The Financial Conduct Authority says it will look at targeted support for pensions savers during the first phase of its Advice Guidance Boundary Review, with a consultation on the plans set to open next month, as Money Marketing reports.
Some advisers have already expressed misgivings about how far this will allow providers to go.
The FCA has banned a pair of advisers for breaking an asset requirement imposed by the FCA itself. In other words, the advisers took money from the firm’s bank account when it was not meant to do so, as it was due to pay redress.
Craig Buchan and Martin Cooke, former partners of MedDen Financial Services LLP, have been fined £6,037 and £6,020 respectively and banned by the FCA.
London Capital & Finance (LCF), the failed mini-bond issuer, operated as a Ponzi scheme, the High Court has ruled, as Professional Adviser reports.
It does actually appear to meet the definition.
The Mansion House speech from Chancellor Rachel Reeves has caused quite a stir in workplace pension circles really well covered by Corporate Adviser in the following three stories.
The Government asks whether EBCs and advisers should be regulated. It also discusses how increased employer responsibility for staff retirement could be brought in perhaps with a nominated executive. Both moves are part of the value agenda.
Intriguingly with the Government strongly of the view that big is beautiful in terms of pensions it is now considering setting a minimum default fund size of many billions for providers participating in this market meaning that smaller DC providers no face the threat of closure threat.
This is a huge intervention and policymakers are placing huge faith in big is beautiful in terms of driving value. Of course, the assumption is that larger schemes can better invest in growth/private market assets.
The UK Government is to require Local Authorities to pool their investments into eight funds with £80 billion of investments involved as Investment & Pension Europe reports.
More generally the Chancellor is seeking to ease banking regulations as the Independent reports.
One question – does this hark back to the light touch regulation of the Tony Blair era? Readers may remember it did not end well.
