The Week in Numbers
£6m – Size of FCA fine imposed on Threadneedle Asset Management for allowing a fund manager to book a trade that could have caused a £72m lose to client funds
0.44% – Charge for the eVestor robo-advice service to be launched next year by Paradigm founding partner Anthony Morrow and Moneysupermarket.com co-founder Duncan Cameron
£87k – Size of fine FCXA is seeking to impose on ex-Financial Ltd boss Charlie Palmer for failing to ensure network members gave suitable advice. Palmer has appealed the decision.
20bps – Typical cut to AMCs after Standard Life Investments stopped paying trail on mutual funds. Trail was paid at either 25 or 50 basis points.
3 Months – Period ex-Openwork chief executive Mary-Anne McIntyre spend as Chief distribution officer at Old Mutual Wealth
£50m – Government estimate on the level of increased costs faced by employers and pension schemes due to the lifetime allowance cut from £1.25m to £1m in April.
“We could have taken Commission upfront and filled our boots” – Almary Green managing director Carl Lamb hits out at firms considering stopping trail commission on a non-platform basis.