Ten of this week's best-read articles...
1 MiFiD II
Just when it appeared there might be some clarity around the independent/restricted issue, along comes MiFiD II. The latest draft of the European legislation potentially leaves the door open to commission for restricted advisers.
2 Towry troubles
The FSA has been pretty active on the enforcement front recently and Towry became the latest firm to feel the wrath of the regulator, with a £494,000 fine for providing misleading information and for client money breaches.
Another development on the Keydata front, with founder Stewart Ford threatening to sue Lifemark administrator KPMG if it fails to secure a $150m loan facility offer to save Lifemark.
4 Basic advice
The Fry Group thinks it can reduce the savings gap with an online basic advice service it is developing. It will apparently be like a 'dumbed down Hargreaves Lansdown with a decision tree'.
5 Not so simple
Thought all the providers were excited about simplified advice? Think again. Zurich reckons there will be issues about the market size and charging for it.
6 ABI annuity code is a ‘fudge'
The Association of British Insurer's new annuity code of conduct was met with a distinctly cool reception, with Hargreaves Lansdown's Tom McPhail describing it as ‘a fudge'.
7 Will life companies move on from IFAs?
Fitch Ratings had some interesting things to say about the impact of RDR on life companies, not least a warning that they can't rely on IFAs.
8 SPS green light
The FSA formally accredited six professional bodies, meaning they can now issue statements of professional standing (SPS). Admit it. You're excited.
9 Lighthouse ready for claims
How much would you set aside just in case you need to settle claims for clients? Lighthouse Group reckons £2.5m should cover the next five years.
Which bank do you think received the most complaints in the first half of the year?
EIS and Seed EIS sectors
'Truly making a difference'
Avoidance, evasion and non-compliance
From 6 April 2019