Financial services

The FSA has confirmed its proposed ban on legacy commission in a widely-expected move.

The Financial Services Authority (FSA) has fined discretionary fund managers McInroy & Wood Limited (MWL) £15,050 for breaching the regulator's client money rules.

Stronger systems and controls are needed to limit conflict of interest issues arising from distributor influenced funds (DIFs), Tisa has said.

A senior executive at UBS has challenged a fine from the Financial Services Authority (FSA) in a tribunal today.

The Financial Services Compensation Scheme (FSCS) has begun reimbursing firms some or all of their share of a £326m interim levy after they successfully applied for a refund.

Invesco Perpetual is to launch commission free share classes across its range by mid-2012, but will continue to pay a platform rebate.

The FSA has fined a Dubai-based private investor $9.62 (£6m) for manipulating the closing price of securities on the London Stock Exchange, in the largest fine imposed by the FSA on an individual.

New rules requiring firms to submit complaints data on individual advisers must include any client grievance related to advice given before 31 December 2012, the FSA said today.

A UK ban on the payment of commission from providers to advisers who sell its products can go ahead unchanged and unhindered, the European Commission (EC) has said, quashing concerns a Europe-wide directive could scupper the requirements.

Investors could be faced with a plethora of fund charging models post-RDR as well as higher overall costs and ‘premium' prices for a top tier of better performing funds or specialist mandates.