UK - Fund managers offering money purchase plans direct to employees will face a raft of measures to improve the way performance data is used.
Under new FSA rules, fund managers will have to include standardised information alongside their own performance information.
FSA chairman Howard Davies said: “We want to ensure that when firms use past performance in their adverts, it is balanced by standardised data that cannot be cherry-picked or manipulated.”
The proposals will also mean that managers will no longer be able to express fund performance in monetary terms. Meanwhile, Davies has told the industry that he was “cautiously optimistic” about its medium-term prospects.
Davies – speaking at the Investment Management Association dinner – said: “Through this difficult period the UK industry has certainly maintained its competitive position in global terms.”
But with recent sharp falls in business volumes and demand at a premium, he admitted some firms would have to “make difficult decisions on staffing”.
PwC, KPMG, EY and Deloitte must break up their consultancy and audit businesses into distinct firms to provide greater focus on the "most challenging and objective audits", the competition watchdog has said.
The Department for Work and Pensions (DWP) has released its first batch of guidance setting out how the guaranteed minimum pension (GMP) conversion legislation may be used to resolve unequal payments.
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