All News - Wealth Management News
Better trust needed in wealth management sector
The FSA have recently written to 16 firms involved in the wealth management industry to outline areas of concern following a review of the suitability of client portfolios.
Wealth management involves a client signing an agreement with a firm to have their assets and/or investments managed on a discretionary or advisory basis.
In the review of 16 firms the FSA identified significant, widespread failings, leading to concern based on the documented information firms held on clients.
It is integral that IFA’s know their customer, have up to date information on that customer and a definite forecast of the customer’s financial objectives.
A client needs to engage with their IFA to ensure that they have full and up-to-date information on them. If a client is concerned that their portfolio is not suitable they should make contact to rectify this.
The Wealth Management department at McEwan Wallace continually reviews clients’ portfolios to meet any change of circumstance and protect a client’s investments.
For more information please contact Paul Bradshaw at McEwan Wallace Wealth Management on 0151 647 6682 or email enquiries@wallace.co.uk.
Wealth News
- Option to auto-enrol ahead of staging date introduced
- Pension lifetime allowance election deadline looming
- Budget to drive pensioners abroad
- HMRC rules allow for maximum ISA and JISA benefits
- HMRC urged to clarify rules on annual allowance charges
- ICAEW urges government to encourage business investment
- Auto-enrolment regulator says non-compliance will result in fines
- Employees warned off choosing short-term loans over quitting pensions
- HMRC concern over lack of pension protection
- Tax breaks on lump sums for 'traditional' couples
- Changes to be made to lifetime pension allowance
- Don’t miss out over carry forward and PIP rule
- FSA warns of 16% commission pension transfer scheme
- Urgent lock in protection needed for pensions
- Advisers to lose £80m say Standard Life
