Financial services

GOODBYE FSA

The European Court of Justice (ECJ) has said discretionary portfolio management should not be exempt from VAT.

GOODBYE FSA

Peter Smith, head of investment policy at the Financial Services Authority, is to exit the regulator shortly, Investment Week can reveal.

The vast majority of advisers who risk-rated the Arch cru funds ranked them as either low, low-to-medium or medium risk investments, FSA figures suggest.

Advisers may be faced with an extra £33m in Financial Services Compensation Scheme (FSCS) levies as a result of firm failures caused by a proposed £100m FSA Arch cru redress scheme.

ARCH CRU

Ticketus, the company backed by the Octopus Protected EIS scheme, has withdrawn from discussions with Blue Knights Consortium over a takeover of Glasgow Rangers FC.

GOSLING'S GROUSE

EEA Fund Management has welcomed yesterday's "helpful" guidance from the FSA, on its intention to ban the sale of traded life policy investments (TPLIs) to retail clients.