View more on these topics

Trump plans to scrap new retirement advice rules

/c/t/t/USA_America_480.jpg

Proposals that would change the way retirement products are sold in the US could be scrapped under the Trump administration.

According to a Financial Times report, advisers to president-elect Donald Trump are considering stopping reforms that would see advisers who give retirement advice putting the client’s interest above their own according to a “fiduciary standard”.

US advisers are currently required to only recommend suitable products, as are UK advisers, with no formal requirement to put the client above themselves.

The changes are meant to come into force in April 2017, not long after Trump takes office in January.

Scrapping the proposals is thought to be a popular move by asset managers, providers and brokers who think consumers would see charges increase.

According to the FT, Anthony Scaramucci, a member of Trump’s economic advisory council, has said the Trump administration would introduce a “self-auditing” process for advisers.

In 2012, the UK Government muted plans to impose fiduciary duties on investment advisers as part of plans to rebuild trust in financial services, but the reforms never materialised.

Recommended

London UK Britain Flags Street 480

US buyers may flock to London property after Trump win

Property pundits have forecast there could be greater demand for UK housing from US and other international buyers following Trump’s election victory. While some have argued that global stock market volatility on the back of the Republican’s win could dent the confidence of UK homebuyers, others suggest that US citizens looking to move to Britain […]

Stockmarket-Performance-Business-700x450.jpg

Property market could face confidence hit after Trump win

The UK property market is set remain in limbo as Trump’s victory in the US election results in “enormous” global volatility in stocks, which will undermines buyer confidence, experts warn. DeVere founder and chief executive Nigel Green says: “Buckle up for a bumpy ride in the global markets. “Whether President Trump will, in fact, do […]

Bricks building housing construction

UK construction at weakest level for four years

UK construction output is at its weakest level for four years, official figures show. New data from the ONS reveals that construction output contracted by 1.1 per cent in the third quarter, reflecting the three months following the Brexit vote, although month-on-month it was 0.3 per cent higher in September. It was weakest performance since […]

Newsletter

News and expert analysis straight to your inbox

Sign up