The Financial Ombudsman Service has issued several preliminary decisions in favour of three claimants who invested more than £36,000 into the Ethical Forestry scheme through Liberty Sipp. The investments were made after being approached by introducer Avacade, which cold called the clients and discussed moving their pensions with them. The FOS adjudicator finds Liberty Sipp […]
All staff at platform Transact will receive shares in its parent company IntegraFin following the success of its March flotation on the London Stock Exchange. In full year results released today, IntegraFin chief executive Ian Taylor says all company staff will be made shareholders. He says: “By virtue of the flotation, we are now in […]
New FCA findings suggest advisers should prepare for significantly higher FSCS contributions at least Like many adults in the latter half of their lives, my pecuniary affairs are complicated. Not only do I earn a living from multiple employers but my future retirement income is dependent on several sources of funding, which includes three separate […]
The Personal Investment Management and Financial Advice Association has published an updated version of its Mifid II feedback template and guide. Both documents jointly authored with the Tax Incentivised Savings Association were originally issued for industry comment in June 2018. The updated template and guide reflect the feedback received from Pimfa’s product governance and template testing working groups. […]
Legal and General Assurance Society has apologised to a client for making repeated mistakes in the information it gave about the amount of tax free cash he could take. In a ruling from The Financial Ombudsman Service, Mr M complains L&G’s errors resulted in the need for him to return funds and caused him “significant trouble” and […]
This year has seen women stand up and make sure they are recognised for their achievements. The Chartered Insurance Institute’s Insuring Women’s Futures programme, Women in Protection network and a wave of awards events focused on the triumphs of women in the industry have set the trail blazing for females in financial services. The passion […]
Wealth manager Brewin Dolphin has acquired a Hampshire-based IFA firm Allwin Tax Planners and Portfolio Managers to join its recently opened Winchester office for an undisclosed sum. Allwin’s team, comprising of two planners and support staff, will move to Brewin’s Winchester office upon the deal’s completion in 2019. Allwin co-director David de Kretser wrote it […]
Protection Review chief executive Kevin Carr looks at recent market events DWP clarity on benefits and protection insurance Earlier this year, the government clarified that income from an insurance policy specifically to cover mortgage payments would not be counted when assessing entitlement to means-tested benefits. This is relevant to protection advisers, especially those arranging mortgage […]
This marks the final print edition of Money Marketing for 2018. I know you’ll miss us while we take a short break, but don’t worry, all of our great online content will still be running to keep you updated over the holidays. Well done for making it this far in a year that felt like […]
National advice firm LEBC says robo-advice solutions lack to ability to provide strategic advice and will not fix the widening advice gap alone. Speaking to Money Marketing, LEBC director of public policy Kay Ingram says robo solutions are still lacking sustainability. A bionic approach that combines the technological benefits of robo with face-to-face advice could […]
UK stocks have fallen to bargain prices and investors should look closely at them, according to start fund manager Richard Buxton. Last night prime minister Theresa May survived a no-confidence vote as she won the support of 200 Tory MPs against 117 who voted against her. Fund managers have argued that the confidence vote could […]
Consideration of ESG issues does not end when the investment decision is made. Through engagement and the active use of voting, investors and companies can work together to improve the management of risk and create the conditions for long-term outperformance. BMO Global Asset Management launched Europe’s first retail ethical fund in 1984. As a pioneer […]
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 […]
We’re all living longer – half the future generation born after 2036 is expected to live to 100*. But despite more of us saving for our retirement, and from a younger age, there’s still a lot of work to do if we want our time in retirement to be both financially and physically healthy – […]
Embattled asset manager GAM has announced a “comprehensive restructuring programme” this morning in the wake of poor anticipated results. The manager hit headlines in August when it was forced to liquidate the fund range of investment director Tim Haywood after an internal investigation uncovered issues with his risk management procedures and record keeping. This morning, […]
The FCA has today proposed changes that would help unlock patient capital – investment seeking long-term returns, such as venture capital or infrastructure – through unit-linked funds to retail investors. The regulator has also published a discussion paper on the effect of the existing UK framework on investments in patient capital. As part of this year’s budget, chancellor […]
Two pension trustees who launched legal proceedings against the advice firm formerly called Truestone Wealth Management have been granted a court date in early 2020. According to Law360 UK, two acting trustees of London-based directors’ retirement and death benefit scheme Radley Yeldar claim a mistake made by an adviser at Truestone has cost them £3.5m. Truestone […]
St James’s Place has acquired the Reigate protection advice firm Future Proof. Future Proof, now part of SJP Group, provides specialist advice on income protection insurance, critical illness and live insurance in both personal and business markets and has arranged over £800 million worth of cover for clients since 2011 when it was established. SJP […]
The Pensions Regulator has launched its first fraud prosecution over a Preston-based accountant suspected of stealing money from client pension funds. Accountant Roger Bessent is accused of transferring over £200,000 into his personal account and accounts of companies he controlled. Some pension scheme funds were also transferred from the Focusplay Retirement Benefit Scheme, a sponsoring […]
Boosting the slow rate of growth of the average pot size on advised platforms requires an “extraordinary and sustained” increase in defined benefit transfers, according to The Lang Cat. In its seventh annual platform guide the consultancy says most platforms have an average client pot size ranging from £100,000 to £200,000. It points out the average case […]
Just a third of pensions trustees conduct a competitive tender before asking their investment consultant to act as a fiduciary manager for client assets, according to an investigation by the Competition and Markets Authority. The CMA has released the findings of its inquiry into the investment consultant sector this morning, revealing that some trustees have […]
Ex-Zurich UK life chief operating officer David Etherington has decided to step down from the board of support service provider SimplyBiz, the firm has announced. Etherington, who was also formerly chief growth officer at Zurich after heading up distribution as COO, has been a non-executive director at SimplyBiz since 2015. In an announcement this morning, SimplyBiz […]
The entire ordinary share capital of platform and fund provider AJ Bell has now been admitted to the London Stock Exchange, the firm has announced. Following the firm’s decision to set a price for its initial public offering last week, it has confirmed this morning that its entire ordinary share capital, consisting of 407,055,994 ordinary shares […]
Aegon‘s transformation director Elaine Maddison has joined a technology firm specialising in managing cloud-based solutions. She will start work at Brightsolid in January and has around two decades of experience in the financial services industry. Maddison has worked at Aegon since September 2016 where she was initially responsible for the delivery of customer service for […]
Do not be afraid to challenge clients. Doing so is vital to ensuring their secure financial futures With the use of cashflow modelling software growing, many advisers, while conservative and prudent with their own, often make the mistake of being too keen to include a client’s assumptions without really testing them. This can cause serious […]
The pension industry is changing rapidly, supported by this government’s development of the pension dashboard, the introduction of collective defined contribution pension schemes and a consultation on the regulation of defined benefit superfunds. We are unleashing innovation and opening up options for pension schemes members and employers. These reforms will bring the pension industry into the […]
Auto-enrolment is a much-celebrated success, with around 10 million workers now belonging to pension schemes chosen by their employers. Unfortunately, however, the complexities of pension administration have created a major problem that has the potential to undermine confidence in it. The last thing we need is another pensions scandal splashed across the front pages. Pension […]
At the same time as our economic engines are faltering and our politics are less sure than ever, something else has been happening. The mass market is being replaced by multiple micro markets and seemingly infinite choice. The exchange of information creates ever more value, while commodity products and services are ever cheaper. It takes […]
I was one of the first to be granted chartered financial planner status, but I wonder what the future is for the accolade. The Personal Finance Society does not seem overly concerned about erosion of the title, seemingly allowing its abuse with impunity. There have been high-profile incidents of more than one chartered financial planner […]
With so much talk of regulatory burden and the big boys starting to push smaller advisers aside, it can seem like there is no hope at all of new entrants breaking into the financial planning space. It is not uncommon, at conferences and in private, to hear veterans of the market say things like “there’s […]
I was interested to read a Financial Ombudsman Service case lately, where a potential client approached a firm for pension transfer advice but the firm decided against advising them. Unfortunately, a delay in the firm making that decision resulted in the cash equivalent transfer value timing out, meaning there was no time left for the […]
Male and female state pension ages have finally equalised but the same cannot be said for the retirement incomes they receive Although the age at which men and women can claim the state pension has now equalised, the same cannot be said about the overall levels of pension income the different genders receive. Historically, women […]
I make no apologies for revisiting decumulation and challenging the current model. It is risky for clients and advisers. My comments relate to the process whereby a retirement portfolio is amortised for income. And I am not looking at financial planning for high net worth clients, whose assets will largely go to children and grandchildren. […]
HM Revenue & Customs is seeking views on policy design and any suitable alternatives After a long wait since it was announced in the autumn Budget of 2017, HM Revenue and Customs published consultation paper The Taxation of Trusts: A Review on 7 November. The consultation’s aim is to make the taxation of trusts simpler, […]
The complexity around inheritance tax rules is well known. Even experts in the industry need to revisit the details sometimes. A substantial part of my time as a financial planner has been spent helping clients manage how to pass on wealth to their loved ones, either during their lifetime or after death. As a millennial, […]
Next year is set to be one of challenge and change for the advice profession, but also one of opportunity, as the UK plots an uncharted journey outside the economic boundaries of the EU and planning businesses continue to adapt to evolving regulation. The past 12 months have seen advisers work to meet new European […]
Three advisers talk to Money Marketing about taking time out to help the community Christmas is traditionally a time for giving, so as our thoughts turn to the festive period, how are advice firms giving back to the community or the profession? The great outdoors As a seasoned mountain walker and scout leader, much of […]
Figures show advisers are not taking on enough clients, but this can be fixed with a closer look at efficiency Back in the day, advisers would often have hundreds, if not thousands, of clients who would receive advice as and when they needed it. But changes in regulation from the RDR and, more recently, Mifid […]
Trouble ahead for Europe? Against a backdrop of Brexit and high sovereign debt, European funds have had a problematic year Brexit has been unavoidable for the past two years, dominating almost every aspect of British life. While the UK parliament has yet to vote on the deal (the original vote was 11 December but this […]
There are some clear benefits beginning to emerge from the changes to income tax – mostly in favour of the chancellor I regularly find myself talking about tax planning in generic terms. And that is all good, but the generic has its roots in often granular specifics. That is certainly true when it comes to the […]
Advisers are avoiding putting all their eggs in the passives basket Few advisers have wholeheartedly taken on board the arguments for index-tracking and put all their eggs in the passives basket. Indeed, advisers are deeply split in their attitudes towards passive investing. There is no denying funds in passive investment vehicles have been on the […]
Trade tensions and Brexit are concerns ahead of 2019 European equity markets have had a tough year. The economy has failed to live up to the expectations at the start of the year that European growth would be fuelled by easy financial conditions and falling unemployment. Regional business confidence surveys have fallen steadily since January. […]
2018 saw mixed fortunes for the platform space, with a number of advised offerings launching successful IPOs, while others feeling the heat went through mergers or tough technology reboots. Here’s what the experts made of it all. Upgrade pain…again Platforms’ dilemma is whether to stick with the old tech and fall behind with the whizzy […]
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Global growth looks set to re-converge at a more lacklustre pace. Karen Ward, Chief Market Strategist for EMEA, looks ahead to 2019 and considers what might lie in store for global economies.
The UK Edge asked Andy Robbens, Investment Specialist at J.P.Morgan Asset Management what an average day for him looks like.
Welcome to the UK Edge’s latest video series – ‘A day in the life of’. In this first episode we follow Investment Specialist Andrew Robbens during a typical day at the J. P. Morgan London offices.
With just over four months to go until the deadline for the UK to leave the EU, Karen Ward, Chief Market Strategist for EMEA and formerly Chair of the Council of Economic Advisers to Philip Hammond, assesses the lay of the land.
Kyle Williams, manager of the JPM UK Equity Growth Fund, examines the pharmaceuticals sector.
The stock market is made up of a plethora of different beasts. From lethargic old giants to the spritely spirits of the small-cap index. Zach Chadwick, an analyst within the J.P. Morgan Asset Management UK equity team, discusses how these different size companies tend to perform through the cycle and explore why this is the […]
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
Here’s an intriguing question for some of your more historically minded colleagues on a quiet lunchtime. What’s been the biggest change to the industry over the last 20 years? By way of answer, you’ll probably get some mix of: RDR Pension simplification Regulatory body changes (PIA to FSA to…) Pension freedoms The rise of platforms. […]
From 6 April 2017, the Scottish Government were given powers to set a Scottish rate of income tax which applies to any non-savings, non-dividend income for those deemed to be Scottish taxpayers. These rates apply to an individual’s earned income, pension and most other taxable income. However, confusingly, for any savings income and dividend income, […]
London is seen by many as one of the leading cities in the world and many wealthy non-UK residents have bought residential property in London, or maybe somewhere else in the UK. Property prices in the south east of England, and especially London, can make owning a residential property a lucrative exercise. Buyers purchase London […]
It’s easy to see technology as a threat, but it doesn’t have to be; professional advisers, unlike robo-advisers, can excel at the soft skills – valuing clients, respecting them, understanding their investment objectives and feelings. All of these are major contributors to building long-term trust and relationships. Watch the full video and also find out […]
“My perspective changed after a visit to some clients. They were a couple in their late fifties, busy with work, and when I asked them what they wanted to do in life they used the phrase ‘one day’ at lot. One day we’d like to do this. One day we’d like to do that. I […]
What we see in study after study, is that most investors change advisers more because of lack of communication, lack of feedback, and lack of just getting back in touch with the clients, so building trust is very, very important in the adviser-client relationship. Watch Francis Kinniry, Vanguard’s global head of portfolio construction, explain why […]
Balance: Wealth Planning managing director on setting up a new firm and being fed up with inadequate systems Advisers are waking up to the fact that younger people are the clients of the future, and Balance: Wealth Planning managing director Rebecca Aldridge is no exception. She is weeks away from launching a second company that will […]
Insight.Out managing director on why she is committed to pension transfer advice, despite the high-profile problems The British Steel saga exposed the ugly side of pension transfers, providing a stark illustration as to why people considering one need the right advice. However, the fallout has led many advisers to question whether they can afford to operate […]
Essential Wealth managing director on coming up through the ranks of the graduate scheme she now runs Growing anything – whether that be a vegetable patch or a team – requires nurturing and giving it plenty of time to develop. Those who have not got that luxury (or the patience) will tend to buy the […]