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Showing 9031 - 9040 of 9543 matches filtered by 'Funds and asset management'

  • FCA: Retirement income markets study/TR14/2: Thematic review of annuities/GC14/1 annuity comparison websites – Thematic review and guidance for firms/Consumer behaviour

    14/02/2014
    FCA has announced the launch of a competition markets study into annuities, which is described as a “disorderly” market in the... press release (first link below). It is envisaged that interim findings will be published in the summer of 2014 which will cover FCA’s provisional assessment of competition and include ‘theories of harm’, as well as results from FCA’s review of sales practices. Within 12 months, FCA will publish the final competition market study report, outlining proposed remedies, which could include rule changes designed to stimulate competition in the market or to constrain the behaviour of certain firms. FCA has published ToR for the study (second link below). TR14/1 sets out details of FCA’s thematic review of the annuity market which provided the impetus for the market study. It found that that 80% of consumers who purchase their annuity from their existing provider could get a better deal on the open market and notes that firms expect the annuities they sell to their existing pension customers to be more profitable than business conducted on the open market. GC14/1 sets out details of FCA’s thematic review of 13 annuity comparison websites to assess whether they were fair, clear and not misleading. It found good practice in the presentation of alternative options to buying an annuity, but all of the websites reviewed raised concerns, however, with key information and risk warnings often missing or insufficiently prominent. Responses to the consultation are required by 14 March 2014. (See first link for these two reports). In addition, FCA has published a report it commissioned on consumer behaviour in relation to the pensions annuities market (third link below)
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  • FCA: Modification by consent of the meaning of funds under management in IPRU(INV) 11

    13/02/2014
    This webpage notes that this modification permits a change to the method of calculating the own funds capital requirement for collective... portfolio management firms and collective portfolio management investment firms. It changes the meaning of funds under management in IPRU(INV) 11, so that firms whose assets under management include derivative instruments can value those instruments at market value rather than requiring those instruments to be converted into their equivalent positions in the underlying assets and valued on the basis of that equivalent position. This modification is valid until 31 January 2015 or on the change of definition of funds under management in GLOSS used in IPRU(INV) 11, unless subsequently withdrawn.
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  • FCA: AIFMD – update on Article 6(4)

    12/02/2014
    FCA has updated its webpage on AIFMD and notes that the EU reached agreement late in 2013 to introduce an amendment... to Article 33 which will make it explicit that the right to passport an AIFM's services in other Member States extends to any services under Article 6(4) which it is authorised by its Home Member State to provides and that Article 33 provides the mechanism for the AIFM to avail of the passport do so by requesting its Home State regulator to issue a notification to the relevant Host State regulator that effect. FCA understands that the EC’s revised view is that a notification for a full-scope UK AIFM to provide MiFID services in another Member State should be accepted by the Host State regulator.
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  • FCA: TR14/1: Transition management review

    10/02/2014
    FCA has published the results of its thematic review with regard to transition management. It found that firms broadly met... FCA’s requirements, but that the quality and effectiveness of controls, marketing materials, governance and transparency varied. FCA emphasises that firms should: be vigilant in monitoring the application of controls to meet their obligations; ensure all potential conflicts of interest are understood, managed and mitigated; have senior management teams to ensure appropriate controls and oversight of transition management; review and ensure communications with customers are clear, fair and not misleading, and work with customers to ensure communication requirements are understood. With regard to the last of these, FCA suggests that pension funds or other clients commissioning transition management services are unfamiliar with the process and consequently may not unaware of potential conflicts of interest, or fail to understand how the way the transaction is being carried out could affect the value of their assets. FCA will follow up with individual firms to ensure ongoing compliance with regulatory obligations. It has provided specific feedback where needed, and will continue to monitor the conduct of providers.
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  • HMRC: Guidance notes for ISA managers

    07/02/2014
    HMRC has published an updated version of this document.
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  • Investment Management (Fiduciary Duties) Bill

    06/02/2014
    This Private Members Bill is to place a fiduciary duty on those involved in managing an investment to act in the... best interest of investors, including pension savers, in a transparent and accountable way; and for connected purposes. It received its first reading on 5 February 2014 and a second reading has been scheduled for 28 February 2014.
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  • EBA/EIOPA/ESMA: Final report on mechanistic references to credit ratings in the ESAs’ guidelines and recommendations

    06/02/2014
    Further to a December 2013 consultation, the ESAs have published their final report on mechanistic references to credit ratings in the... ESAs’ guidelines and recommendations and on the definition of “sole and mechanistic reliance” on such ratings. It also includes amendments to ESMA’s money market fund guidelines according to the definition of ‘sole and mechanistic reliance’ contained there.
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  • IOSCO: Crowdfunding – an infant industry growing fast

    05/02/2014
    This IOSCO staff working paper provides a global overview of the crowd-funding industry and a mapping exercise of the global regulatory... landscape. It seeks to identify investor protection issues and to determine whether crowd-funding poses a systemic risk to the global financial sector
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  • CMA: Speech by David Currie: Redesigning regulatory architecture - the UK experience (22 January 2014)

    03/02/2014
    CMA has published the text of this speech, given at the Institute of International and European Affairs, Dublin, in which the... CMA chairman discusses the creation of the new regulatory body and its approach. He notes: “politicians have set a high bar for the CMA to bring in enhanced competition in regulated market sectors, and the ever-increasing focus on competition in areas like energy and financial services will mean that this is a high-profile area of our work”.
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  • FCA: FG14/2 - General guidance on the AIFM Remuneration Code (SYSC 19B)

    31/01/2014
    Further to its September 2013 GC, FCA has now published the finalised guidance, which explains how an AIFM should take into... account proportionality; consider payments made to partners if the AIFM is structured as a partnership and pay its relevant staff in units, shares or other instruments. It also provides a feedback summary.
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