Tougher monitoring and a tighter grip are needed to meet standards in recruitment and retention Advice firms aren’t perfect. Just like any other business, rogues will crop up, and some staff will perform better than others. In its annual results last week, national advice and wealth business Tavistock set out its stall very clearly: it […]
A template designed to help scheme administrators and advisers process defined benefit transfers will help them be completed more easily regulators say. Last July The Pensions Regulator told delegates at Money Marketing’s Retirement Summit that a template to simplify transfers would be released in the autumn. The template aims to enable scheme administrators to give advisers […]
The financial advice profession has to collaborate more to promote the value of advice as a study finds one third of people shy away from taking advice due to concerns about trust. The findings come from a detailed look at the nation’s wealth and debt in research commissioned by Open Money and conducted by the […]
AJ Bell has reported another quarter of increasing assets under administration, but the platform notes that inflows from defined benefit pension transfers are continuing to slow. In a trading statement for the first three months of the year, AJ Bell says its total customer numbers increased 5 per cent to 214,853, with total AUA up […]
Looking under the bonnet to see where the convictions of managers lie Sector definitions dictate that UK equity funds are required to have at least 80 per cent of total assets invested in UK-listed firms. There are, however, no limits on where their revenues originate. With the outcome of Brexit still largely unknown, it has […]
National advice firm Continuum has merged with Cumbria-based IFA Gary Charlesworth. Continuum director Martin Brown says Charlesworth joins as a partner: “We do not acquire businesses, no money has changed hands.” “Gary has become partner in our business and brought his clients with him. As a partner he has a stake in Continuum, should any […]
The FCA has won a case against a £1m unauthorised investment scheme. The High Court ruled last week that Xcore Capital Limited and Jonathan Chitty had taken at least £1m from investors, but only a small amount of the investors’ money was ever used for trading. Consumers gave money to Xcore in return for a […]
Pensions minister Guy Opperman has been meticulously planning for the introduction of a Pensions Bill in this year’s Queen’s Speech. He has consulted extensively, laying out plans for collective defined contribution schemes, defined benefit reform and consolidation, as well as the pensions dashboard. At a time of little domestic policymaking, the pensions industry appears to […]
British Steel is due to enter the insolvency process after the collapse of rescue talks between parent company Greybull Capital and the government. The move puts 5,000 jobs at risk and is the latest blow to the embattled industry. Reuters had previously reported multiple sources saying the £30m government loan requested had not materialised, placing […]
Terry Smith will step down from the Fundsmith Emerging Equities trust after five years running the vehicle. He will carry on as chief investment officer and will offer “advice and support” to the fund’s analysts, Michael O’Brien, who will become trusts’ portfolio manager, and Sandip Patodia, who has been promoted to assistant portfolio manager. The […]
Capital is at risk. We live in a world of 24-hour news with information feeding instantly to screens that bombard us from walls, desks and our phones. As a result, we’re increasingly connected to the wider world we live in – a trend that’s broadened our perspectives in some ways but can narrow them in […]
In 2018, Scottish Widows paid out 98% of all claims, helping 9,499 customers and their families*. But what do these figures really mean to your clients? Psychologists refer to the term ‘statistical numbing’ to explain why we tend to find one person’s personal story more powerful than abstract statistics. So, this year, Scottish Widows are […]
What’s the news in protection? On the surface you could be forgiven for thinking there isn’t anything new, that protection is still generally being overlooked and undervalued. Figures from Royal London’s State of the Protection Nation Report show that just 35% of people have life insurance, 12% have critical illness cover and 9% have income […]
For generations, life expectancy has been steadily increasing, with more and more people now likely to live to 100. Scottish Widows’ pension expert Robert Cochran tackles this longevity landscape with economist and co-author of the book ‘The 100-Year Life’, Andrew Scott, in episode one of Scottish Widows’ new podcast series – “The Future of Financial Planning”. Click […]
KPMG has begun its defence against a potential £12.5m fine for accounting failures dating back to the financial crisis. The Times reports that the Financial Reporting Council and KPMG underwent a tribunal hearing yesterday over the audit firm’s decision to sign off BNY Mellon’s accounts. The FRC claimed KPMG’s misconduct was a “truly exceptional case” […]
Further fears have been expressed over the future of British Steel as the firm looks to stave off insolvency this week. Sky News reported on Monday night that sources close to the firm were gearing up to put British Steel into liquidation as talks to secure emergency funding from the government had stalled. Reuters has […]
If only we had a crystal ball, investing would be so much easier. Particularly in the past year, it has often seemed as if uncertainty is the only certainty for asset managers, advisers, and their clients. Amid geopolitical developments and a slowing global economy, an increase in market volatility is a significant possibility. That’s why we […]
Chancellor Philip Hammond has ruled out scrapping the tapered annual allowance and argues it is “necessary to deliver a fair system and protect the public finances.” MPs questioned Hammond in parliament today about senior NHS clinicians’ tax implications from the tapered annual allowance and annual allowance. They pointed out both allowances are forcing senior NHS […]
Firms can reduce the impact by identifying challenges early and adopting some key measures The Senior Managers and Certification Regime is due to be implemented for all Financial Services and Markets Act authorised firms regulated by the FCA on 9 December. While firms need to prepare for the regulatory requirements, they should also be aware […]
Support service provider SimplyBiz has ended its contract with Synaptic which was providing a free fund research service to advisers. SimplyBiz says it has invested in its own end-to-end investment and financial planning system Centra, which covers off the functionality Synaptic was providing. Centra, which launched last year, was developed with ratings and technology business […]
FTSE 100 companies on average provided their chief executives with pension contributions worth 25 per cent of basic pay in 2018 a report finds. Pensions advisory firm LCP’s annual report of FTSE 100 pension schemes shows contributions of workers still lag behind those of bosses. LCP says only 15 per cent of the FTSE 100 […]
Tesco Bank has become the latest lender to pull out of the mortgage market. The supermarket bank will stop offering mortgage deals to new customers with immediate effect. It also confirmed it is looking for a buyer for its existing mortgage portfolio. Tesco said this strategic review was the result of more challenging conditions in […]
Investment scam victims lost £27m in 2018/19, according to latest data from Action Fraud. Frauds involving cryptoassets and foreign exchange platforms tripled compared to the year before. An average victim lost £14,600 to this type of investment fraud. In the wake of the jump in those types of investment scams, the FCA has launched advertising […]
Standard Life Aberdeen has hired Fergus McCarthy after his departure from BNY Mellon. The former distribution head announced his departure from BNY Mellon last month after five years with the firm. After a period of gardening leave, Standard Life Aberdeen has announced today that McCarthy has joined the asset manager into the newly created role […]
British Steel could lapse into administration within days if an emergency government loan fails to materialise, according to reports. Sky News reports that British Steel – the second largest steel producer in Britain – is preparing for insolvency on Wednesday, with suggestions that it is becoming increasingly unlikely that funding will come through to safeguard […]
From retirement planning to wealth preservation strategies, there is a clear and present difference between intention and action. This is a common thread running through much of the research we have undertaken recently. Advisers appreciate the importance of certain (usually more complex) financial solutions; they see the relevance and recognise the market need. Yet something […]
Though the subject of costs and charges to investors has always been an issue, the arrival of a lower return environment and greater market volatility have brought this into sharper focus. America is facing the same downward pressure on costs as we are, but they’re a bit further on this journey. Advisers in the US […]
Three advisers reveal their recipes for success when taking on a trainee Young people are the lifeblood of a firm, but what should you consider when hiring a trainee? Three advisers who have gone down different routes share their experiences. Not a ‘mini-me’Bringing in a graduate as a trainee administrator/paraplanner was part of a broader […]
This is going to sound a bit like the pot calling the kettle black because I am as guilty as everyone else, but hear me out. If the starting point for a sustainable withdrawal rate in retirement is around 4 per cent, excluding charges and taxes, we really need to consider the impact of fees […]
There are two jobs I really wouldn’t want at the moment. The first is Brexit secretary. The second is head of the FCA’s authorisations team. That team is a vital line of defence against financial crime. Part of its job is to stop suspect firms and individuals from getting regulatory permissions in the first place, […]
The latest round of increases to pension contributions under auto-enrolment has been welcomed by those whose employers have implemented it well, both in terms of the level of contributions and the communication of it. Most of us do need a nudge to save and when our employer is seen to be looking out for our […]
Regulator abandons idea of introducing a duty of care for financial firms towards their customers It may seem hard to believe from my picture in Money Marketing, but there was a time when I had a full head of hair. I was reminded of that time the other weekend, when a group of old friends […]
I have just had a rare moment of clarity. It came to me in a flash of light that lots of our current woes stem from a problem with language. And for once, I don’t mean jargon, which is actually jolly handy, as any medic, lawyer or air traffic controller will tell you. I am […]
During the six-year-long gap between when the RDR kicked off and when reforms came into effect, it was understandable that a significant proportion of advisers felt uneasy. Changes to qualifications, ongoing professional development, fee transparency and commissions required an overhaul in some firms’ models. But now, you’d struggle to find more than a handful of […]
I read quite a bit about how good paraplanners are so hard to find and retain. Over the last month I’ve been talking to quite a few paraplanners at lots of different firms. Having been a paraplanner myself in the past and knowing how I was treated, I’ve been asking these paraplanners about how they […]
US, China and a trade deal: could there be a case of disappointment? Joy and rapture abounded in the first quarter as three specific concerns were smote: the US Federal Reserve put the brakes on interest rate hikes, Chinese growth appeared to rebound and US president Donald Trump sent promising tweets about a China trade […]
Questions still remain over branding, restrictions, location and focus, but deal could be a positive one for both companies The advice world has a new power-couple after shareholders in national firm Lighthouse agreed to a takeover by Quilter last week. Lighthouse shareholders gave their overwhelming blessing to a marriage between Quilter and the firm, with […]
Lessons can be learned from environmental activists in attracting serious attention What keeps you awake at night? This is a question opinion pollsters at Ipsos Mori have been asking for decades and share the findings of in their monthly Issues Index. It offers a fascinating insight into the minds of the public. According to the […]
Not being up to date with the rules could leave you vulnerable to accusations of poor advice from the clients you should value most General investment account funds usually require tax planning each year. The most valuable clients tend to have them, yet many advisers have not kept up to date with the main tax […]
Falling transfer flows, regulatory jitters and fears over insistent clients are reshaping the Sipp market, our survey reveals Sipp providers have tightened up their defined benefit transfer processes, a Money Marketing survey suggests, and are turning away some business as consumer appetite also cools. Data suggests that DB transfers have started to die down from […]
Ahead of the launch of a new taskforce against phoenixing, Money Marketing looks at the difficulties the regulator is up against After years of frustration from advisers over how rogues in the industry can run away from their liabilities, some hope could be on the horizon. The individual efforts of the FCA, Financial Ombudsman Service […]
One of the main headlines from HM Revenue & Customs’ recently-published raft of pension statistics is flexible pension withdrawals hit a new high of just over £8bn in the 2018/19 tax year- up £1.5bn from just the year before. The other story you may have seen is the minor scandal over the change to how […]
Advisers are right to be vigilant about how robos’ decisions work, but do they highlight a lack of clear thinking on their part? Few people would argue that self-driving cars will become commonplace at some point in the future. The only question is when. But while the focus is on the technical capability of the […]
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Join us at 10am on the 24th of May for an exciting discussion on small and mid-cap investments.
Guy Anderson, portfolio manager for The Mercantile Investment Trust, explains why investors can still find lots of value outside of the FTSE 100, despite the uncertain domestic outlook.
Callum Abbot, Portfolio Manager of the JPM UK Equity Plus Fund, an active extension strategy, gives his views on markets over the last month.
Last month, star manager Terry Smith announced he was throwing £25m of his own money behind a new investment trust, Smithson. Ahead of its launch, Money Marketing editor Justin Cash sat down with Simon Barnard and Will Morgan, the fund’s managers, to talk strategy, as well as their thoughts on some of the hottest topics […]
PFS chief executive Keith Richards, Threesixty managing director Russell Facer and financial planner Susan Hill sit down with Money Marketing editor Justin Cash to discuss what’s wrong with the FSCS, and how it can be reformed.
Welcome to the on-demand version of our latest Wired event: The politics of Brexit – What investors need to know. Exclusively for UK Edge members!
Welcome to the third instalment of our good life gurus series. We talk to Kate Shaw, an IFA and ultra runner, to find out how she got started with an exercise regime and how a healthy lifestyle helps her with her work-life balance.
Catch up with last week’s Money Marketing debate on what Labour would mean for financial planners with former pensions minister Steve Webb and three leading advisers.
FSCS levies are one of the biggest bills advisers have to pay. But how are they calculated? Watch our video to find out Advisers slam levy increases as FSCS bills hit desks Solving the FSCS’ long list of problems FSCS chief executive Mark Neale’s blog
Ewan McAlpine assesses the risks and returns of BBB credit, considering whether investors should be worried about the size of the BBB market and whether the RLAM credit funds could be vulnerable in the event of market weakness. Read the report here Past performance is not a reliable indicator of future results. The value of […]
“Today’s business investment is tomorrow’s growth.” Watch James Dowey, Chief Economist & CIO, answer whether he thinks the pessimism around UK equities created by Brexit is justified. Watch the video here Investment risks The value of an investment and any income from it can fall as well as rise as a result of market and currency fluctuations […]
Simon Halifax, Senior Marketing Consultant, Royal London April and May are notoriously known as the critical months of the football season, or “squeaky bum time”, as it was once famously referred to. And with current talk of teams winning a unique treble in both England and Scotland I thought I’d talk about the protection treble […]
As pensions freedom begins to embed, advisers may be finding that a growing proportion of clients are looking to use drawdown as the primary source of income in retirement. Established investment solutions and processes, designed originally for accumulation, now need to be adapted to cater for and align with the cashflow requirements of clients in […]
Read the latest edition of our Leading Edge e-zine, featuring articles and recordings from our 2019 investment conference and our current views on investment markets. Read the e-zine here Past performance is no guide to the future. The value of investments and the income from them is not guaranteed and may go down as well […]
Halloween and beyond – adding to sterling… but treating it ‘scarefully’ Royal London Asset Management’s Economist, Melanie Baker and Fund Manager, Hiroki Hashimoto, comment in the wake of the latest Brexit extension. Read the blog here Past performance is no guide to the future. The value of investments and the income from them is not […]
Henwood Court managing director on why he wrote a book to prepare people emotionally for retirement As advisers know, retirement can be a wonderful time if you are adequately prepared. The freedom from having to work means people can spend their lives doing what they want to do; things they did not have the time […]
Broadstone chief commercial officer on achieving a better gender balance on the boards of financial services firms Just a few months into her role as chief commercial officer at pensions and employee benefits adviser Broadstone, Natasha Glasgow is learning fast. With a direct-to-consumer background focusing on customer experience, setting up back-office systems and working in […]
Grosvenor Consultancy IFA Alice Douglass on the highs and lows of networking as a financial adviser Traffic wardens, tax inspectors, estate agents and journalists – all people doing jobs that the general public love to hate. But what is it about being a financial adviser that provokes such strong negative reactions from some people too? […]