With just over three months left until the implementation of Mifid II, experts are cautiously optimistic that advisers will be ready for the incoming European regulation. However, concerns remain that there is a lack of clarity on several important rules. A survey this month by discretionary fund manager Smith & Williamson found 73 per cent […]
The regulator has said it “is minded to seek a financial penalty” against Capita Financial Management Capita has set aside £37m after the FCA indicated it could fine the company over its connection to the collapsed Connaught Income Series 1 fund. Capita Financial Managers was the operator of the fund until 2009. The fund went […]
Digital wealth manager Moneyfarm is exploring opportunities to extend its advisory powers in an attempt to boost profitability. Speaking to Money Marketing, Moneyfarm chief investment officer Richard Flax says the firm is discussing ways to deliver more “scalable advice” with a mix of face-to-face advice and technology by getting full advice permissions. Flax says: “We […]
The Government has outlined plans for post-Brexit financial services regulation in the UK to ultimately diverge from the European Union. Brexit secretary David Davis met with City leaders last week at Chevening, foreign secretary Boris Johnson’s country residence, the Financial Times reports. Davis told a breakout session for financial services that the UK would lose potential competitive gains from […]
Eastcote managing director Trevor Law on launching a new firm, rather than selling to consolidators
It is unlikely the US leaders will ever make it to the UK, which provides a perfect opportunity for digital advice firms here to lead the domestic competition Finovate is the place to go to see the leading edge developments in financial technology. Although there is an excellent European show in London in February, I […]
3 January 2018. Mark the date in your diaries if you haven’t already. It’s the day that the second Markets in Financial Instruments Directive takes effect in UK law. That’s only three months away. But it’s no reason at all to panic, as our cover story this week, which takes stock of how the sector […]
Wifi Map is a free app to help users find free wifi anywhere in the world. It shows the locations where free wifi is offered on a map, together with the password for the hotspot. It incorporates a speed test so the user can understand how fast the wifi hotspot connection will be. It can […]
Chase de Vere has acquired specialist financial planning firm Medical Money Management. The firm, which advises medical and dental professionals, has eight offices ranging from Exeter to Glasgow. 30 IFAs will join Chase de Vere through the acquisition alongside another 50 staff. Chase de Vere did not disclose the cost of the deal. Medical Money […]
Good technology underpins, rather than undermines, adviser propositions The FCA’s final report on its study of the asset management market, highlighting average margins of 36 per cent and questionable price competition, was the latest in a long line of official initiatives to shine a spotlight on the costs of financial products, services and advice. With […]
The advice sector is on the cusp of a major regulatory shift, set to change customer behaviour and market conditions. Firms need to focus on three core areas to ensure they remain competitive and effectively meet regulatory obligations, particularly as new conduct risks emerge. Culture Culture plays a key role in effectively adapting to future […]
Star manager Neil Woodford has dismissed concerns of rising UK consumer debt arguing house prices are rising and the low interest rate environment will be supportive. UK households have amassed £200bn in unsecured debt and consumer credit is rising at a rate of just under 10 per cent a year, while inflation has seen real […]
The FCA says many older mortgage borrowers struggle to get complete advice and cannot access a wide choice of products. The regulator made the statement in a paper published today. It suggests firms should take older borrowers into account more with their policies and proposition. It adds that mortgage companies should also plan for consumer […]
Intrinsic Financial Services has reported a total comprehensive loss of £10.4m for the 12 months ended 31 December 2016, as it predicts losses to continue. The loss at the Old Mutual Wealth-owned business is less than the £11.5m reported in 2015. Operating losses decreased from £12.9m to £8.9m. The results statement says: “The decrease in […]
Sandringham Financial Partners took on £1 million of additional debt in 2016 to fund its growth plans, its accounts show. The size of the company’s liabilities are revealed in its full year results for 2016, which have just been filed with Companies House. In total, the Yorkshire-based network had net liabilities of £5,208,678 – an […]
190 people are currently employed at the Hove office Aegon is planning to move Cofunds’ services that currently run from Hove to its office in Witham. It is expected the Hove office will close by mid-2018. The Hove office runs the investor portfolio service, which lets advisers and customers manage their investments online. There are […]
How do you choose between active and passive? Is it art or is it science? Is it really one or the other? Many people approach this decision thinking the outcome is either one thing or the other. You either expect your manager will outperform or you don’t. You go 100% active. Or 100% passive. But […]
Old Mutual Wealth is joining forces with the Chartered Insurance Institute to offer training to advisers on defined benefit pension transfers. A spokeswoman for OMW says a best practice training programme was needed given growing demand for advice on this issue, and FCA proposals for more rigorous rules on pension transfer advice. The move comes […]
Regulator will take a different view of firms that have “deliberately flouted” the EU directive The FCA will not take enforcement action against firms that do not meet all Mifid II requirements by the day it comes into force where they can show they have taken steps to comply with the regulation. In a speech […]
The Financial Services Compensation Scheme is the latest agency to warn that scammers are trying to use its name to trick consumers into handing over money. In a note published on its website, the lifeboat fund warns people to be wary of “fake emails from fraudsters claiming to represent FSCS.” The FSCS writes: “Do not […]
The FCA panel setting a template for fund charge disclosure has agreed how it will decide what the format should be, Money Marketing has learned. Money Marketing understands the FCA will publish the terms of reference for its disclosure working group later this week, which will set out the scope of the work behind the […]
My first instincts about a Royal London-sponsored report were wrong. Now I urge everyone to read it
As our younger generations return to school, college and university, September is a time of the year when some of us older ones also consider going back to college; maybe to study a new course or add new skills to our toolkit; or go even further and completely retrain. With the UK heading for skills […]
Regulator has created a fiasco which is likely to lead to many complaints against it in years to come
The more clarity people have on what makes them fulfilled, the happier they will be. So what is the advisers’ role?
While autonomy and freedom of choice are critical to our wellbeing, there is a glitch: namely, our freedom to choose that which is not in the interest of our wellbeing. Hence the value in strong and clear advice. Back in the Garden of Eden, God pointed out the risks involved in investing in apples, given […]
In giving the financial services industry a monopoly over the word advice, the Government’s new guidance body spells trouble for consumers
How do you measure a client’s attitude to risk? Adviser technology companies have been coming up with increasingly sophisticated solutions to this problem at breakneck pace over the last few years as both computing and psychological knowledge has evolved. The answer to the question hasn’t changed though: it’s complicated. Because each client is an individual, […]
What would happen if you weren’t here next week? It is vital all business owners have a succession plan in place
The underlying cause of Northern Rock’s collapse, which triggered the financial crisis, was clear: weakness in board governance, product complexity, risky business models, executive behaviour and inadequate regulation. It was uncannily similar to the events leading to our collapse at Equitable Life in 2000. On the tenth anniversary of the financial crisis, we see some very […]
You do not have to be a doctor to know how important the heart is. But back in ancient Greece, you could be a doctor and still have no idea how important the heart was. Back then, doctors like second-century Greek physician Galen believed the liver, not the heart, circulated blood, while the heart circulated […]
Platform gurus have recently been opining on the FCA’s deluge of market studies; in particular questioning the point of the Investment Platforms Market Study. As Lang Cat consulting director Mike Barrett saw it: “You can’t help wondering whether the more detailed areas of focus are structured to prove (or disprove) a problem the FCA is […]
There has been much talk about tailoring the regime to fit the diversity of firms who will be impacted. So, what does it look like?
Money Marketing has teamed up with Taxbriefs to bring you the definitive guide to the EU’s forthcoming General Data Protection Regulation and how it will affect your firm. Get your free briefing with everything you need to know and stay ahead of the game below. Regulation: Do Mifid II and the GDPR have conflicting aims?
There are opportunities to take advantage of a child’s personal allowances and capital gains tax annual exemption when investing for them
Manager Fraser Mackersie says flexibility and being more nimble than mammoth funds are among the key factors which have enabled the Unicorn UK Growth fund to outperform
Assets held on UK platforms represent over a quarter of the more than €2trn (£1.8trn) assets on-platform in Europe, according to Platforum data. The UK is the leading open architecture market for funds thanks to predominantly adviser-led distribution. In continental Europe, where distribution is bank-dominated, open architecture also picked up over the last few years. […]
Sentiment towards technology firms has not been this strong since the dot.com ere but the risks are significant
Facebook ads should be a crucial part of an advice firm’s strategy for increasing website traffic
We all have clients we have dealt with for many years; those who trust us and value the advice they receive. But what happens when these clients decide to move abroad and want you to continue advising them on their financial arrangements? This is an area that is not straight forward. There are a number […]
The MSCI Emerging Markets index returned 17.6 per cent in the seven months to July; impressive when compared with the 5.6 per cent generated by the FTSE 100 over the same period. Earnings growth has been steadily improving as well. Analysts expect the sector to continue to rally, benefiting from improving profitability, rising incomes and […]
Getting the tax fundamentals right can be a huge contributor to achieving investment objectives
The Senior Managers Regime represents a shift in focus from the regulator, with a broader risk outlook encompassing both regulated and unregulated business
Platforms are shooting themselves in the foot by not streamlining their systems with those of advisers
The costs of unlimited liability can be catastrophic, so advisers who are sole traders or in full partnerships should reconsider their position
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Creating investment portfolios for clients is a key role for advisers. The choice between active and passive investment strategies is at the heart of this role. Ankul Daga, senior investment strategist at Vanguard, explains a framework for blending active and passive that can help you and your clients. Read more about the active/passive framework, as […]
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 […]
MM takes stock of the mega-merger set to shake-up the asset management industry
Looking to blend active and passive investment strategies? There are four key factors you need to know about, explains Ankul Daga, senior investment strategist with Vanguard Europe. Discussing the merits of active and passive investing with financial advisers, I am often surprised to discover how many are blending active and passive funds in their portfolios. […]
Advisers increasingly use DFMs as their investment partner. Cazenove Capital provides due diligence factors for advisers to consider when partnering with a DFM. Click here
By Mark Martin, Head of UK Equities, Neptune UK housebuilders have performed strongly in recent times, rising in excess of 400 per cent since the financial crisis. But with house price growth slowing and construction workloads decreasing, do UK housebuilder stocks represent a concrete investment? Read more Important information – For professional investors only. Investment Risks […]
Trevor Greetham, Head of Multi Asset at Royal London Asset Management, presents his latest video update, sharing his current views and the positioning of our multi-asset funds. Watch the video here Download The value of investments and the income from them is not guaranteed and may go down as well as up and investors may […]
In the past, some advisers have avoided the use of onshore investment bonds, and some still do. The image of bonds may have been tarnished in the past, however, the days of high allocations and commissions are gone. It is important to put these factors aside and look objectively at the benefits onshore bonds can […]
Kunal Desai, Head of Indian Equities, Neptune After three years of gains, does the Indian market still represent good value? Watch Kunal Desai discuss the impact of Modi and where he is finding the best investment opportunities today. Important Information Investment risksNeptune funds may have a high historic volatility rating and past performance is not a […]
Future Life Wealth Management’s founder Jillian Thomas on surviving a tsunami and building a brand
What is the purpose of money? This is a question that highlights the distinction between financial planners and advisers, according to Paradigm Norton chief executive Barry Horner. Horner, whose business was voted Adviser Firm of the Year at the 2017 Money Marketing Awards, says there is no point in growing wealth just for the sake […]
The DFP Wealth Management IFA on the desperate need for a new generation of advisers and existing firms’ role in helping them in
