The blog posts on websites read by UK independent financial advisers are alive with objections to comments by Andrew Fisher, outspoken chief executive of Towry Law.
Mr Fisher runs a fee-based advice outfit, but revealed recently that his firm gets £6m a year in trail commission on legacy business it inherited from firms it has taken over. Towry Law does not provide a service in return for this money – an example of how it is possible to earn money for nothing in the strange world of financial advice.
Poul Nyrup Rasmussen, self-styled bogeyman of alternative investment managers
It seems the discussions on the European Commission’s much reviled draft directive on alternative investment fund managers are taking place after the event rather than before, as is usually the case with EU legislation.
The Financial Services Authority, the UK regulator, is focusing on this one topic in its asset management conference tomorrow. This follows last week’s debate, held in London’s Guildhall, between Poul Nyrup Rasmussen, self-styled “bogeyman” of alternative investment managers, and Lord Myners, the UK’s City Minister.
UK is bringing out its big guns
The UK is bringing out its big guns in an attempt to shoot down the European Commission’s proposed rules for alternative investment fund managers.
In Monaco, Dan Waters, asset management sector leader at the Financial Services Authority, fired broadsides at several aspects of the directive in a speech at the Fund Forum conference.