The FCA has handed down a fine of £30.7m to Standard Life Assurance Limited. The regulator says the company did not act in the interests of customers when it offered front-line staff “large financial incentives” to sell annuities. In an announcement this morning, the regulator says SLAL failed to put adequate measures in place to control […]
There is an opportunity to abolish the tapered annual allowance and reform pensions tax relief more widely under Boris Johnson’s incoming government, experts say. The MP for Uxbridge and South Ruislip was elected leader of the Conservative party today and will take over as prime minister tomorrow. Johnson beat off challenger and foreign secretary Jeremy Hunt […]
You may have seen some reporting on St James’s Place’s charges over the weekend courtesy of The Sunday Times. First up, kudos for continuing to push such an influential but guarded firm on such an important topic. Specifically, the claim was made that on a £1m pot invested over 20 years, clients would see almost […]
Platforms that have well-developed drawdown solutions will be best placed to help advisers navigate clients through retirement, says Seven Investment Management. 7IM head of intermediary Verona Kenny says platforms with strong offerings in the drawdown space are vital for proper client management. Speaking to Money Marketing, Kenny says: “Challenges for advisers to navigate include ensuring […]
Support service provider Threesixty has warned advisers not to be “complacent” about new product governance rules, which came into effect in January last year. The company claims that many advisory and discretionary management firms are yet to adapt to changes or remain “unaware” of the new requirements. To combat this Threesixty has made its product […]
Boris Johnson has defeated Jeremy Hunt in the Conservative leadership contest and will become the new prime minister tomorrow. He won 92,153 votes compared to Hunt’s 46,656. Johnson vowed to “energise the country” and said he would deliver Brexit. But he acknowledged some people “will question the decision” to choose him as the next PM. Chancellor […]
Banks are being forced to change the way they charge customers using an overdraft, but other lenders need tighter rules too
High earning doctors should be able to reduce their pension contributions to avoid being penalised by the tapered annual allowance, the government says. A consultation published by the Department of Health and Social Care suggests a ‘50/50’ proposal where members could reduce the amount of pension they build up alongside the amount paid. Health professionals […]
The FCA took “significant action to mitigate harm” in less than one per cent of whistleblowing reports last year. In the year ending 31 March 2019, the City watchdog handled 1,119 whistleblower reports. While less than one per cent of those sparked “significant action”, the majority of cases are still being assessed and could result […]
Scepticism could be misplaced
The weakening value of sterling is leaving many of the nation’s largest companies at risk of being swamped by activist investors as they fail to satisfy shareholders. The Times reports that activist investors – who buy into companies and place pressure on company management – are becoming more common in the UK. Shareholder activism is […]
Election fever hit India and Australia in May. The former, the largest democratic election in the world, resulted in a comfortable win for the incumbent – Narendra Modi and his Hindu Nationalist Party (Bharatiya Janata Party). Mr Modi comes from a humble background and this appears to have resonated with millions of voters aspiring to a […]
It’s never been more important to give clients the best possible outcome for a long-lasting income in retirement. Managing the balancing act between the varying risks clients could face in retirement with their individual income needs can be key to helping their funds last. LONGEVITY RISK RISKS ASSOCIATED WITH ENSURING APPROPRIATE INCOME LEVELS FOR CLIENTS […]
This year marks three decades since the Sipp first entered advisers’ vocabularies. Sipps have had an eventful history and given millions of savers a flexible way of planning for their retirement, with investment decisions entirely within their control. Looking back to 1989, it all started with the Budget, as then-chancellor Nigel Lawson introduced the Joint […]
At Royal London, we understand everyone’s different. That’s why our protection plans aren’t ‘one size fits all’. Our range of flexible cover options give your clients choice, so you can help them get protection that’s as individual as they are. Comprehensive menu plans You can use our Personal Menu Plan and Business Menu Plan to […]
The FCA has asked the industry for feedback on proposed new guidance for treating vulnerable customers fairly. The regulator has published a series of potential guidelines this morning, including on how firms can get to understand vulnerable clients’ needs, ensure staff have the right skills to deal with them, and what practical steps they can […]
Transact’s funds under direction rose 5.7 per cent in the latest quarter after market movements provided the platform with a boost. The platform passed the £36bn mark during the three months ended 30 June after reporting net flows of £796m – still positive despite being down on the £959m for the same quarter a year […]
Investors are voting with their feet “in droves” to ditch underperfoming absolute return funds. The past 11 months saw consistent outflows, as investors pulled £5.4bn from the funds. Most of the absolute return funds with the largest outflows over the past year have failed to beat inflation over the past five years. Analysis by AJ […]
Investors in drawdown have experienced positive returns since the pension freedoms started despite big swings in certain asset classes, Aegon research says. The analysis of Morningstar Direct data produced by Aegon looks at an individual with a £400,000 pension pot taking a £20,000 annual income from day one of the pension freedoms. Aegon then tracked […]
The FCA will exclude the rules around defined benefit pension transfers in its review to assess the effectiveness of the RDR and the Financial Advice Market Review within the industry. In an update today on its May call for input, the regulator says it will also leave out potential changes on the funding of the Financial […]
Clients have been increasingly asking advisers about the impact a potential change of government could have on their finances, a survey by Royal London has found. In the last two years, nine in ten pension advisers said clients have approached them to discuss the topic. The biggest areas of concerns include estate planning and inheritance […]
Professional indemnity insurer Liberty Specialty Markets is to cease taking on new adviser business covering defined benefit transfers, Money Marketing has learned. Liberty had previously taken on policies from other insurers who had pulled out of the market in the wake of defined benefit transfer compensation fears. Money Marketing understands that Liberty will continue to […]
HM Revenue and Customs is opening an average of 5,000 investigations each year into inheritance tax – a 7.8 per cent increase since the introduction of the residence nil rate band. Introduced in April 2017, the RNRB applies to individuals with direct descendants who have an estate exceeding the IHT threshold of £350,000. The rate […]
Dividends at UK companies reached record levels in the second quarter, but experts are warning that the real picture may not be as rosy as some shareholders think. UK dividends rose 14.5 per cent to an all-time high of £37.8bn in the second quarter, beating the previous record in 2017 by £4.4bn, according to Link […]
Sipp provider Curtis Banks has launched a new client portal for advisers and clients to access information on their plans on the go. The secure system is the latest development in the Your Future Sipp product that was launched by the firm earlier this year. Curtis Banks says the portal was designed to give each […]
St James’s Place has been criticised again over its charges, as new research suggests fees could erode almost half of the returns made by clients. Someone investing a typical £1m pot for 20 years could pay nearly the same amount in charges over the period, according to Candid Financial Advice, which was commissioned by the […]
Firms are tying themselves in knots trying to make information
on charges simple for clients
I read two reports recently about the need for financial advice. The first, from the FCA and published last year, suggested up to 18.2 million people in the UK who had probably needed financial advice over the previous 12 months had not taken it. That number brought home the scale of what is surely a […]
Beaufort Financial executive chairman Simon Goldthorpe explores why it is so important for financial advisers to earn and maintain their clients’ trust.
By the end of this month, either Boris Johnson or Jeremy Hunt will take up residence behind the world’s most famous black door. The race to succeed Theresa May gets more interesting by the day. And if it were supposed to be a virtual coronation for Boris, then someone should have told Jeremy Hunt, who […]
What are the hallmarks of a true profession? A robust qualifications framework? A rigorous code of conduct? A genuine commitment to continuing development? These are undoubtedly noble indicators, but I would throw one more into the mix: an attitude that welcomes criticism in order to better itself. A profession does not surround itself with yes […]
I’m feeling old just now, recovering from a hip replacement and thus spending too much time watching TV and despairing at the modern world! Apart from a propensity to shout at the TV, another thing old age brings is a longer-term, broader view of life. Well, I hope so. You be the judge. You could […]
Changes to the landscape mean next time there is a recession it will come with unprecedented challenges for the profession
The robots are coming and they are after our jobs, so we’ve been told. Huge advances in artificial intelligence mean machines are now capable of doing many of the tasks once carried out by humans. That’s good news for employers, who will benefit from greater efficiencies, but it could potentially mean bad news for less […]
If you’re building an investment portfolio for retirement savings, it’s a good idea to include some assets with returns that are linked to inflation. Index-linked gilts and National Savings Certificates are two examples. However, increasingly some of these assets remain linked to the older RPI while others link to the newer CPI. The selection of […]
Old wives’ tales persist in the face of uncomfortable truths about the value of investments
The likely future premier has yet to prove his skills in pension policy
In a new series, we ask industry experts if they think fund buy or sell lists are still suitable for investors
Technology is playing an ever bigger role in the day-to-day running of advice firms and provides a way for firms to position their businesses for the future. How are advisers using technology and what pieces of software can they not do without?
Supercharge clients’ invested funds by building life assurance in to the core of a financial plan
Money Marketing speaks to graduates from the three largest financial adviser academies
Salary sacrifice arrangements could now have a knock-on effect on the annual allowance
With growing demands from investors, the investment management industry is bracing itself for a make-over in a changing world. Is it up to the task?
A weekly account of the curious goings-on in the world of financial services Show me the money! When this WGJ correspondent was a little ’un they used to ask adults why the production of more money couldn’t solve all the world’s financial problems. Despite being shot down, WGJ knew there was some merit to the […]
Advisers and clients need to grasp how the mortgage disregard is applied
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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
Trevor Greetham, Head of Multi Asset at Royal London Asset Management presents his review of Q2: Equities continued their stellar start to the year, despite a May sell-off, bonds performed strongly, but property is slowing. Read the article Past performance is not a reliable indicator of future results. The value of investments and the income […]
What price sterling credit? Despite narrowing sharply in recent months, Jonathan Platt, Head of Fixed Income at Royal London Asset Management argues that sterling credit spreads could narrow further, given dovish central banks and the ongoing hunt for yield. Read the blog Past performance is not a reliable indicator of future results. The value of […]
As President Donald Trump again uses social media to praise the record performance of US equity indices, Nersen Pillay, Investment Director at Royal London Asset Management investigates how stocks have behaved after earlier, similar Trump tweets. Read the blog Past performance is not a reliable indicator of future results. The value of investments and the […]
Jennifer Gilchrist, Protection Specialist, Royal London When it comes to the protection conversation, there’s a new trigger emerging that could help you target a different type of customer. Some advisers look out for homebuyers, while others look for the pregnant couples. But there’s a new protection trigger in town: our latest State of the Protection […]
“We don’t think the market is really giving Brazil a huge amount of credit for the new government & reforms that we’re starting to see.” Watch Thomas Smith, Fund Manager, argue why investors should not assume the Brazilian market is trading at a premium. Disclaimer: Investment risks This Fund may have a high volatility rating and […]
Read the latest Investment Clock Economic report from Royal London Asset Management’s Senior Economist, Melanie Baker. Trade tensions threaten the outlook, but stimulus looks set to help steer the economy away from trouble. Read the report Past performance is not a reliable indicator of future results. The value of investments and the income from them […]
Advisers have traditionally doubled up as stock pickers and for Filip Slipaczek staying on top of the market is still central to the service he offers
Defaqto chief executive discusses the benefits of its acquisition by support services firm SimplyBiz
Finura Partners managing director Nathan Mead-Wellings on using behavioural science in financial planning