THE FSA WARNED advisers as long ago as March 2001 that there could be risks involved in recommending...
THE FSA WARNED advisers as long ago as March 2001 that there could be risks involved in recommending split capital investment trusts to clients according to a report in today's The Times.
The paper says the advice was issued by the PIA, since absorbed into the FSA, and was a "regulatory update sent to all IFAs".
However, IFAs are concerned that the FSA advice only covered income shares in splits, and not the zero dividend preference shares, which were sold as a secure investment to customers.
IFAs complain that the existence of the letter does nothing to address the problem zeros losing all their value, The Times writes.
SWISS INVESTMENT banking giant UBS is consolidating its businesses by scrapping the Paine Webber and Warburg brand names, the FT reports.
The move is in response to increased global competition from names such as HSBC.
The move will cost about SFr1bn.
Also in Switzerland, the fallout from the scandal involving secret investments by executives of Swiss Life continues, and the company has now announced a postponement of its SFr1.2bn capital raising exercise until 18 November.
The FT says that the company now faces a criminal investigation by authorities in Zurich.
THE CBI CHARGES that chancellor Gordon Brown has taken an additional £47bn in business taxes since labour came to power, according to a new report reviewed in The Daily Telegraph.
The confederation says changes to tax rules mean that business will pay an additional £4.6bn in the 02-03 tax year compared to what would have been paid if there had been no changes, and an additional £7bn in the 04-05 tax year.
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Partner Insight: The rise in demand for DFM and multi manager solutions has been largely driven by new mandates from the regulator, says James Bampton, head of UK intermediary distribution at Architas