MiFID II Ė uncertainty could stifle innovation, experts say 19/05/2015 MiFID II, a pan-European piece of legislation that seeks to stop financial advisers benefitting from retrocession payments from investment product providers, is likely to lead to attempt by clients to drive down costs. This has the potential to drive innovation and new market entrants disrupting the wealth management market, delegates at a London conference heard last week.
RQFII scheme extended to Luxembourg 29/04/2015 The People's Bank of China has granted a 50 billion RMB RQFII quota to Luxembourg.
Launched in Hong Kong in 2011, the RQFII (RMB Qualified Foreign Institutional Investor) scheme has been expanded to other jurisdictions since 2013, allowing the reinvestment of offshore RMB into the Mainland securities market.
SIPPs lead to FSCS levy increase 28/04/2015 The Financial Services Compensation Scheme (FSCS) levy for 2015/16 stands at £319 million, the body has confirmed. This represents an increase of £32 million from the amount forecast in FSCS's Plan and Budget in January.
Swiss asset managers 'in danger of breaching new regulations' 27/04/2015 Boutique alternative fund management firm Managing Partners Limited has launched a new service to help Swiss asset management firms meet new rules introduced by regulator FINMA. MPL believes thousands of these firms are struggling to cope and may already be breaching the rules.
FCA lays largest LIBOR fine on Deutsche Bank 23/04/2015 The Financial Conduct Authority (FCA) has fined Deutsche bank £227 million its largest ever for LIBOR and EURIBOR-related (collectively known as IBOR) misconduct. The fine is so large because Deutsche Bank also misled the regulator, which could have hampered its investigation.