Tag Archives: Wealth Management

Some positive FCA feedback on conflicts of interest for Wealth Management firms

In welcome news for the industry, the FCA in late November 2014 expressed pleasure in reporting generally positive findings from its thematic review assessing whether wealth management firms and private banks identify and manage conflicts of interest that might arise when … Continue reading

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Filed under Banking, FCA

UK FCA proposes temporary product intervention rules for CoCos

The Financial Conduct Authority (FCA) has announced that it is proposing to use its temporary product intervention powers for the first time to restrict firms from distributing contingent convertible instruments (CoCos) to the mass retail market for a 12 month period from … Continue reading

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Filed under FCA, UK, UK Regulations

UK: Retail product distribution payments under the FCA spotlight – finalised guidance on inducements and conflicts of interest

The FCA has set an uncompromising compliance standard for what it sees as unacceptable payments from product providers to advisors in the retail investments sector; and laid down a marker for similar payments in the mortgages, protection and other ICOBS sectors. … Continue reading

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Filed under Banking, FCA, Insurance, Investment Funds, Retail Banks, UK, UK Regulations

ASIC releases another report on retail structured products

ASIC has released Report 377 “Review of advice on retail structured products”, which reports in relation to a sample of personal advice given to retail clients in relation to structured products.  This report was foreshadowed in and follows ASIC’s May 2013 … Continue reading

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Filed under Australia, Investment banking

Present Company Excepted? The Modern Approach to Piercing the Corporate Veil

At the recent briefing “Present Company Excepted? The Modern Approach to Piercing the Corporate Veil”, Gareth Thomas (Head of Commercial Litigation, Hong Kong) and Richard Norridge (Senior Associate, specialising in fraud, trusts and private wealth) discussed the issue of piercing … Continue reading

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Filed under Hong Kong, Singapore, UK

Further enforcement action by UK FCA in relation to suitability issues in wealth management

The UK’s Financial Conduct Authority (FCA) has imposed a £1,802,200 fine on AXA Wealth Services Ltd (AXA) for failing to ensure the investment advice given to its customers was suitable, and putting customers at risk of buying unsuitable products.  The case is … Continue reading

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Filed under FCA, FSA Guidance, UK, UK Regulations

New Hong Kong Trust Law to come into effect on 1 December 2013

On 17 July 2013, the Hong Kong Legislative Council passed the Trust Law (Amendment) Bill 2013, which will come into operation on 1 December 2013.  The amendments aim to modernise Hong Kong trust law, and are likely to be welcomed … Continue reading

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Filed under Asia, Asset management, Hong Kong

UK: FCA to exclude Venture Capital Trusts from restrictions on promotion of UCIS?

The Economic Secretary to the Treasury has confirmed that the Financial Conduct Authority (FCA) is working towards publishing its final policy statement on the results of last August’s consultation on proposed restrictions to the marketing of unregulated collective investment schemes … Continue reading

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Filed under Asset management, FCA, Regulatory Reform, UK, UK Regulations

UK: FSA statement on CP12/19: restrictions on the retail distribution of UCIS and close substitutes

The FCA has published an update on its approach to last August’s consultation on proposed restrictions to the marketing of unregulated collective investment schemes (UCIS) and close substitutes.  A range of concerns had been expressed about the original proposals, including about … Continue reading

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Filed under Asset management, FCA, UK, UK Regulations

Australia: ASIC releases reports on capital protected products

ASIC has released two reports on ‘capital protected’ and ‘capital guaranteed’ investment products: a report that ASIC describes as a ‘health check’ on the capital protected and capital guaranteed products market (Report 340); and a research report into retail investors’ … Continue reading

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Filed under Australia, Banking, Retail Banks