A Week in News

A Week in News

Everything you and your clients need to know about what has happened in the last five working days

Wednesday 15 June

Stunts stand in for Brexit debate

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Brexit campaigner Nigel Farage led a flotilla of fishing vessels up the River Thames to protest against the EU’s common fisheries policy and was faced down by musician Bob Geldof in a pro-Remain boat.

Old Mutual buys advice firm

Old Mutual Wealth Private Client Advisers announced plans to purchase Devonshire-based financial planning firm DQS Financial Management, adding an extra £200m in assets under advice.

See FTAdviser for more details.

Nationwide cuts rates across range

Nationwide reduced fixed rate mortgages across the range, as well as two-year tracker rates, by up to 0.25 per cent.

Reviewed on page 13.

Sesame contacts AR’s clients

Sesame has written to the clients of one of its former appointed representatives over suitability concerns.

See page 13 for more details.

Sir Philip cries ignorance

Sir Philip Green, the former owner of British Homes Stores, was grilled by MPs about the retailer’s half a billion pounds pension deficit.

See page 18 for more details.

ABI adds Nationwide to membership

The trade body signed Nationwide Building Society up as an associate member. This membership category has been developed to meet interest from non-insurance companies and after the trade body was forced to cut costs after Aegon UK and Legal & General turned their backs on the organisation.

See page 10 for more details.

Thursday 16 June

Pro-EU MP killed

MP Jo Cox, a supporter of the campaign for Britain to remain in the EU, was killed in her constituency town of Birstall, near Leeds. Her death brought an abrupt halt to the increasingly heated campaign for today’s (23 June) referendum on UK membership of the EU.

Liontrust records net inflows of £255m

Liontrust Asset Management has reported net inflows of £255m for the year ending March 31 2016, driven primarily by the UK retail business.

See page 14 for more details.

Yorkshire Building Society chief to exit

After five years in the job, Yorkshire Building Society’s chief executive Chris Pilling has given notice of his intention to step down at the end of the year. He said he was looking for “more balance with family life.”

See page 13 for more details.

Qrops specialist launches UK Sipp

A Malta-based offshore pension provider has made a play for a share of the UK Sipp market.

See page 10 for more details.

Supreme Court backs Lloyds

The UK Supreme Court ruled in favour of Lloyds Banking Group’s decision to call in more than £3bn of high income-paying bonds.

See page 17 for more details.

RLAM poaches second Axa manager

Royal London Asset Management (RLAM) has hired another Axa manager as it appears ready to expand its UK equity offering. Axa Framlington’s Henry Lowson is set to join the fund house in September.