Wealth manager and stockbroker Redmayne Bentley is to acquire the client assets of failed Liverpool wealth manager and stockbroker Blankstone Sington, subject to regulatory and court approval. Blankstone Sington Ltd (FRN: 143694) was declared as failed by the Financial Services Compensation Scheme in February, with the court appointing special administrators following an application by the FCA. Redmayne said today it had signed an agreement to acquire the private client business of Blankstone Sington Limited.  The cost of any deal has not been disclosed. According to Redmayne Bentley ..read more

The FCA is proposing to extend its anti-greenwashing labelling rule for sustainable investments to portfolio managers. The move comes in ahead of the anti-greenwashing rule coming into force on 31 May. The proposed labelling and Sustainability Disclosure Requirements (SDR) for portfolio managers largely mirror those introduced for asset managers in November 2023. They include:   product labels to help consumers understand what their money is being used for.  naming and marketing requirements so products can only be described as having positive outcomes on the environment an ..read more

Struggling fund manager Jupiter has reported significant net outflows of £1.6bn for the first quarter of the year, th third quarter in a row it's published net outflows Despite that, AUM climbed to £52.6bn from £52.2bn, with the figure driven higher by positive market movements of £2bn. The outflow figure included £800m lost following the change in arrangements of the management of the Chrysalis Investment Trust. The change wad that the investment company led by fund managers Richard Watts and Nick Williamson split from its parent this spring. The Chrysalis Investment Trust had b ..read more

The FCA has responded robustly to complaints about the time it took to provide redress to victims of the British Steel Pension Scheme (BSPS) scandal. It said it, “took appropriate regulatory action based on the information available at the time.” The regulator said it had received a number of complaints that its response to events in relation to BSPS was insufficient and failed to adequately protect steelworkers. It investigated the complaints and concluded that, “while there have been lessons for us to learn, for example, in strengthening links with partners, such as the Pensions Regulato ..read more

Ambitious trust company Ludlow Trust, which took over the UK trust business of Coutts and the NatWest Group in 2021, has bought C Hoare & Co’s UK trust business for an undisclosed amount. Ludlow Trust has also entered into a new partnership to provide trust administration to the bank's customers in future. C Hoare & Co was established in 1672 and is the UK’s oldest privately-owned bank. The company believes its customers will benefit from additional product and service opportunities by leveraging Ludlow Trust's expertise in trust administration, client onboarding, back office ..read more

I never thought I’d see former professional footballers march through central London to protest about financial scams and poor regulation but that’s exactly what happened this week. Ex-pro footballers Andy Cole, Danny Murphy and Colin Hendry were among a large group of campaigners attending the Transparency Task Force’s "Enough is Enough March for Justice" in central London. Many of the footballers made videos this week to talk about how they and family members had been scammed and cheated. It’s a reminder that victims of financial crime are not just those at the bottom of the income heap ..read more

Nikhil Rathi, FCA chief executive, said the regulator will probe Big Tech firms’ access to financial data to question how it could improve outcomes for consumers and business. Currently, Big Tech firms can access financial services data through open banking but are not required to share their data with the financial industry.    In a speech today, Mr Rathi said the FCA will examine how Big Tech firms’ unique access to large sets of data could unlock better products, more competitive prices and wider choice. If the FCA’s analysis finds Big Tech data is valuable in financial s ..read more

The Consumer Duty was the main focus for adviser platforms in 2023 but not all of them impressed the FCA, according to Darren Winfield, insight consultant (wealth management) at Defaqto. Writing in the latest edition of Financial Planning Today magazine, Mr Winfield said that platforms were focused on making sure that subjects like transfer times, fees and other potential risks of harm, particularly non-standard assets, were Consumer Duty compliant. However, he said it did not go to plan for over half the market with 57% of platforms continuing to retain interest earned on investors ..read more

The Financial Services Compensation Scheme (FSCS) has declared Glasgow-based Atlantic Investors (Scotland) Ltd (FRN: 182565) as failed. The move opens the doors to ex-clients to claim up to £85,000 per claim if they were wrongly advised. The FSCS said it has received two claims against the firm that are pension transfer and SIPP advice related, with one upheld. It confirmed that neither was BSPS related. {loadposition hidden2} Atlantic Investors (Scotland) lost its FCA authorisation in August 2020, according to the FCA Register. The firm was incorporated in December 1996, according to ..read more

Fast-growing Financial Planning and wealth management group Loyal North has completed the acquisition of New Malden, Surrey-based Whitman Fry Wealth Management Ltd for an undisclosed amount. The deal adds £60m of client funds to the group. Whitman Fry will become part of Loyal North’s regional hub GPFM (Gerald Pepper Financial Management Ltd) which is based in Hertford. As part of the acquisition, Whitman Fry shareholder and adviser Alison Fry will join GPFM as a senior Financial Planner and continue to deliver Financial Planning to her clients following the transition. Fellow sh ..read more