Its Dear CEO letter to providers shows the regulator expects future fallout within the industry In comparison to the timescale of the pending judgment in Adams vs Carey Pensions, the Court of Appeal judgment in Berkeley Burke vs Financial Ombudsman Service went through at breakneck speed. Although on face value the two cases cover similar […]
A pension transfer specialist which came under scrutiny for its outsourcing model is now making a bid for the transfer business of advice firms unwilling to take the risk on themselves. Clients would generally be referred to Tideway’s defined benefit to defined contribution pension transfer service before returning to the referring advice firm for follow-up […]
Recruitment is one of the most challenging jobs for a business owner. Get it right and the business is enhanced. Get it wrong and it costs. Like many other firms, we are currently in the process of recruiting an additional paraplanner. This is an area where demand seems to be exceeding supply. We struggle a […]
Too many new initiatives are ignoring the obvious foundation available from which to build on Last month’s Budget documents confirmed the government is supporting the pension dashboard project, setting aside £5m to fund it. But the most significant part of the announcement was that the documents referenced “pension dashboards” – plural, not singular. The clear […]
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 […]
The Association of British Insurers and National Employment Savings Trust have joined forces to put pressure on the government to advance the pension dashboard project. ABI and Nest have formed a “formal partnership” on “shared strategies goals”. The new partners had consulted before on issues, that concerned them both. The two partners will work on […]
London-based Onvestor, the appointed representative of Basi & Basi, has added two adviser firms to its referral service launched earlier this year. Shropshire-based Midland Financial Advisers and Assured Financial Planning in Harrogate now both have the ability to refer their clients who they consider are no longer viable to support while ensuring they continue to […]
More than half of retirees have not decreased their rate of drawdown as a result of global market volatility, Aegon research shows. FCA data showed in September 2018 that those taking regular sums from drawdown (or uncrystallised funds pension lump sum) policies have increased their rate of withdrawal from 4.7 per cent in 2016-17 to […]
The Advertising Standards Authority has upheld complaints against a brace of property management services, in both cases for advertising guaranteed rental income. In the first case, the website for Victoria Knight boasted that a fixed monthly rental income was assured, which was challenged as being misleading because it “suggested rent would be guaranteed in all […]
Liontrust has seen assets under management grow by almost £2bn to hit £12bn in six months to 30 September. Fund flows hit £723m in the six months, up from £178m for the same period in 2017. It says the UK demand for sustainable investments, after acquiring the team from Alliance Trust Investments in 2017, had […]
Goldman Sachs has predicted that cash will soon become a worthy investment as energy companies and tech stocks suffered a sell-off in the US overnight. An oil price fall as sharp as 7 per cent led to the S&P 500 and Dow Jones industrial average surrendering the gains they had made in 2018. Both indexes are […]
The Liberal Democrats have stepped up their campaign for state pension equality, asking new pensions secretary Amber Rudd to address the reasons why women face lower pensions than men. The party has again called for progress on helping women born in the 1950s hit with state pension age rises, a cause popularised by the Women […]
The Pensions and Lifetime Savings Association has announced it is one of 33 new signatories that has signed up to HM Treasury’s Women in Finance Charter today. This has pushed up the number of firms that have joined the initiative to improve gender diversity within financial services to 300. These range from global banks to […]
Private Finance has concluded that a borrower on an average standard variable rate could save over £4,500 a year by switching to a two-year fixed rate deal. The mortgage broker says, in total, borrowers pay £15.4bn a year in SVR interest, with the typical rate on a 75 per cent LTV loan being 4.39 per […]
Financial Ombudsman Service plans to review past decisions remain too process-driven despite an important change to how they will be judged says MP Nicky Morgan. FOS is planning to review decisions made soon after it reorganised in 2016, and has provided details of its proposed methodology to the Treasury select committee. It outlined a two-stage […]
Aegon has announced a 15-year contract with IT company Atos to service and administer 1.4m of its non-platform business customers. The clients hold a variety of different types of protection policies. Aegon will continue the administration and servicing of all platform policies and schemes across Aegon Retirement Choices, Aegon Platform (previously Cofunds and Investor Portfolio Service), TargetPlan […]
Platform technology provider FNZ has supplied the blockchain system powering The Big Issue’s new impact investment platform. The Big Exchange platform will offer funds from fund managers, including Aberdeen Standard Investments Columbia Threadneedle, Alliance Bernstein and Alquity. Big Issue Invest says the platform will bring social and environmental funds direct to retail consumer for the first […]
Harwood Wealth Management Group has reported strong revenue growth on the back of a host of acquisitions this year. As at the end of its financial year (31 October 2018), Harwood says performance has been driven by both organic growth and purchases. A total of nine acquisitions were completed during the financial year, for an […]
BMO Global Asset Management launched Europe’s first retail ethical fund in 1984. As a pioneer in the field for over three decades, it’s rewarding for us to see responsible investing entering the mainstream. “There has been an explosion of demand” says co-head of the Responsible Investment team, Alice Evans. “We think what’s been driving that […]
Digital wealth manager Nutmeg has launched a new 10-strong suit of socially responsible portfolios. The firm says the range will be “fully managed” and “globally diversified” as it also launches a scorecard for all its investments to rate them on environmental, social and governance factors. Nutmeg claims the ratings deal with analytics firm MSCI makes it […]
National IFA Continuum Financial Services has decided to cut ties with the Caerus network to become directly authorised. The 38-adviser firm says that with assets under influence set to exceed £1bn in the next 18 months, it has opted to go directly authorised so it can have greater flexibility over its client and adviser proposition. […]
What if we did not know as much as we thought we did? And what if some of what we learned was actually wrong? How would we find out? I do not have the answer but the recent introduction of a re-evaluation exam by the FCA and the Chartered Insurance Institute could be a step […]
Making pensions simple for everyone to understand is one of my key missions as a minister. Simple, two-page, standardised pension statements, the pensions dashboard for online access to pensions information, an industry provided mid-life MOT are clearly the way forward. Traditionally, pensions are complex. We want to change this. If something is impenetrable, people shy […]
Gullible punters asked to pay £350 because Nutmeg can’t attract enough to online investment service A few months ago, I was asked to write a piece for a consumer finance magazine which looked at how to invest £100,000 if you wanted to go it alone. As well as detailing the role of independent financial advice, […]
“It was the best of times, it was the worst of times.” As I ponder the developments in the platform market over the past year, I cannot help but think about the contrasting tranquil roads of Dickens’ London and the bloodstained streets of Paris at the height of the reign of terror. A similar contrast […]
Judging by the amount of negative commentary on defined benefit pension transfers, you would have thought there would have been far more than 318 complaints about them to the Financial Ombudsman Service since the freedoms. Yet that is the number the adjudicator revealed last week. It makes for reassuring reading that, despite the FCA striking […]
Budget time is the key season of the year when people are talking about tax and likely to ask your opinion about its content – providing you with a perfect marketing opportunity to tell people what you do and how much you know about all things money. In a tasteful, modest kind of way, naturally. […]
With so many different expectations, this simple document can provide a snapshot of the type of paraplanner behind the CV I am finding paraplanners and their employers are starting to get more and more divided, as neither really understands what the other does for them. On the one hand, I am speaking to business owners who […]
The British have an obsession with residential property shared by few other Europeans. In many places on the continent, you rent city centre flats until you retire, when you buy or build a home in the country. Europeans devote around 15 per cent of spendable income to housing compared with a typical 30 per cent […]
I have always been very pleased to count myself as one of the contributing IFAs here at Money Marketing. I find the whole process of writing this column thoroughly enjoyable and more than a little cathartic. However, I also feel quite a weight of responsibility, which sometimes makes writing certain pieces a little difficult. Just like […]
Advice can help new parents avoid any unnecessary financial consequences of taking time off to have a baby New parents have an awful lot to think about, with their financial planning often languishing at the bottom of the list. Advisers can add value by highlighting a few significant areas. First and foremost, new parents must […]
IFAs have a responsibility to track clients’ drawdown requirements and attempt to mitigate sequence risk I have had a relationship with my IFA for more than 30 years. During that time, I would estimate he has received about £50,000 in commissions and fees. I am not complaining; it is my choice to continue to be […]
Negative headlines have made offshore investing look fraught with difficulties, but overlooking them could be doing clients a disservice In the lead-up to 30 September you may have read a bit about the “requirement to correct” with regards to the offshore investments of UK residents. You may also have wondered exactly what it was. The RTC […]
KW Wealth chief investment strategist Richard Stammers on retaining control of its investment management and involving clients in decision making Is your approach to investment management in-house, outsourced or a combination of both?We do it ourselves. We have two businesses – the wealth platform and the investment management business. Our view is that wealth management […]
FCA must give greater consideration to where detailed rules would result in more effective regulation and better protection Last month saw Sipp provider Berkeley Burke lose its High Court appeal against the Financial Ombudsman Service. The appeal followed the Ombudsman’s decision against Berkeley Burke for failing to carry out adequate due diligence on an unregulated […]
From pension planning guides to rock band biographies, three advisers share why and how they got themselves published Many advisers write books to share their knowledge of financial planning and raise their profile. But what are the joys and frustrations of being an author? Three advisers discuss their experiences. ‘The best business card you’ve ever […]
As new disclosure rules bring the full extent of protection commissions into the spotlight, experts are asking if this will see clients ditch their advisers in favour of execution-only services. Under the Insurance Distribution Directive, from 1 October advisers have had to provide clients with information before a product sale about any commission received, which […]
The advice market has faced a significant number of challenges in the past year which continue to complicate the prospects for the profession. The combination of regulatory challenges posed by the introduction of Mifid II, Priips and GDPR with the uncertainty surrounding Brexit has led to many advisers feeling less sure about their future, while […]
Will political moves to back EIS schemes be enough to stimulate productive investment? When chancellor Philip Hammond announced a set of new rules for venture capital at last year’s Autumn Budget, he triggered a key moment for the enterprise investment scheme industry. “We were at an EIS event with fellow providers and mid-event, when the […]
Why having a little fear is not a bad thing The wild ride in asset prices at the start of the fourth quarter may have left some investors fearing the worst and wondering about the direction of financial markets. Treasury yields surged and stock markets around the globe sold off dramatically. October was the worst […]
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James Illsley, portfolio manager for the JPM UK Equity Core Fund, reflects on a busy week for UK equities.
Money Marketing Wired returns in association with The UK Edge on Tuesday 30th Otober, at 10 am with a topical debate on The politics of Brexit: What investors need to know. Discussion topics A month on from the Conservative Party conference, will the party be able to resolve its Brexit divisions? What options are still politically palatable to all sides? […]
The UK Edge asked Andy Robbens, Investment Specialist at J.P.Morgan Asset Management what an average day for him looks like.
Karen Ward, Chief Market Strategist for EMEA, gives her opinion on the Brexit negotiations.
At the latest Monetary Policy Committee (MPC) press conference, Governor Carney noted that businesses are taking a very cautious approach right now because of the uncertainty around the outcome of the ongoing Brexit negotiations.
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!
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 […]
Clare Moffat, Head of Business Development, Royal London, looks at how you can help solicitors understand the implications of IHT on pensions and how this can affect their clients. Do your solicitor connections understand the changes to death benefits and the implications they might have? It’s important solicitors aren’t straying into giving financial advice. Why […]
Robin Nimmo, Strategic Insight Manager at Royal London, looks at the FCA’s response to its latest consultation on pension transfer advice. On Thursday 4 October the FCA published policy statement PS18/20, its response to consultation paper CP18/7 on improving the quality of pension transfer advice. What’s in the policy statement? Standards to be met before […]
Scottish Widows Pension Expert Robert Cochran caught up with Andrew Scott to discuss retirement planning in an age of longevity. Andrew Scott is a Professor of Economics at London Business School and co-author of the book ‘The 100 Year Life – Living and Working in an Age of Longevity’. Retirement planning in an age of […]
Fiona Hanrahan, Senior Product Insight and Technical Support Analyst, Royal London We look at carry forward in the latest in our series of top five FAQs on pensions technical topics. Can an individual use carry forward if they haven’t paid into a pension for a number of years? If the individual was a member of […]
As part of the advice process, when meeting a client for the first time, one of the key questions the adviser asks is whether the client has a will in place. This can then lead to discussions around the provisions a client has made for their family and heirs should they die. It is sometimes […]
Investment bonds are all about giving choices and being able to meet your client’s needs and goals. Let us consider Stephen and Sarah who have been talking about sending their children to a local private school but, having realised that the average fee is £4,473 per term, know that paying for this privilege will be […]
Sheraton Financial Planning director on dabbling governments and the growing retirement funding gap As an at-retirement specialist, Sheraton Financial Planning director Jason Eldrid works through the implications for clients every time the government decides to dabble in pensions. But mindful governments can change every five years, which is hardly conducive to a long-term strategy, Eldrid […]
Jan Oliff FP director on changing the sector’s gender profile and how personal factors led her to be an ethical specialist Sometimes the reasons people do the jobs they do or hold certain views are intensely personal. That is the case with Jan Oliff Financial Planning director Jan Oliff. Since establishing her own business in […]
Hanover Wealth Management director on how client referrals make the world go round A financial adviser is not the most obvious port of call for people when they need some work carried out on their home. But when Hanover Wealth Management’s clients need help, even with non-financial matters, they know they can turn to its director, Julie […]