no-image-haven-rm

The Ethic of Care

In his Mansion House speech of 2014, Martin Wheatley, the then CEO of the FCA stated that future regulation would place far more emphasis on good judgement rather than compliance with a narrow set of rules. The ‘ethic of care’, doing what is right, would take precedence over the ‘ethic of obedience’, doing what is […]

Continue Reading
Appointed Representatives

Appointed Representatives

In 1998, 10 years after the start of regulation, some 80% of advisers were acting as appointed representatives (ARs) of networks or of larger IFAs. Over the last 10 years though this has fallen back to probably a bit less than 50%. Increasingly firms now have the confidence, the ability and the support to enable […]

Continue Reading
Whistle Blowing

Whistle Blowing

The FCA and before them the FSA, set great store by ‘whistle blowing’ whereby employees or anyone else ‘in the know’ could report skulduggery in their firms which might not otherwise go undiscovered. They were to be secure in the knowledge that their tipoff would be investigated and that they would be protected from any […]

Continue Reading
Fund Fees

Fund Fees

The FCA has just completed a 2½ year investigation into the UKs £8.1 trillion fund management industry, focussing on operating practices and whether charges are excessive. The time taken to complete the investigation certainly seems excessive. It is difficult to imagine why more than 6 months was necessary. Presumably the investigators were on day rates. […]

Continue Reading
Bitcoins

Bitcoins

Bitcoins rose in value by nearly 1,500% in the past year and although they have now fallen back substantially, they still represent a massive return for those who got in early. For those who are kicking themselves for not having taken a punt on this enigmatic currency when it was first starting to take off, […]

Continue Reading
no-image-haven-rm

Trump Tax

We were hoping to achieve the Pearly Gates without having had to mention the name ‘Trump’, however, needs must. The small handed one has lived up to his ‘America First’ policy by imposing a new tax on the interest payments made by the US branches of foreign banks to their parent companies. Under ‘BEAT’ the […]

Continue Reading
The Financial Reporting Council

The Financial Reporting Council

According to its website, the FRC ‘regulates auditors, accountants and actuaries. Sets the UK’s corporate governance and stewardship goals and promotes transparency and integrity in business.’ Going from its recent activities though it might be fairer to say that it ‘promotes opacity where clarity might lead to censor’. Consider. Last June it cleared PWC over […]

Continue Reading
Pensions Deficit

Pensions Deficit

A senior FCA person has outlined the regulators expectations with regard to transfers out of defined benefit schemes into money purchase arrangements. There is nothing new. The usual good practice and common sense stuff about weighing up all the pros and cons, making sure the customer understands everything and so forth. In other words, what […]

Continue Reading
GDPR - Revisited

GDPR – Revisited

Further issues have surfaced with the General Data Protection Regulations due to come into force next May (see last month’s leading article). Again it is around the intention that all data subjects should have the right to demand erasure of records held about them by a company. This time concerns are about advisory firms securing […]

Continue Reading
GDPR

GDPR

The General Data Protection Regulations become law on 25th May 2018. We will be conducting a programme of ‘rolling audits’ with our client firms which we expect will bring everyone to ‘GDPR compliant’ status by the end of March. It is not in fact a major exercise. There is little that is new, most of […]

Continue Reading
Password Reset
Please enter your e-mail address. You will receive a new password via e-mail.