“Advisers among firms hit with extra £24m FSCS levy”

Jan 17, 2018 | Financial Services

There are a couple more things for we advisers to moan about as the New Year rapidly ages. The snappily-named ‘MIFID 2’ is a piece of Euro-legislation which, amongst other things, means that when we see you each year, we have to tell you a) how much you’re paying us and everyone else and, b) write a report to tell you why we’re not changing anything, assuming we decide everything’s going swimmingly.

The other is that we have to cough up a share of the extra £24m  needed  to compensate clients of ‘advisers’ who’ve recommended unregulated funds which have disapparated into the ether. All good causes, I’m sure. But don’t expect those of us at the less-expensive end of the adviser fee scale to get any cheaper.

Read more here

 

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“Simon Evan-Cook: FCA must wake up to consolidation damage”

“Simon Evan-Cook: FCA must wake up to consolidation damage”

This is where I can don my ‘been around the block, seen it all before’ mantle. What’s happening in our business/industry/profession at the moment is a lot of what’s become known as consolidation, big companies, many fuelled by private equity, buying up smaller firms or taking over the clients of retiring advisers.