RegulationJun 23 2016

A Week in News

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A Week in News
ByEmma Ann Hughes

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.

For more hires see page 47.

Standard Life launches US fund

Standard Life Investments has added an American Equity Income Oeic to its range to be managed by Scott Eun.

Reviewed on page 8.

Five charged with investment fraud

Michael Nascimento, 38, Hugh Edwards, 33, Stuart Rea, 48, Ryan Parker (previously known as Ryan Sell), 23, and Jeannine Lewis, 48, appeared at Southwark Crown Court. They are accused of losing 175 investors £2.75m.

See page 9 for more details.

Charles Stanley plans for financial planning arm

Charles Stanley revealed plans to expand its financial planning business to offer existing customers a more holistic service after reporting another year of losses.

See page 8 for more details.

Nationwide extends later life borrowing

Nationwide Building Society has changed policy again so now its new maximum age for borrowing of 85 will apply to both existing mortgage customers and those remortgaging from other lenders.

Delays to court confrontation

Charlie Palmer, who was fined nearly £87,000 by the FCA in December 2010, was hoping to challenge the penalty in court this year. But Mr Palmer has been he is now unlikely to have his day in court to challenge the regulator until next year.

See page 9 for more details

Friday 17 June

Prudential ditches open annuity market

Prudential is no longer accepting applications for new external conventional annuity business from financial advisers.

Bellpenny’s acquisitions director departs

Bellpenny’s acquisitions and marketing director Dominic Rose has left the company after four years. Last summer the consolidator expected to complete another 10 adviser acquisitions during 2015 yet in November 2015 there was talk of redundancies.

LV hires new chief executive

LV has appointed Richard Rowney as its new chief executive. He is currently managing director of the firm’s life and pensions business.

Arck pair in court

Richard Clay, 51, swindled £50m from investors and blew the cash on cars, holidays and even a yacht. He is set to pay back less than £350,000.

See page 6 for more details.

Monday 20 June

Remain poll bounce boosts pound

The FTSE 100 opened 2.3 per cent higher and sterling looked set for its largest one-day gain since the financial crisis as investors welcomed a renewed tightening in the EU referendum polls.

See page 36 and 37 for our Brexit/Bremain feature.

Virgin Money continues brokers push