The Financial Services Compensation Scheme will automatically compensate hundreds of clients of a collapsed discretionary fund manager, but other investors will have to wait another five months to get their money back. London-based Beaufort Securities has been investigated by both the FCA and US authorities. An indictment from the US Department of Justice alleges that […]
Barclays has rolled back on plans to launch a robo-advice service, Money Marketing understands. The bank launched a new self-directed investment platform, Smart Investor, in August last year. Sources tell Money Marketing that the bank was also planning to complement this with a hybrid advice offering that would combine online services with a face-to-face element, […]
Putting the right people off transferring at the outset will be hugely valuable to the industry but there are issues to address A combination of pension freedoms and the economic circumstances giving rise to historically high transfer values has created a perfect storm in terms of demand for defined benefit transfer advice. Sadly, it has […]
Fiducia managing director on ‘good old-fashioned’ customer service in the digital world Anthony Scott is adept in the art of communication. As an adviser and a novelist (he has written the novels ‘On Ashover Hill’ and ‘The Birthday Gift’) it is crucial for the Fiducia Group managing director to engage and build a rapport with […]
The FCA has reiterated its warnings that advisers outsourcing defined benefit transfer advice to firms with relevant qualifications cannot divorce themselves from responsibility for the eventual recommendation. While existing FCA rules require additional qualifications to advise on DB transfers, and the FCA has written to all firms who have DB transfer permissions as part of […]
The Liberal Democrats have branded the government’s decision to delay a pot follows member pension system “incompetent”. The Liberal Democrat spokesman for work and pensions Stephen Lloyd MP says the move by pensions minister Guy Opperman shows how “rudderless” the current government is on pensions policy. Last October Opperman suggested the pot follows member initiative […]
RLAM’s head of sustainable investments Mike Fox discusses how the rise of millennials will impact his asset allocation Being socially responsible and moral has been ingrained in Royal London Asset Management head of sustainable investments Mike Fox from an early age. “I am a child of Star Wars, where the good guys won in the […]
The FCA’s policy director has said that the regulator will not “force individuals to save their own money” as it lines up a new joint pensions strategy with The Pensions Regulator. Speaking at a seminar outlining the FCA’s approach to the new strategy, for which it is currently seeking industry feedback, David Geale said that […]
Advisers will not be able to give ‘basic advice’ on stakeholder products that fall under Mifid II and the Insurance Distribution Directive, the FCA has confirmed. Basic advice rules, which date back to 2005 and allow the provision of simpler and lower-cost advice to consumers on a range of stakeholder products using pre-scripted questions, previously […]
The director general of the Association of British Insurers has told MPs that a post-Brexit deal is taking too long to form. Giving evidence to parliament’s committee on exiting the EU yesterday, Huw Evans said that “the thinking about what a future relationship would look like with our European partners is not where it needs to be” […]
Adviser attitudes towards alternative investments have changed considerably in recent years, but the market remains divided on how they should be used. What was once seen as a niche market has now become far more prevalent and investors are increasingly looking towards alternative investments as a way of diversifying their portfolios and generating returns in […]
Legal & General has appointed Mark Jones to the role of product director of UK protection, within its insurance division. Jones joins from Sun Life. He will be responsible for the developer of both retail and group protection products, and will report into the managing director for UK protection, Steve Griffiths. Griffiths says: “We are […]
Tenet is looking to attract advisers from providers and banks with a new ‘business in a box’ solution. The network is vying for business from advisers who want to pursue the self-employed route in the simplest fashion. For example, the network will help the adviser set up their own limited company and provide loans for […]
More clients than before are entering pension drawdown, especially those with smaller pots, and they are looking to you for an investment strategy which can help their money last longer into retirement. The challenge for you now is to provide an effective service to all types of clients, which is still commercially viable for your […]
The Financial Ombudsman Service has told Kingswood Financial Advisors to compensate a client over a Sipp investment in an unregulated Harlequin property fund. The case concerns Mr B’s complaints about the advice he received regarding two unregulated investments: one into a Harlequin property fund and the other into Green Oil. The ombudsman’s ruling relates to […]
A former Fidelity International female employee is claiming compensation against the asset manager following an alleged case of harassment from senior management, Money Marketing can reveal. The employee, who we will name Mrs A, and who used to be based at one of Fidelity’s offices in India, was sent an employment termination letter on 14 March […]
Phoenix Group, Alliance Trust Savings, Zurich, and Old Mutual Wealth are amongst the most complained providers in the latest FCA complaints data. A total of 3.76m complaints were received by the FCA during the second half of 2017, up 13 per cent on the first half of the year. Alliance Trust Savings is the most […]
The FCA is reviewing the market for preference shares following the furore over Aviva’s recent decision to cancel its high-yielding preference shares at par value. FCA chief executive Andrew Bailey says in a Dear CEO letter that the regulator is reviewing the prevailing market for certain fixed income shares, particularly those classed as perpetual, irredeemable […]
Five years on from the RDR, and the independent vs restricted debate still holds an exalted position in the market. Significant swathes remain fiercely evangelical in their belief that independence is a pipe dream, or that restricted is a recipe for disgraceful shoehorning. Many of these people are unmoved by the dearth of conclusive evidence […]
Investment adviser Glass Lewis has joined Royal London in opposing the re-election of Metro Bank chairman Vernon Hill. Metro Bank is in the midst of a shareholder rebellion following findings that £4.6m in fees for architectural, banking and marketing services were paid to architect InterArch, run by Hill’s wife, Shirley. Royal London Asset Management holds […]
Allianz Global Investors has launched a performance fee structure on five of its UK funds in response to the competition with passive providers and an increasing transparency clampdown. The ‘outperformance fee’ share class will charge a fixed fee of 20 basis points and a performance fee of 20 per cent that will apply only if the […]
Small firms have never been busier, more profitable and optimistic about the future In 1897, the New York Journal reported that American writer Mark Twain was dead. In fact, it was his cousin who had perished. This prompted Twain to politely inform the paper “the reports of my death are greatly exaggerated”. You would be […]
What do the Mifid II cost disclosure requirements mean for advisers? Since fund groups have had to start disclosing portfolio transaction costs as part of the Mifid II requirements, there has been considerable attention on how PTCs impact the total cost of ownership. However, what has been somewhat overlooked is the fact that these costs […]
The digital revolution has brought unprecedented opportunity to communicate but financial services seem more remote than ever to the UK public. Years ago, there was a strong correlation in the minds of the UK general public between financial matters and bicycle clips. In the days when milkmen delivered dairy products daily to the doorsteps of […]
Gender equality is about putting men and women on an equal footing for the benefit all in the protection world, says Phil Jeynes. There is a comedian called Richard Herring who spends every 8 March on Twitter, replying all day to tweets asking when International Men’s Day is (19 November, by the way). There are […]
Inappropriate comments on social media reflect badly on the advice profession as a whole, not only the individuals who make them. Having served as chairman of the Society of Financial Advisers and later as Personal Finance Society president, followed by various other posts in the Chartered Insurance Institute, I have attended many functions over the […]
Proximity and intimacy are two very different things. Don’t presume because you have the former that you have the latter. Fancy networking dos and swooshy soirees involve too many people in too small a room – and they rarely create memorable interactions. The digital world has torn down the barriers of space, supposedly enhancing our […]
Competition and technology should have forced down prices for investors When, in 1931, M&G created the First British Fixed Trust, the UK’s – and indeed Europe’s – first unit trust, there were no Penguins. Penguins were first created in 1932. Yes, I was shocked too, until I realised that was the chocolate biscuit, not the […]
Advisers don’t need to drown in work that someone else will be better suited to doing. Twice last year, once in May and once more in late October, I found myself at the end of my tether. I’d had enough. I wanted to jack it all in, and I certainly didn’t want to be an […]
Seven Families showed that the stories behind the claims statistics can help promote a greater understanding of protection. It’s that time of year when insurers publish their claims statistics, giving confidence that most claims are indeed paid. This openness has created confidence in our industry and, while not all insurers have released their data yet, […]
The case for equities is still strong, argues Cavendish Asset Management’s Paul Mumford. So far this year, a first-time investor could understandably be worried about their exposure to equities. First came US market volatility, sending prices tumbling only to recover and more in a matter of hours. Now, the Bank of England has warned that […]
Pensions and financial inclusion minister Guy Opperman discusses the Government’s DB white paper. The new financial year always brings with it a sense of new beginnings, as new projects are started and plans for the year ahead finalised. This is an especially busy time for the pensions industry and as I look ahead to the […]
Trump’s announcements of tariffs on steel and aluminium have led to a much greater focus on the risks posed by his presidency We have had a rollercoaster start to 2018. January saw a rapid rise in global equities before markets succumbed to a technically driven sell-off, recovered a little, and sold off again on the […]
As the advice profession looks to the future of its businesses, IFAs are considering selling to their own staff as a way out of the succession dilemma. There are a whole host of options for passing on firms, from family succession planning, selling to a major network, consolidating with another IFA, or handing a firm […]
Investing a legacy on behalf of a child can be problematic because minors are too young to legally contract. Helen O’Hagan discusses the options. Neil’s daughter, Erin, who is four years old, has been left a legacy of £30,000 from granny Margaret who recently passed away. Erin has her own bank account where Neil puts […]
Advisers are facing tough choices when it comes to picking bond funds for their clients’ portfolios. Three top investors talk to Money Marketing to shed light on the recent market sell-off and how bonds have reacted to it. They also explain which features bonds need to have to survive a new environment of rising interest […]
Michael Klimes explores whether human and robo-advisers are friends or foes
The modern approach to pension sharing needs revisiting, given that the legislation is nearly 20 years old. The pensions world continues to evolve at a healthy rate of knots and advisers are used to staying on top of all the new products, features and functionality. However, the legislation that governs aspects of it does not. […]
Last week, the FCA took the next step in improving competition in the asset management industry. We have made new rules and are now consulting on further proposals. Our asset management market study has been one of the most comprehensive competition investigations the FCA has yet done. These reforms contribute to an already high volume […]
As debates around the relative merits of automated and face-to-face advice continue to rage, onlookers are assessing whether more advanced artificial intelligence systems that learn and adapt by themselves could radically shake up the planning profession. In October 2017, the government released an independent review on the increasing benefits AI could have for the UK economy. […]
Opening another office is a big decision for advice firms. If you’re considering branching your business out into a new location, what better way to prepare than learning from those who have done it before? Three advisers share their experiences. Like a start-up Scotland-based Carbon Financial Partners expanded into London at the end of last […]
Ahead of his appearance at Money Marketing Interactive in London on 3 May, Rennison Consulting boss Roderic Rennison predicts yet more advice firm consolidation and explains why Paul Bradshaw is his advice market hero. Book your free place here to be part of our flagship event. On a scale of 1 to 10, how optimistic are you about […]
Protection Review chief executive Kevin Carr looks at recent market events Should we pay more claims? According to The Syndicate 2018 research, the public have fairly low expectations that insurers will pay claims. However, many people strongly believe that more claims should be paid, sometimes even in the event of non-disclosure. Some 80 per cent […]
The FCA’s final rules on fund managers’ value for money are set to have far-reaching impacts on the way the £7trn UK asset management sector operates. Asset managers are faced with tougher rules from the regulator to prove they practice what they preach following the FCA’s hard-hitting reviews of the sector over the past two […]
American peers have been reluctant to embrace ground-breaking technology Since protection technology provider iPipeline acquired Assureweb six years ago, its services have gone from strength to strength. In particular, its research and quote tool Solution Builder has won many fans. Last month, I got a preview of the next generation technology it is building at […]
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Ben Stapley, portfolio manager of the JPM UK Equity Growth Fund takes on the Elevator Pitch challenge.
“Being an equity income investor can be lonely at times”, says Tom Buckingham
Guy Anderson, portfolio manager, looks at the UK small and mid cap sector and wonders if these often overlooked stocks can continue to defy expectations.
Katen Patel, portfolio manager, discusses the importance of considering domestic versus international exposure in UK mid caps.
Callum Abbot discusses the EU transition agreement and what it may mean for UK investors
Held on Wednesday 21 March at 09:30, join James Illsley, portfolio manager, for an update on his Fund’s low cost, low active risk approach.
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 […]
Ewan Thompson, Head of Emerging Market Equities, Neptune Over the last two years, emerging markets have enjoyed a strong return to outperformance, driven by the first synchronised global growth episode since before the global financial crisis. With emerging market economic indicators accelerating rapidly – and faster than those in developed markets – Ewan Thompson, discusses […]
Mike Fox, Head of Sustainable Investments at Royal London Asset Management shares four key areas of interest that our sustainable investment team are focusing on at the moment. Watch the video here. Past performance is not a guide to future performance. The value of investments and the income from them is not guaranteed and may […]
Tracey Miller, Marketing Consultant I’ve just recently returned to work following 11 months of maternity leave with my second child. This ‘free time’ (cough!), meant that I could catch snippets of day time TV in between feeds and nursery runs. One particular morning, English actress Holly Matthews was giving an interview on ‘Lorraine’ about the recent […]
Amanda Docherty, Senior Marketing Consultant My mum recently had a spell in hospital. I won’t go into all the detail but the crux of it was she had a degenerative condition which affected the nerves in her neck. After a year off work and endless visits to the doctor, she was referred to a specialist. Exactly […]
Steve Webb, Director of Policy and External Communications Our latest policy paper looks at the potential impact of the upcoming statutory phasing increase, and how to help your clients. The first phase of automatic enrolment has been a huge success. One million employers have automatically enrolled around nine million workers into a workplace pension. When […]
Jim Grant, Senior Product Insight & Technical Support Analyst Jim Grant explains the pensions impact of the new Scottish rate of income tax. The bands and rates of Scottish income tax for the 6 April 2018 to 5 April 2019 tax year have now been confirmed. These now differ significantly from the rest of the […]
IFA Newell Palmer is growing through acquisition but group managing director Philip Stepp will not retain the staff of acquired firms. When Newell Palmer group managing director Philip Stepp founded the Midlands-based IFA 25 years ago, he had big ideas. Rather than create a lifestyle business and keep it small, Stepp was determined to grow […]
Clifton’s Adam Tavener on pension-led business funding and the crisis in the Sipp market There is a “quiet crisis” going on in the self-invested personal pension market, according to Clifton Group’s chairman Adam Tavener. Clifton specialises in providing services to SMEs through four business units – Sipp and small self-administered scheme subsidiary Morgan Lloyd; financial […]
Montfort International founder on cross-border planning and banning one-man bands from DB transfer advice Few advisers would lay claim to being a pub finder for a Hollywood legend. But in Montfort International founder Geraint Davies’ case, the truth is stranger than fiction. Davies’ family were in the hotel business and, as a youngster, he was […]