Blue Gate had been ordered to pay £203,007 to the FCA for onward distribution to investors by the 8 January. 

When the FCA issued a statutory demand for payment, Blue Gate’s shareholder decided to place the business into insolvent liquidation via a creditors voluntary liquidation.

Blue Gate appointed Cowgill Holloway Business Recovery as the liquidator yesterday.

The FCA said it will make a claim in the liquidation, as a creditor, for the full £203,007.

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The Connaught Income Fund, also known as the Guaranteed Low Risk Income Fund Series 1, went into administration in 2012 and cost investors £100m in losses. 

In December, a critical report was released about the FCA’s role in regulating Connaught with the regulator accepting it had “lessons to learn.”

The fund

The cuts follow criticism of the regulator’s handling of the failure of London Capital & Finance (LCF), a provider of so-called mini-bond’ investments which turned sour.

FCA chairman Charles Randell announced the pay hit this afternoon during questioning by the Treasury Committee of himself and new FCA CEO Nikhil Rathi.

Mr Randell said he was “profoundly” sorry for the mistakes over LCF and agreed that mistakes were made although said there was no serious individual culpability of FCA executives who had accepted “collective” responsibility.

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Asked about the role of FCA executive Megan Butler, he said: “The board did consider what the consequences should be for individuals and that’s why the board cancelled the

The takeover of Merian added £16.6bn in Assets Under Management to Jupiter to push total AUM to £58.7bn.

Pre-tax profit at Jupiter rose by 10% to £179m although statutory pre-tax profits fell by 12% to £132.6m due to the cost of the acquisition.

Net outflows were £4 billion for the year, however the company reported gross inflows were “robust” at £16.5 million

Jupiter recently announced it would cut up to 90 jobs as part of a restructure as it beds in Merian.

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The ordinary dividend has been held at 17.1 pence per share and a special dividend of 3 pence per share has been proposed.

Jupiter CEO Andrew Formica said that while Covid-19 had caused disruption he was confident the fund manager would see future growth this year.

He said: “This is

The measure is recommended in the Government-commissioned independent Kalifa Fintech Report published today.

The Government asked tech expert Ron Kalifa to look at ways to make the UK one of the best places in the world to launch and run a fintech (financial technology) firm.

Recommendations in the Kalifa Report include:

• Creating a £1 billion-pound fintech ‘growth fund’ to help firms grow independently

•Introducing a new ‘fintech scale up’ visa route for specialists from around the world

•Implementing a ‘scale box’ to provide regulatory support for growing firms

•Establishing a private sector-led Centre for Finance, Innovation and Technology 

The UK has more than 10% of the global market share in fintech, according to the report, and the sector is now worth more than £11 billion a year to the

Lifetime Financial has already set out a policy this week that all its Financial Planners should be vaccinated before they return to wide scale face-to-face client meetings. 

The firm also believes clients should have the right to know if their adviser had been vaccinated before any in-person meetings and wants to see this policy become an industry standard.

I haven’t seen any word from the FCA but it may be something they give guidance on. It does, however, open up a can of worms.

Can firms insist staff get vaccinated, possibly against their wishes? Is it right for firms to introduce strict rules for staff on matters such as this? What about those planners still waiting

New hire Jessica Rusu will become the FCA’s first chief data, information and intelligence officer (CDIIO).

She will lead the transformation of the FCA’s use of data, intelligence and information. She is currently chief data officer at digital challenger bank Chetwood Financial. She was also formerly senior director of finance and analytics at eBay in Europe. 

The FCA has also recruited a new chief operating officer; executive director (markets) and executive director (authorisations) as its brings together two supervision divisions with the FCA’s policy and competition functions.

All five of the appointments are women.

Bringing the divisions together is part of the regulator’s transformation programme announced in December to build a “data-led regulator able to make fast and effective decisions.”

Recently,

The schemes were run by Samuel and Shantelle Golding and their companies Digital Wealth Limited – also known as Digital Wealth Society (DWS) and Outsourcing Express Limited (OEL) – also known as Kerchiing.

Between 2015 and 2017, the schemes claimed to be involved in the online purchase of wholesale goods from China. They claimed the goods were for onward sale and promised unrealistically high returns, in some cases up to 100% of the amount invested, the FCA said. 

However, despite the promises no significant trading was conducted and the schemes relied on a continuous flow of new investors to fund existing investors’ returns, a typical Ponzi scheme ruse. 

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Scheme operators Samuel and Shantelle Golding admitted to the court they

The guidance aims to improve the way firms treat vulnerable customers to ensure they achieve the same outcomes as non-vulnerable clients.

The regulator will use the guidance to hold firms to account for their treatment of vulnerable customers. Firms can expect to be asked to demonstrate how their business model, the actions they have taken and their culture ensure the fair treatment of all customers, including vulnerable customers.

The regulator said vulnerable characteristics may limit a client’s ability to make reasonable decisions or put them at greater risk of mis-selling.

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The regulator said that firms should understand what harms their customers are likely to be vulnerable to and ensure that customers in vulnerable circumstances can receive the same fair treatment and outcomes as other customers. It

The deal is for an undisclosed sum and is the second acquisition by Dentons this year after it bought Brown Shipley’s pension admin business recently.

The takeover of MAB’s SSAS book will add over 100 SSAS plans to Dentons existing book of over 1200 SSASs.

In 2014, Dentons Pensions acquired the SIPP book from MAB, which added 125 SIPPs to the business. Dentons currently administers over 7,500 SIPPs.  

Ian Stewart, joint managing director of Dentons, said: “We have made no secret that we are an acquisitive firm, but it has to be for the right business or book of business. 

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“We were therefore pleased that following the successful acquisition of the MAB SIPP book in 2014, they came to us

The mutual insurer said the majority of claims were death claims with 2,049 paid out on Whole of Life policies and 61 on Term Life policies with a total pay-out of £13m.

One Critical Illness claim was paid due to Covid-19 resulting in a period of intensive care with a sum assured of £50,000.

Seven Income Protection claims were paid to Royal London clients where Covid-19 led to their absence from work, with an annual pay-out totalling £46,000.

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Royal London predicts many customers will require long term support to deal with the impact of Covid-19 with around one in 10 people who tested positive still having symptoms 12 weeks later.

To help customers cope with the long-term effects of Covid Royal London is referring people to its ‘Helping Hand’ support