- HSBC has been given the go-ahead from the China Securities Regulatory Commission for its securities joint venture in China. HSBC owns 51% of HSBC Qianhai Securities. Qianhai Financial Holdings owns the remaining 49% stake
- AJ Bell has launched a Lifetime ISA on its direct platform and will offer the product on its broker’s advised platform later in 2017. The annual custody charge is 0.25%, which equates to £12.50 for an annual £5,000 Lifetime ISA contribution
- The world’s biggest investment consultants plan to fight the Financial Conduct Authority‘s threat to refer the sector to the Competition and Markets Authority, after the regulator rejected their reform proposals. A growing number of investors fed up with paying the high charges levied by fund managers, financial advisers and investment platforms are turning to robo-advisers. Such services were given a boost last week by the publication of a damning Financial Conduct Authority report on the asset management industry, which failed to find a clear relationship between charges and how well a fund performs
