The FCA has opened a criminal investigation into John Dance, the owner of collapsed discretionary fund manager WealthTek, over potential client money breaches and fraud, as New Model Adviser reports.
There is a suggestion of an £81.4m shortfall.
Newcastle-based DFM WealthTek, run by prominent racehorse owner Dance, was placed into special administration on 6 April after the regulator filed an urgent application to the High Court.
Citywire investigated the custody arrangements used by WealthTek earlier this month and revealed that the firm did not have the requisite FCA permissions. The title should get huge credit for the excellent scoop.
However, there will be many questions asked about how the FCA could fail in terms of policing permissions, especially when it has been working to ensure that firms do not abuse them.
This is a neat consideration of what has gone wrong from compliance expert Jonathan Purle on LinkedIn.
The FCA has approved the merger between Rathbones and Investec Wealth & Investment, although the deal now faces a shareholder vote, reports Professional Adviser.
Nucleus’ head of technical Neil MacGillivray asks ‘Are your clients affected by new PCLS cap?’. A useful analysis.
Richard Buxton is to retire later this year after a decades-long career in asset management including stints at Barings, Schroders, Old Mutual Global Investors and, latterly, Jupiter Asset Management.
The DB pension rules should be changed to allow more people to benefit from “freedom and choice” in pensions says LCP partner, David Fairs reported in FTAdviser.
Fairs suggests that more DB schemes should appoint a nominated firm of suitably qualified transfer advisers who members can use with confidence that “due diligence” has been undertaken. It would help those with smaller pots access pension freedoms argues the consultancy.
Fairs also suggests a change in the rules to allow people with modest DB pots to access drawdown under the umbrella of their DB arrangement, either directly or via a carefully chosen third party.
