News

Prudential is on track to achieve the outstanding two of six objectives it set itself in 2010 following the controversial takeover attempt of Asian insurer AIA.

HM Revenue and Customs (HMRC) is launching a major new crackdown on tax avoidance targeting the advisers and promoters of avoidance schemes - and plans penalties of up to £1m.

The percentage of advisers switching platforms increased from 21% to 29% over the past 12 months, according to data from to independent financial research company Defaqto.

Prudential has boosted operating profits by 22% in the first six months of the year but said UK sales had been hit by the implementation of the Retail Distribution Review (RDR).

Samlam Private Wealth has bought two more financial planning client banks - taking the total of acquired banks to 15 since 2009.

The arrival of the Retail Distribution Review (RDR) and the decision to stem flows into Richard Woolnough's corporate bond funds saw M&G's UK retail business suffer outflows in H1 2013.

Fixed income managers have cautioned the Bank of England (BoE) will be forced to backtrack on its forward guidance measures as it has been too pessimistic over the state of the UK economy.

Old Mutual Global Investors (OMGI) is planning to relaunch a number of funds in its range, with global equities, Asia and emerging markets touted as major growth areas.

Business Secretary Vince Cable has warned the government's 81% stake in Royal Bank of Scotland (RBS) may not be sold off for another five years, arguing a quick sale of shares is unlikely.

The Financial Conduct Authority (FCA) is concerned about execution-only, or non-advised, sales and the commission payments that such transactions are still allowed to collect.