SIPP operator Intelligent Money Ltd has gone in to administration, with Richard Heis and Edward Boyle of Interpath Advisory appointed as joint administrators.
Two companies that oversaw the work of networks of financial advisers have gone into administration.
TenetConnect Limited (TCL) and TenetConnect Services Limited (TCSL) were placed into administration by their directors, with Ed Boyle and Robert Spence from Interpath Advisory (Interpath) appointed as joint administrators for both firms.
Advisers in the networks operated as Appointed Representatives, able to perform regulated activities without FCA authorization because their conduct was the responsibility of an authroized firm – in this case TCL and TCSL. Both companies are subsidiaries of Tenet Group Limited, which has been winding down its operations.
Speeches and media
Dr Felix Martin has been appointed chair of the FCA’s new, independent Cost Benefit Analysis (CBA) Panel. Dr Martin is an economist, fund manager and development banker with 25 years of experience in the public and private sectors. He is currently a non-resident senior fellow at the Center for Global Development in Washington, DC.
The Panel will begin reviewing the cost benefit analyses of proposed new policies from 1 August 2024 and will “assess the proportionality of proposed policy changes.”
Ashley Alder, chair of the FCA, said: “I am delighted that Felix has agreed to lead the new CBA Panel as its first chair. CBAs are a crucial aspect of the FCA’s policy-making process to ensure that those policies we implement are proportionate and that the benefits outweigh the cost. The FCA looks forward to working with the Panel as the organisation continues to enhance the way in which it conducts CBA analysis.”
Dr Martin said: “CBA is a key analytical tool used by the FCA and PSR to ensure that their policy-making is evidence-based and proportionate. It is also an important mechanism of accountability to stakeholders. The new CBA Panel will help the FCA and PSR enhance their use of CBA through the provision of independent and objective review and advice.”
“The case for placing one’s trust with money managers here [in the UK] needs constantly to be made,” FCA chief executive Nikhil Rathi told the Investment Association’s Annual Conference. He went on: “That relies on a strong and respected regulatory regime, with consistent international engagement. Embracing of innovation. Technological in product mix, and in the way we regulate.”
The speech combined assessment of international regulatory developments with explanation of the FCA’s work in response. Rathi covered;
- new guidance on Liquidity Management Tools;
- leverage in non-bank financial institutions;
- international collaboration on digital securities;
- AI;
- the growth of passive investing;
- the impact of increased geopolitical risk;
- the regulator’s work on repealing, retaining and replacing EU legislation, and;
- its own operational effectiveness.
He concluded that “we make most progress when we agreed shared goals and work together with open minds.”