Financial services

FATCA

A group of hedge funds, including those run by Odey Asset Management, had a combined $1bn invested in JP Morgan Chase which suffered a near 10% drop in its share price on Friday.

Standard Life will roll out RDR-friendly charging structures across its key retail product lines this year, in a move which will see the provider pass fund manager rebates back to new clients on its fund supermarket, FundZone.

Hargreaves Lansdown has said it "intends" to remain independent after the Retail Distribution Review (RDR).

The Financial Ombudsman Service (FOS) has ruled against an adviser who recommended clients invest in cells of the Stirling Mortimer fund range.

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.