UK - The regulatory regime surrounding the presentation of past performance in advertising is in need of major change, according to a task force - including industry and consumer representatives - set up by the Financial Services Authority to examine the issue.
In response, the FSA is announcing a three-point plan designed to improve the way in which past performance data is presented to consumers. It proposes:
* To intensify scrutiny of the presentation of past performance information. Current guidance - stating that past performance should not be seen as an indicator of future growth – becomes a rule in December
* To introduce new rules to strengthen advertising standards in this area and clamp down on misleading claims
* To assess the feasibility of standardising the use of past performance, risk and price information in advertisements
The Pensions Regulator (TPR) has granted 11 master trusts extensions to apply for authorisation, as it confirms it has received 22 applications ahead of the 31 March deadline.
Aegon Master Trust, Fidelity Master Trust and Ensign have sent off their authorisation applications to The Pensions Regulator (TPR).
Self-administered pension funds spent £15bn on payments to pensioners in Q4 2018, but received just £12bn in contributions (net of refunds), Office for National Statistics (ONS) data reveals.
Aberdeen Standard Investments (ASI) and Gresham House are to team up to form a joint venture.