FCA to fine Barclays £38 million for client segregation failings 08:03 GMT
The Financial Conduct Authority is to fine Barclays £38 million for failing to ensure that customer money was properly safeguarded and adequate records kept, according to sources familiar with the punishment.
FCA confirms Barclays fine for putting £16.5 bn of client assets at risk 14:03 GMT
Barclays has been fined £37.7 million by the Financial Conduct Authority for failing to properly protect clients’ custody assets worth £16.5 billion.
EXCLUSIVE: Getting suitability right means getting buy in from all staff, Brent Randall of Wealth Dynamix tells 2014 PAM Annual CEO Dinner 18/09/2014
Suitability is an issue that no wealth management firm can ignore, but it in order for a firm to succeed it needs to ensure there is “bottom up” commitment to the concept, Brent Randall, chief operating officer of Wealth Dynamix, a wealth management software firm, told diners at the 2014 PAM Annual CEO Dinner.
PwC appoints new asset management tax director 18/09/2014
PwC has appointed Bradley Phillips as an asset management tax director - focusing on advising investment funds and asset managers on a range of tax issues.
Guernsey adds 42 new funds in Q2 18/09/2014
Guernsey’s financial services regulator approved 42 new investment funds during the second quarter of this year, resulting in a total of 131 additions during the 12 months to the end of June 2014.
EXCLUSIVE: 'Self regulate' over conduct risk and decrease regulatory pressure, Ben Blackett-Ord, CEO of Bovill tells PAM Annual CEO Dinner 17/09/2014
The Financial Conduct Authority (FCA), the UK’s regulator, is looking for wealth management firms to demonstrate they can “self-regulate” and understand conduct risk. But this must be a culture set by the chief executive, diners at the PAM Annual CEO Dinner last night (16/09/2014) were told by Ben Blackett-Ord, chief executive of Bovill, a consultancy firm.
TMF to offer AIFMD compliant 'lite' service 16/09/2014
Former St James's place adviser banned and fined £300,000 after client losses 16/09/2014
The Financial Conduct Authority said that Peter Carron, formerly a senior partner at St James’s Place Wealth Management, caused his clients losses about £2.2 million.
2014 PAM Awards winner targeted by 'clone' fraudsters 12/09/2014
Scammers and fraudsters, especially those engaged in share “boiler room” activities, appear to have become more sophisticated in recent months. Instead of claiming to represent fictitious broking and securities companies they now claim to work for registered FCA firms, including private banks and wealth management firms.
Swiss regulator recognises trade guidelines as new standard for structured products 11/09/2014
The Swiss Financial Market Supervisory Authority FINMA has recognised the industry guidelines on structured products as a minimum standard.