HMRC

HMRC

HMRC Tax Collectors have hit on a new tactic for encouraging people to pay what they owe. They have published a list of the main ways they have of identifying miscreants. Presumably the theory is that those who might otherwise try to avoid paying their due, will look at the weaponry arrayed against them and […]

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Structured Deposits

If your firm wants to continue to advise on, arrange and deal in structured deposits after MiFID II takes effect, this will mean a change to your firm’s scope of permission to include this investment type. Up until 2nd January 2018 there is a special process in place, which just involves notifying the FCA of […]

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Student Loans

Student Loans

Student loans were introduced in 1998 at the same time as tuition fees were imposed for most of those in further education. The Student Loan Company (SLC) was set up to provide and administer loans, and currently employs nearly 2000 people. It was very badly run from the start though, and in 2010 both the […]

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Consumer Debt

Consumer Debt

As night follows day, when interest rates eventually go up, there are going to be an awful lot of people defaulting on loans, be they credit card, mortgages or whatever. This, of course, despite constant and strident warnings that consumers should not over commit themselves. The FCA, to its credit, is trying to anticipate things […]

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Suitability Reports

Suitability Reports

The FCA has now provided feedback on its ‘assessing suitability‘ exercise. Their main concerns relate to ineffective disclosure. Can’t argue with that. Points to note are: Always use cash examples to illustrate percentage-based charges. When quoting hourly rates, give an indication of the time each service will take and estimate the total cost. When quoting […]

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Revolving Doors

Revolving Doors

Tracey McDermott, former Head of Enforcement at the FCA and wannabe CEO, is to join Standard Chartered as Head of Corporate, Public and Regulatory Affairs. She knows the bank quite well having, until very recently, been deeply involved in investigating them for alleged wrong doings. A year ago, Standard Chartered were threatening to move their […]

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Care Crisis

Care Crisis

The cost of Long Term Care has been in and out of the news for many years, but now it seems to be stuck firmly in the ‘in’ tray. Barely a day goes by without more tales of woe hitting the headlines. Elderly people are ending up in the back of ambulances because the support […]

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Defined Benefit Quandary

Defined Benefit Quandary

Bond prices are falling, which means that bond yields are rising, which means that defined benefit pension providers which need to buy a guaranteed income for their retirees, are getting more for their money. A case was quoted in the FT recently of a 40 year man who asked his defined benefit scheme for a […]

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Senior Managers Regime

Senior Managers Regime

The FCA Senior Managers Regime has now been functioning in respect of banks and insurers for six months. The regime will be extended to all regulated financial services firms, including advisers from 2018, but the regulator has not so far been clear as to how it will apply to small firms. The whole thrust of […]

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Binary Trading

Binary Trading

Trading in Binary Options is ‘the latest and fastest growing manifestation of investment fraud’, according to the City of London Police who say that £12 million has been reported lost by customers already this year. A Binary Option, also known as an ‘All or Nothing’ option is a financial option in which the payoff is […]

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