FSA’s Wealth-Management Review Prompts Enforcement Probes
News from Bloomberg:

The Financial Services Authority’s push to ensure wealth-management services were responsibly sold to retail clients has resulted in enforcement probes, the U.K. regulator said.

Wealth-management firms “can expect to see continuing and increasing supervisory focus,” the FSA said in a notice on its website today. The regulator had said it became concerned with the “unacceptable risk” for clients.

The FSA wrote letters in 2011 to chief executive officers at firms that provide wealth-management advice to retail investors after identifying “widespread failings” in the sector. The agency will decide if further regulatory action is needed after interviewing executives at the firms.

The FSA occasionally sends out so-called Dear CEO letters to communicate regulatory concerns it has with senior management at companies.

To contact the reporter on this story: Jeremy Hodges in London at jhodges17@bloomberg.net

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Wealth manager sees opportunity in working with next generation
News from NJBIZ:

August 29. 2012 12:13PM

U.S. Trust manages wealth for high-net-worth individuals and their families, and the firm sees a significant opportunity to grow its business in New Jersey, according to Gregory Khost, managing director. Khost is recruiting experienced private client advisers to support that expansion, and U.S. Trust, a subsidiary of Bank of America, also has begun helping wealthy families train their children and grandchildren to become good stewards of the enormous wealth they will inherit in years to come.

Khost cited a study by the research firm Wealth-X that puts the number of New Jerseyans with net worth of  $ 30 million or more at 1,260. He said another study sees the ranks of New Jersey millionaires increasing more than 9 percent over the next five years, to about 233,000 households. Khost is based in Florham Park and oversees U.S. Trust operations in four states; New Jersey is by far the largest, accounting for about 75 percent of his operations. Khost has brought in six new private client advisers this year, and 13 over the past 18 months.

“New Jersey is a very prosperous state,” Khost said. The state’s affluent residents tend to be corporate executives, private business owners, and families that own commercial…………… continues on NJBIZ

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