UK - IFAs have been warned to be on their guard as the number of unauthorised investment firms has trebled over the past year.
The Financial Services Authority has identified a growing number of investment firms selling shares not listed on recognised stock exchanges.
And it says there is a second scam where investors who have been duped by unauthorised investment firms are then approached to sell their shares, provided they pay an up-front administration fee. Once the fee is paid, investors hear nothing more.
The FSA’s “name and shame” list of unauthorised firms includes: Hamilton Asset Management; Livingstone Asset Management; Morgan Young Financial Consultants; Morrison Cross Financial Investments; Norwich Capital Mutual Funds and Phoenix Asset Management.
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.
This week's top stories include the government spending £800,000 on a Gogglebox advert and MPs writing to The Pensions Regulator about its engagement with the Railways Pension Scheme.