplace benefits manager

Tom Nall joins as director of workplace solutions.

LV= appoints former Aviva director to lead protection business

Myles Rix will take over as insurer’s managing director for protection.

Government scraps CPIH inflation measure over reliability concerns

Alternative inflation measure could be brought back pending review this year.

Credit Suisse AM confirms new CEO Foster

Stephen Foster replaces Nigel Hill who stepped down as CEO back at the end of October last year.

Credit Suisse AM confirms new CEO Foster

Stephen Foster replaces Nigel Hill who stepped down as CEO back at the end of October last year.

Tisa director general Tony Vine-Lott exits

Vine Lottn leaves his role with immediate effect after 13 years at the trade body.

Investec Wealth slashes UK and European equity allocation by £430m

Overall, equity allocation of balanced portfolio reduced by 2 per cent.

Investors exposed to risk-profiling 'ticking time bomb'

The Platforum distribution report echoes FCA warnings on use of risk-profile software.

Investors exposed to risk-profiling 'ticking time bomb'

The Platforum distribution report echoes FCA warnings on use of risk-profile software.

Investors exposed to risk-profiling 'ticking time bomb'

The Platforum distribution report echoes FCA warnings on use of risk-profile software.

RBS to close restructuring unit GRG

Global Restructuring Group which is facing investigation over allegedly forcing small businesses into default to boost its own profits.

RBS to close restructuring unit GRG

Global Restructuring Group which is facing investigation over allegedly forcing small businesses into default to boost its own profits.

How will Govt close new pensions recycling loophole?

HMRC could be forced to cut the annual allowance to £10,000 for people who buy an annuity.

Fidelity Multi Asset keeps off property

Fund co-manager Eugene Philalithis says the team is looking at increasing exposure to floating-rate loans in Europe after US debt started to get more expensive.

Revealed: The new Budget pensions recycling loophole

Experts warn the draft Taxation of Pensions Bill published today keeps the loophole open for those purchasing an annuity.

Revealed: The new Budget pensions recycling loophole

Experts warn the draft Taxation of Pensions Bill published today keeps the loophole open for those purchasing an annuity.

Moody's cuts UK banking outlook to negative

Cut result of regulation intended to avoid another state bailout and ongoing conduct and litigation charges.

Moody's cuts UK banking outlook to negative

Cut result of regulation intended to avoid another state bailout and ongoing conduct and litigation charges.

Bankers warn over 'fractured' EU financial regulation risk

British Bankers’ Association warns against setting up new European Commission department for financial services.

Barclays secures first simple products kitemark

Fixed term life insurance product underwritten by Aviva first to be awarded the kitemark by the British Standards Institution.

BlackRock manager quits after dodging £43k in rail fares

Jonathan Burrows is thought to be the biggest fare-dodger in history.

Keydata’s Stewart Ford to sue FCA over 'abuse of power'

Founder of Keydata to bring £371m legal claim for loss and damages against the regulator.

Aldermore Bank latest to introduce LTI cap

Aldermore introduces two new caps on residential lending.

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