A better way must be found to manage claims against IFAs on defined benefit transfers, as the current settlement process is untenable, experts say. In the latest edition of Money Marketing’s series of live debates, MM Wired, Delta Financial Management director Jarrod Ellis, O3 Insurance Solutions managing director Jamie Newell and Libertatem director general Garry Heath […]
Planners have long called on the FCA to take a firmer stance on dubious ‘advisers’, but who is responsible for reporting suitability failings? Scathing comments from the FCA over advisers’ unwillingness to call out peers who are guilty of poor practice are continuing to cause frustration within the financial planning community. A speech from the […]
Though there have been some fairly hair-raising moments for investors over the past decade, it is interesting to note that those who invested regularly in investment trusts in the 10 years leading up to the financial crisis, then withdrew the natural income in the 10 years after, have virtually quadrupled their money. These kinds of […]
Understanding the impact of cutting the dead wood Nothing sells funds like performance. Despite all the regulator’s railings that past performance is no guide to the future, we see flows being directed to the funds at the top of the league tables time and time again. There are, of course, far too many funds out […]
The Department for Work and Pensions has published its first round of guidance to help trustees resolve unequal guaranteed minimum pensions today. A GMP is the minimum pension that an occupational pension scheme, contracted out of the additional state pension between 6 April 1978 and 5 April 1997 on a salary-related basis, has to provide […]
The health monitor on my mobile is currently in raptures. It seems I am hitting my steps target every day, but this is not due to a sudden desire to be fit. It is the fall out of Financial Ombudsman Service’s barking idea to increase its maximum pay out to £350,000 and the resulting problems […]
Upheld complaints related to pension and decumulation products accounted for the greatest average increase in compensation pay outs over the second half of 2018 FCA data shows. The average redress increased from £594 to £876 between 2018 H1 and 2018 H2, the latest round of complaints data published today reveals. During the second half of […]
James Hay parent IFG Group’s share price has rocketed since a potential sale of the platform was announced last month. At the end of March, IFG said it had reached a sale agreement with private equity firm Epiris that will see the firm valued at £206m. IFG, which also owns national advice business Saunderson House, […]
Each time an advice market scandal emerges, a flood of commentary inevitably follows bemoaning the fact it was not spotted sooner. Why did the regulator fail to act until after the horse had bolted? At the Money Marketing Interactive conference earlier this month, the FCA’s co-director of financial advice and life insurance supervision Debbie Gupta […]
Trade body Pimfa has made four new appointments to its board of directors to help represent the investment manager and financial adviser sectors. The new members are Openwork chief executive Mark Duckworth and Schroders global head of wealth management Peter Hall. Duckworth is responsible for group and distribution strategy, and oversees the development of the […]
Two of the UK’s best-known fund managers have reaffirmed their close-knit relationship this morning, as Neil Woodford has sold a £42m holding in a listed property company to Mark Barnett, his former protégé at Invesco. While Woodford’s flagship equity income fund continues to struggle to stem outflows, funds managed by Barnett will take on the […]
In 2018, Scottish Widows paid out 98% of all claims, helping 9,499 customers and their families*. But what do these figures really mean to your clients? Psychologists refer to the term ‘statistical numbing’ to explain why we tend to find one person’s personal story more powerful than abstract statistics. So, this year, Scottish Widows are […]
What’s the news in protection? On the surface you could be forgiven for thinking there isn’t anything new, that protection is still generally being overlooked and undervalued. Figures from Royal London’s State of the Protection Nation Report show that just 35% of people have life insurance, 12% have critical illness cover and 9% have income […]
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 […]
We’re all living longer – half the future generation born after 2036 is expected to live to 100*. But despite more of us saving for our retirement, and from a younger age, there’s still a lot of work to do if we want our time in retirement to be both financially and physically healthy – […]
More than 200 advice firms have signed up to the recently launched code of good practice for advisers who specialise in defined benefit transfers. On 9 April, a taskforce set up by the Personal Finance Society launched their new consumer guide to help the public better understand what to expect from regulated financial advice in this […]
Quilter’s defined benefit to defined contribution sales dropped by two thirds in the first quarter of 2019. Pension transfers sales brought the wealth manager £0.2bn, compared to £0.6bn in the same period last year. In a stock exchange announcement from this morning, the company said this drop reflects Quilter’s attitude towards this “source of new […]
The Chartered Institute for Securities and Investment says increasing the Financial Ombudsman Service compensation limit to £350,000 may have unintended consequences for small and medium-sized firms. It has asked the FCA for urgent clarification for its financial planning and wealth manager members who may be affected by the increase. On 8 March, the FCA confirmed in a policy statement […]
The FCA has placed the suitability of advice as a key priority in its business plan released today. While the regulator notes that its overall suitability review in 2017 found that investment, pension accumulation and retirement income advice was suitable in 93 per cent of cases, two areas remain where consumers are significantly more likely […]
The FCA has proposed a slight reduction in the amount advisers pay towards the regulator next year. In a consultation on the regulator’s funding this morning, the FCA says it plans to reduce the amount the “A13” fee block pays – which includes advisers and some brokers – from £80.3m in 2018/19 to £79.4m in […]
The UK is the world’s most attractive place for investment and for merger and acquisition activity for the first time in decade, despite Brexit-uncertainty. The UK topped the list of investment destinations in EY’s biannual Global Capital Confidence Barometer poll of 2,900 senior executives responsible for making acquisitions. In the consultancy’s latest poll the UK’s […]
Twenty-two Sipp providers have referred 48 investment related complaints to the Financial Ombudsman Service over the past 12 months a Freedom of Information Request Act has found. Last November Money Marketing reported the watchdog wrote a letter to Sipp providers asking them to give information about their business activity. This data request followed the watchdog’s […]
Blackrock has confirmed its position as the world’s biggest asset manager, as it passed £6.5trn assets under management. The company saw $65bn investor inflows in the first quarter of the year. The asset manager giant came back from the last year’s turbulent final quarter, when the firm’s assets dipped below £6trn. Since December, Blackrock saw […]
This year marks the 30th anniversary of Sipps, but a small self-administered scheme could provide a useful alternative in some circumstances Self-invested personal pensions have rather overshadowed small self-administered schemes, and SSASs are often overlooked when it comes to pension planning. There are, of course, differences between a Sipp and SSAS, not least of which […]
MortgageGym is set to launch an open banking service in the summer. The technology will assist mortgage applicants in skipping all paper-based background checks, and ensure potential borrowers only receive information on mortgage deals they can afford, according to the firm. The company, which is a regulated robo-adviser, adds that it will be the first […]
Last month, I attended Naidex, Europe’s largest disability event. It was a truly inspiring and eye-opening experience, and to sit and speak with other companies that help people with disabilities was humbling to say the least. It quickly became clear that the way we speak with people who have disabilities has a profound effect on […]
A key factor in helping people manage their money effectively is having a clear idea of their monthly and yearly spending needs and habits. But how much time do you spend getting to grips with your clients’ lifestyle spending? Do you just ask them to tell you how much they spend? Or do you ask […]
Knowing which businesses will be affected by the digital services tax will be a source of comfort to planners and their SME-owning clients More and more parts of our life are going digital, and the financial planning sector is not escaping it. Indeed, advisers of all different business models should be embracing it. The world […]
It is not its intention that access to high-quality transfer advice and products becomes too difficult, but more detailed guidance is needed On 22 March, the FCA wrote to the chief executives of pension providers with the conclusions from its latest work on the defined benefit to defined contribution transfer market. The thrust of the […]
Regulator was warned about London Capital & Finance but acted too late. Now it must clean up the mess I have said this before and I will say it again: West Riding Personal Financial Solutions’ Neil Liversidge is an adviser I respect hugely. Salty and down to earth, a committed trade body activist and a […]
The behavioural approach to planning keeps clients from financially misbehaving and answers the expensive questions In my last column, I discussed how understanding human behaviour can make us more effective advisers. But how does the behavioural approach benefit the client? The fundamental purpose of behavioural finance is to use psychology to cut out financial mistakes. […]
The higher the velocity of money moving round the sector, the greater the competition and better benefits to clients If you took the time to read the Investment Platforms Market Study (and I realise that is a big if), you will know the FCA thinks the sector is not doing too badly in general. Perhaps […]
Pension transfers have come under a lot of scrutiny in recent years, due in no small part to the highly publicised mishandling of the British Steel scheme early last year. The fallout from that fiasco has risked damaging public trust in the wider profession. Partial transfers have been an option within pension schemes from as […]
It is clear that 10 years on from the global financial crisis, we are a long way from back to normal A year ago, the US economy was on a tear, boosted by the sugar rush of Donald Trump’s tax cuts. China, on the other hand, was already slowing materially in response to the authorities’ […]
I have been thinking about financial freedom recently. It’s a term that’s used a lot in the profession I’m in. People look at it as something to accomplish or to aim for; achieving financial freedom is seen as the Holy Grail for clients of financial planners. I get the sentiment. I understand that helping people […]
Protection Review chief executive Kevin Carr looks at recent market events Retirement age confusion for income protectionControversy is growing around the line between income protection policies and changes to the state pension age. The state pension age is currently 65 for men and gradually increasing for women from 60 to 65. By October 2020, it […]
Brexit is the gift that keeps on giving when it comes to political risk. Every day has been as unpredictable and fast moving as the last and yet nothing has been resolved. The UK missed its scheduled departure date of 29 March after Parliament failed to vote in favour of the prime minister’s deal – […]
On Monday, Interactive Investor announced a change to its charging structure to adopt Netflix-style pricing. It talked about having an “easy, modern price structure” just like the streaming service. It said that’s what its research told it customers wanted. Perhaps they do. Don’t get me wrong, I like II’s flat and transactional fee structure. You […]
A couple of months ago, I accidentally conducted some consumer research which, as I write, has been seen by nearly two million people, has had feedback from close to 13,000 and has had direct responses from around 1,000. Here is how I stumbled across it. My car insurance renewal came through and the premium was […]
2018 was a volatile year. One that tested the resolve and self-control of many an investor. US equities, normally a relatively stable market, dropped 16 per cent in December with investors scrambling over each other to sell. What happened? Did a company collapse or did trade tensions spiral? Far from being the work of market […]
Parsonage Financial Planning director Flora Maudsley-Barton on why she uses three platforms and complements in-house investment management with outside expertise Is your investment management in-house, outsourced or a combination of both? It is a combination of both. We come at it from a financial planning viewpoint first. We set the objectives for portfolios and also […]
Advice firms in the region are benefiting from its close proximity to London but are also forging local connections Advice firms in the South East have plenty to smile about. Not only is the region the sunniest in the UK, it is also one of the most prosperous, being the second largest regional economy after […]
The clock is ticking on providing cost transparency documents and advisers are seeing the difficulties that lie ahead in acquiring the relevant information When the Mifid II regulation first came into place in January 2018, it brought cost disclosure obligations with it. Providers and advisers are being asked to show the real-life effects that costs […]
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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
Good governance of multi-asset portfolios is increasingly important. However, the complexity of the process is increasing. Here Ciaran Mulligan, Head of Investment Manager Oversight, shares his views on how quantitative and qualitative approaches could complement each other. One of the key aspect he discusses is, not to overlook the overall economic factors at play and […]
Investing in India over the past 18 months has been somewhat turbulent. In general, India has outperformed wider emerging markets in recent years, but in the last few months it has been a bumpy ride, with performance being driven by a combination of external macro drivers and domestic political considerations. Ewan Thompson, Head of Emerging […]
Changes were made earlier this year to Prudential’s multi-asset range. Paul Fidell, Head of Business Development, Investments at Prudential, explains why the changes have been made and how the team are approaching asset allocation within the multi- asset portfolios given today’s challenging economic climate. Asset allocation approach within the range of Prudential’s multi-asset portfolios We […]
The Isle of Man can provide a unique range of benefits for UK-resident investors. Not only is it geographically close to the UK, in the same time zone and with out language barriers (even though the Manx language is alive and well on Ellan Vannin), but it can offer distinct advantages for investors. Many in […]
By Ruth Chambers Much of China’s outperformance this year has been due to trade war optimism, largely on the back of Donald Trump declaring that he will push back the March 1st deadline for tariff increases to allow more time for negotiations… Read the article here Investment risks The value of an investment and any […]
What’s the news in protection? On the surface you could be forgiven for thinking there isn’t anything new, that protection is still generally being overlooked and undervalued.
IFS Wealth & Pensions director on why being independent really matters and dodging the DB transfer bullet Having personal experience of something gives you the authority to speak about it in a way someone who has not gone through it first-hand never can. It is what separates the pontifications of armchair critics from coalface opinions […]
Kymin Financial Planners managing director on giving the firm an update, but keeping accessibility at its heart There are plenty of people in the financial advice sector working hard to shake off the stuffy and slightly old-fashioned image that still haunts the profession. Newport-based Kymin Financial Planners managing director Robin Hall is one of them. […]
Oakmere Wealth Management founder discusses being a partner practice of St James’s Place It is fair to say that few advisers sit on the fence when it comes to St James’s Place. The restricted national firm has attracted criticism in recent years, particularly in relation to its vertically integrated business model. However, even the critics […]
