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FSA outlines proposal to ban commissions
The United Kingdom’s Financial Services Authority, in an effort to restore “trust and confidence in the retail-investment market,” has outlined a proposal to ban commission payments by investment management firms.
Treasury sets purchase process for bank warrants
After banks make an offer, Treasury will decide whether to make a counteroffer, subject to a private appraisal if the two sides cannot agree on a fair price.
Antiguan ex-official arrested in Stanford case
Antigua's former chief financial regulator surrendered Thursday to face U.S. charges that he aided an alleged $7 billion swindle by Texas billionaire R. Allen Stanford, government officials said.
Texas Insurance Department will try to implement protective provisions of annuity legislation
The Texas Department of Insurance yesterday said that it will try to implement provisions of legislation vetoed last week by Gov. Rick Perry that was designed to protect annuity customers.
Elderly clients convicted of kidnapping, beating adviser
Four Germans, aged 61 to 80, abducted financial adviser, held him hostage in a basement; reportedly upset after losing $3.6M in real estate deals
Insurers, banks criticize Obama’s proposed consumer watchdog agency
Life insurers and banks bashed the administration’s proposal for a Consumer Financial Protection Agency today at a House Financial Services Committee hearing.
House committee approves bill restricting 401(k) advice to indie advisers
An influential House committee today approved a comprehensive package of retirement legislation that includes a provision that would permit only independent financial advisers to counsel 401(k) participants on their investment decisions.
SEC to change regulations to prevent runs on money market funds
The Securities and Exchange Commission today voted unanimously to propose rule changes for the $3.8 trillion money market mutual fund industry — including new liquidity requirements to prevent runs on such funds.
Insurance settlement trade group hails Maine’s disclosure law
The Life Insurance Settlement Association today applauded new legislation in Maine which requires that insurance customers be apprised of their rights to sell their policies on the secondary market.
Madoff lawyer seeks 12-year sentence for client
The 71-year-old Madoff faces up to 150 years in prison after pleading guilty on March 12 to 11 felony counts including securities fraud and perjury.
Tax break sought for non-qualified lifetime annuities
Two senators have reintroduced legislation that would provide tax breaks to those with non-qualified lifetime annuities. Sens.
Lawmakers plan push to reform 401(k) plans
A pair of key lawmakers are expected to introduce a bill on retirement reform later this week that could have substantial implications for investment advisers, 401(k) service providers and the majority of employer-sponsored retirement plans.
Directors’ role at center of "say on pay’ debate
The long-running debate over “say on pay” is heating up in Washington, with a group representing executives saying that the proposal undermines the role of directors while an investors' group counters that it makes boards more accountable to shareholders.
PIABA asks SEC to make industry arbitrators optional
The Public Investors Arbitration Bar Association, a trade group for attorneys who represent investors in securities arbitrations, has formally asked the Securities and Exchange Commission to end the mandatory use of industry arbitrators.
LTC on the back burner under Obama health plan
Legislative movement is afoot to address the long term care crisis, but recent efforts may be thwarted as…
After settlement, firm eyes widow of rogue adviser
A financial planning firm has settled all but one claim related to an embezzlement scheme conducted by a rogue adviser over an eight-year period ending in March 2008.
White House leaves advisers up in the air
If you are a commercial banker, savings and loan operator, mortgage broker or hedge fund artist, there is a lot to concern you in the regulatory-reform proposal outlined by the Obama administration last week.
Plan on fiduciary standard wins praise
Investment advisers and consumer advocates have applauded President Obama's proposal to establish a fiduciary duty for broker-dealers offering investment advice.
NAIC praises Obama’s regulatory plan but has suggestions of its own
Therese M. Vaughan, chief executive of the National Association of Insurance Commissioners, recently praised President Obama’s regulatory proposals but added that state regulators still have improvements planned for their oversight.
SEC chief talks about new financial regulations
Making it easier for shareholders to seat directors on company boards, restricting short-selling in down markets, strengthening oversight of mutual funds, and tightening scrutiny and standards for investment advisers are among the pro-investor initiatives being undertaken by the SEC's , the agency's chairman said Thursday.
