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The Financial Services Compensation Scheme (FSCS) has declared 15 failed regulated firms in default during February 2020 including SIPP firm GPC.

Ian Mattioli, chief executive of wealth management and SIPPs business Mattioli Woods, has waived his salary until at least 30 June and board directors have reduced their fees to 50%.

The FCA has reduced a £93,800 fine imposed on pension adviser Lloyd Pope, a former director of now dissolved firm TailorMade Independent Ltd, by approximately £70,000.

The FCA has ruled out - at least for the time being - a complete ban on short selling as it works closely with international regulators to ensure that financial markets remain “open and orderly.”

Former Pensions Minister Steve Webb has urged the Treasury to scrap or relax rules which will limit people’s ability to ‘rebuild’ their pensions when the Coronavirus crisis ends.

Law firm Shearman & Sterling has applied for a judicial review into the FSCS’s handling of compensation for victims of the £236m London Capital & Finance mini-bond firm.

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