Advisers could be paid £1,700 for referring clients to provider Just Group’s financial planners under a new introduction scheme. Advisers can refer clients wanting either retirement income, care funding or equity release advice to Just Group business Hub Referral Solutions. Hub will pay introducer fees and has given example fees for completed referrals as: Retirement […]
The FCA has been criticised by the Complaints Commissioner for a lack of empathy and openness, which it attributes to the regulator’s “attitudinal problems”. The Complaints Commissioner 2017/18 annual report says the FCA needs to tackle problems with “defensiveness, lack of candour, and lack of empathy”. The report says while only a small proportion of […]
The Money Advice Service will soon be superseded by a new public financial guidance body, rolling it into Pension Wise and The Pensions Advisory Service. Money Marketing looks at some of the key stats for the organisation ahead of the transition.
National IFA Chase de Vere has launched an online advice service for medical professionals. The new service will be called Chase de Vere Medical. The national advice firm already has around 75 advisers who specialise in the medical field. It has partnered with the British Medical Association since 2005. Chase de Vere Medical head Andrea […]
Given all the turmoil in politics, I want to look at Brexit this week. Parliament is so engrossed in this ongoing drama that other policy issues are being pushed aside. The prime minister’s Chequers cabinet awayday produced a framework on which negotiations with the EU might be based, with proposals that would acknowledge the needs […]
Sanlam has announced that advice firm Ergowealth has become the first to join a new partnership programme it launched in 2017. Marlow-based Ergowealth, founded in 2013, will bring £165 million in assets under advice from 290 private clients to the partnership programme. Providing investment and lifestyle financial planning services to private clients, businesses, charities, and […]
The chairman of the Invesco Perpetual Enhanced Income trust has left his position in the latest fallout from a fight between Invesco and the trust over its management mandate. In May, Invesco took a surprise move to step down from running the trust after a dispute around fees, leaving the trust hunting for a new […]
Europe will lose decision-making autonomy and be worse off under the terms outlined in last week’s Brexit whitepaper from Theresa May’s government, says the EU’s chief negotiator. The UK government scrapped its plans for mutual recognition of regulation in the whitepaper. The whitepaper instead proposes an equivalence model, similar to that used by Singapore and the […]
A public petition against plans to shelve the pensions dashboard has climbed from 17,000 to more than 82,000 signatures since Thursday. The petition, hosted by 38degrees, was launched six days ago. Backlash against the government has emerged over the past week as rumours swirl that ministers are considering abandoning the planned 2019 introduction of the dashboard. […]
The year so far has been full of manager and senior staff moves. Earlier this month, eight senior staff at Standard Life Aberdeen left to go to Aviva Investors, to join former Standard Life Investments equities head David Cumming. With moves like this in mind, is a management team or sole manager the better choice? […]
The Treasury has today published a “technical consultation” relating to the ban on pensions cold-calling, following criticism for missing its June deadline. The Treasury confirmed last month the implementation of the ban would be delayed due to “technicalities”. At that time, a Treasury spokesman said: “Following debates in parliament, and having considered evidence from the industry, […]
One of the advice firms formerly run by jailed adviser Frank Cochran has been told to stop all regulated activity. The FCA register page for Wolverhampton-based FSC Investment Services says the firm must “cease all regulated activities”. Money Marketing understands the instruction appeared on FSC’s register page yesterday. Cochran owned the firm for 32 years […]
After allegedly silencing a whistleblower who wrote an internal report criticising Lloyds Banking Group’s handling of fraud, Lloyds Banking Group has agreed to reopen the case, The Financial Times reports. Using her insight from working as an employee in the bank’s high-risk division, Sally Masterton claimed that some of HBOS’ executives from the Reading branch […]
The Money Advice Service’s Retirement Adviser Directory now has more than 7,000 advisers listed, the guidance body has revealed. A total of 3,719 firms are now part of the directory, MAS says in its final annual report before merging with The Pensions Advisory Service and Pension Wise later this year to create a new single […]
Over 1,250 financial advisers turned up to the FCA’s series of regional events, Live and Local, last year, the regulator has revealed. In its annual report this morning, the regulator says that it is continuing to engage with advisers through events including Live and Local, which include supervisory workshops, firm surgeries, roundtables and chairman’s lunches […]
The issue of who should pay for platforms is a red-hot topic again – so what is the answer and what are the consequences for advisers and clients?
FCA chief executive Andrew Bailey received a £75,000 bonus for 2017/18,the regulator’s account. Part of the bonus has been deferred and will be paid in 2019. The portion of the bonus already received has been donated to the FCA’s staff charities, Richard House and the Alzheimer’s Society. The bonus is a £10,000 increase on Bailey’s […]
Close to 15,000 people have pushed back against alleged government plans to shelve the pensions dashboard by signing a petition. This week it was reported secretary of state for work and pensions Esther McVey’s was moving to scrap the project. The petition, hosted by 38degrees, has collected 14,377 of a target 15,000 signatures in just […]
The Pensions Regulator has appointed an independent trustee for the 15 schemes linked to the now shuttered Fast Pensions. Fast Pensions and five connected companies were wound up at the High Court in May. According to an Insolvency Service statement, it is estimated around 520 people were persuaded to transfer a total of at least […]
There are increasing hurdles to consider for advisers making the move to sell their business and trade under a new parent. Recent figures from Nucleus show advisers are shunning the idea of selling to consolidators, thanks to increasing examples of the process going wrong. Figures from a survey of around 200 advisers by the platform […]
Last week, the great and the good of the advice profession gathered in Port Talbot. An industrial town in deepest South Wales may seem an unlikely location for a high-profile conference, until you fully grasp the magnitude of what has happened there over the past 12 months and its impact on the planning profession. While […]
New report fails to acknowledge life-changing consequences of delayed and poor decisions
Back in May, I wrote about the pressures building in advice firms due to a shortage of highly skilled staff and the consequent costs in recruiting. With Apfa research finding profits from retail investment advice fell 16 per cent between 2014 and 2016, I thought businesses faced a worrying future. But last month’s FCA Data […]
The boss of Richmond House Wealth Management responds to Money Marketing columnist Paul Lewis’s latest article that questioned the effect of pension freedoms I am in the majority of advisers in that I am still, just, in my 50s. I therefore grew up with the Man from the Pru calling monthly to collect premiums, got […]
In a recent Money Marketing column Paul Lewis argued that financial journalists and financial advisers are ‘one and the same’. In response, Nic Cicutti argued that advisers are ‘nothing like financial journalists’. As my column was due, I thought I would add my two penn’orth as an adviser of 20 years’ standing. I agree with […]
Rather than innovate in the wake of pension freedoms, the industry has taken advantage of unengaged consumers
Given that the average reading age of adults in the UK lags their biological age, insurers should simplify their wording in the underwriting process
Sometimes emotions drive client decisions so advisers need solutions that satisfy emotional and financial objectives. As humans, we have very elaborate neural systems to address threats. In particular, the emotional circuitry that kicks in to protect us from perceived threats – the ‘fight-or-flight’ response. But there is a very important distinction between threats in the modern world versus […]
The work and pensions select committee is calling for a ban on contingent charging, but this would have an impact on consumer choice. We need to protect consumer choice by mitigating growing concerns over conflicts of interest – real or perceived – and the inherent risk to contingent charging more widely. Consumers seek financial planning […]
A few months ago, I pulled a muscle in my lower back which was total agony. I went to see a sports therapist, who carefully and diligently carried out an examination. She then carried out a massage to ease the inflammation. At the end of the consultation, the therapist gave me some advice on exercises […]
It is possible that defined benefit transfer activity is nearing its peak
The night after I attended the excellent Money Marketing Awards evening I went to a Foo Fighters gig, where before and after, I was engaged in seven different conversations with friends about financial issues. A few friends had tried to pay for financial advice but were put off by London-based financial adviser charging costs. After […]
Michael Klimes reports from Port Talbot on the legacy of misselling and how steelworkers are coping
It’s important to buy a system you need rather than be sold the wrong solution
Tax avoidance scheme users need to acquaint themselves with HMRC’s processes Over the past few years accelerated payment notices have been in the news. They have been used as very effective cash flow generators for HM Revenue and Customs in tax avoidance cases where HMRC would otherwise have had to wait until the end of […]
The multi-asset label covers a diverse and complex range of investment funds and approaches. The common characteristic is that they deliver a return profile which reduces the risk of investing in those asset classes individually. Multi-asset fund managers aim to deliver superior returns while balancing the portfolio to ensure that the level of risk being […]
Adviser firms should have a consistent and planned approach to retirement planning but risks and client outcomes will vary. One of the more intelligent remarks during an adviser roundtable I hosted recently for Platforum – on the subject of decumulation in retirement – was the following: “I encourage many of my clients to turn left […]
Drawdown investors need solutions focused on downside protection, inflation hedging and managing volatility risk The sector has a job on its hands to ensure the pension freedom reforms so many of us celebrated just a few years ago do not become a landmark we reflect on with regret in decades to come. That is the […]
Suitability, know your client and financial crime checks are inextricably linked regardless of the channel of delivery
Despite growing concern about the economic outlook for China, investors need not worry
The Protection Distributors Group has launched a Claims Charter to address weaknesses in the claims process
Industry experts have reacted positively to the FCA’s long-awaited platform market study this morning and news that it is considering an exit fee ban and more guidance over how advisers should charge for platform recomendations. Commentators on the study are wary that the regulator still has a way to go to ensure clarity for advisers, […]
Planning for later life should include consideration of potential care costs as well as pensions, taxation and inheritance
Regulator unveils proposed directory of senior financial services professionals, publishes fees for 2018/19 and approves new tech-based mortgage firms. The Financial Conduct Authority published a raft of reports, consultations and policy initiatives over the past month and many will have a direct impact on the mortgage sector. Recently, the FCA has put forward plans to […]
A look at social proof and how it can help validate your work
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As investors head off for their holidays, our team recommends beach reads to help you reframe the uncertain global environment and look at today’s problems in new ways. We hope there’s a title for every taste, covering topics including investment, leadership, technology, economics, the lessons of history and sport. We hope you enjoy our selection.
‘It would be an unalloyed, unadulterated, absolute good. Everything would be good.’ Mark Carney, 5 July 2018, speaking at a Northern Powerhouse business summit.
Thomas Buckingham, portfolio manager of the JPM UK Higher Income Fund, discusses UK inflation and what it means for investors.
William Meadon, portfolio manager of the JPMorgan Claverhouse Investment Trust plc, discusses profit warnings and the impact on share price .
Levels of merger and acquisition (M&A) activity have historically moved with the stock market. Zach Chadwick, an analyst within the J.P. Morgan Asset Management UK equity team, looks at how this cycle has been no exception and discusses some common behavioural biases.
Amit Parmar looks at the recent surge in oil price and its impact on UK equity income investors.
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
FCA chief executive Andrew Bailey has just marked his first year at the top of the regulator. Money Marketing asks: Who is the man running the financial services show? Watch: Where do your FCA fees go?
Title: MM Wired: Beyond the election Date: Thursday 15th June Time: 11am Money Marketing Wired returned in association with The UK Edge on Thursday 15 June with a topical debate on the election results. To see the full on-demand version of this session, please watch the video above. Panelists Stephanie Flanders – Chief Market Strategist (UK […]
Many parents value the standard of education offered by independent schools and will pay for that privilege. Planning for the fee payments can help. Even if the children do not go to an independent school, they could go to university. In this case, the children can end up with a huge outstanding student loan which […]
Mark Devlin, Senior Technical Manager at Prudential looks at how pensions tax relief works to help with planning for clients. Winning the lottery has its appeal, who wouldn’t like turning the cost of the ticket into a fortune? Pensions tax relief in essence gives you free money (albeit with a lesser return than a lottery […]
Thomas Smith, Fund Manager & Co-Head of Emerging Market Equities, argues that a new India is taking shape with the introduction of biometric IDs, increasing smartphone penetration and a growing demand for credit. Read more here Investment risks Past performance is not a guide to future performance. The value of an investment and any income […]
By Thomas Smith, Fund Manager & Co-Head of Emerging Market Equities Andres Manuel Lopez Obrador has been elected President of Mexico, with over 50% of votes cast – the largest share ever for a president in Mexico. What are the implications for the Mexican economy? Read more here Investment risks The value of an investment and […]
Ewan Thompson, Manager of the Neptune Emerging Markets Fund, explains why dollar strength is an important indicator for emerging markets, which have weathered the recent volatility well. Watch the video here Investment risks Past performance is not a guide to future performance. The value of an investment and any income from it can fall as well […]
Vanguard and Nest Insight are delighted to publish our “How the UK Saves” report, one of the most extensive studies of retirement in the UK. This inaugural report analyses the choices, demographics, behaviours and outcomes of the nearly 6.5 million people using the National Employment Savings Trust (NEST). Analysis at both the employer and individual […]
Explore Wealth Management managing director Stephen Sumner explains the benefits of business coaching for financial advice firms
You know when you have given your clients sound advice based on everything you can reasonably be expected to know. But will it stand the test of time? The UK has become increasingly litigious and the rules on which advice to clients is based can change in the blink of an eye. With the passing […]
Imagine you had no business but you did have access to 150,000 potential clients. Would that be enough of an incentive to launch an advice firm? That was exactly the position Buckingham Gate managing director Matt Smith was in four years ago when he walked into a meeting with digital marketing firm Dianomi. Smith is […]