Treasury yields were flat on Thursday, the last trading day of 2020, as investors assessed the status of a fresh coronavirus stimulus package. The yield on the benchmark 10-year Treasury note was at 0.9298% at roughly 2 a.m. ET, while the yield on the 30-year Treasury bond was also higher at 1.6710%. Yields move inversely to […]
Archives for December 2020
Ex-FCA interim CEO Woolard gets CBE
The former interim chief executive of the FCA Christopher Woolard has been awarded a CBE in the New Year Honours list. He is one of a number of individuals working in the financial sector who have been honoured. Mr Woolard was interim CEO for six months after Andrew Bailey left to become Governor of the […]
New SEC marketing rule may bring fresh scrutiny to advisors
Prospective clients could soon begin browsing for RIA firms via a host of third-party ratings sites, just as they would shop for a plumber or landscaper, as advisors begin to promote their practices under the SEC’s long-awaited new advertising rules. Outgoing commission Chairman Jay Clayton describes the update of the decades-old regulation as a long-overdue, […]
Morgan Stanley, 18 other firms resolve FINRA cases under 529 program
A FINRA compliance program that drew industry ire when it was announced nearly two years ago unveiled the first 19 resulting cases, with more to follow in 2021. In a far cry from the initial set of 79 settlements netting $125 million in restitution under a similar SEC mutual fund share-class program that had made […]
Is share-class best execution the next regulatory fight for wealth management?
The question of whether advisors have a duty to recommend cheaper fund share classes to clients is at the center of an increasing number of SEC enforcement cases, in a pattern that could signal major implications for wealth management firms. Buried deep in the SEC’s spate of mutual fund share-class enforcement cases in recent years […]
BNY Mellon wealth unit’s use of proprietary funds under scrutiny in client lawsuit
A new lawsuit alleging conflicts of interest at BNY Mellon has put the investment advice of its wealth management unit under the microscope. BNY Mellon allegedly made “hundreds of millions of dollars” by investing client assets in underperforming proprietary and affiliated mutual funds, according to the lawsuit filed Dec. 21 by two clients in a […]
Talk Less, Listen More
I spent a whole bunch of time this fall and winter taking calls from young financial advisors. I try to schedule this stuff on Friday mornings when things are a little quieter for me. They DM me or email me and I just say yes. I have 15 minutes for any kid reading my stuff […]
Taking a Neighborhood Watch Approach to Retail Cybersecurity
The administrator of your personal data will be Threatpost, Inc., 500 Unicorn Park, Woburn, MA 01801. Detailed information on the processing of personal data can be found in the privacy policy. In addition, you will find them in the message confirming the subscription to the newsletter.
The Top 100 People: Remaining relevant – Accounting Today
Ensuring the profession’s relevance is top of mind for accounting’s leaders, especially in an unprecedented year. As part of this year’s Top 100 Most Influential People survey, Accounting Today asked, “What is the most important issue currently facing the accounting profession?” Many of the same challenges and forces of disruption that have steered the profession […]
The 5 Most-Wanted Threatpost Stories of 2020
The administrator of your personal data will be Threatpost, Inc., 500 Unicorn Park, Woburn, MA 01801. Detailed information on the processing of personal data can be found in the privacy policy. In addition, you will find them in the message confirming the subscription to the newsletter.