The FCA has commenced a criminal prosecution against a Surrey man alleged to have run illegal investment schemes for close to a decade. Mark Starling, from Farnham, is alleged to have operated a collective investment scheme without authorisation or exemption. The schemes purported to trade futures on behalf of investors, the FCA alleges. Southwark Crown […]
If you are not the go-to person or firm, you are no one in marketing terms. Don’t believe me? Think of your own buying approach last time you had to find a tradesperson or professional in an area where you have little or no expertise. How did you start the search? Who did you go […]
Phoenix Life has hit back at research from pension consolidator PensionBee claiming the provider is enforcing the biggest exit fees in the market. At the end of July PensionBee published its third annual survey of Britain’s 35 biggest pension providers based on customer data from those who have transferred to PensionBee. Part of the survey […]
Suggestions that secretary of state for work and pensions Esther McVey may no longer be committed to the delivery of the pensions dashboard project has caused much wailing and gnashing of teeth around the industry. Personally, I do not see the problem. This is the perfect opportunity for it to take back ownership and control of […]
81 per cent of over-55s would feel confident in taking out an equity release plan without seeking advice, research from Moneyfacts suggests. 44 per cent thought they have no need for advice, 29 per cent would not trust an adviser, and 8 per cent of respondents believe financial advice to be too expensive. In late […]
Protection Review chief executive Kevin Carr looks at recent market events New rules, new products The government has announced that income from an insurance policy, such as income protection or mortgage payment protection, which is specifically to cover mortgage payments, will not be counted when assessing entitlement to means-tested benefits. This is a huge breakthrough […]
Most of the columns I have written for Money Marketing have been number free. I could have cited lots of numbers in support of whatever point I was making but this practice, which many still use, strikes me as old-fashioned. If you present an argument that encourages readers to question the numbers, isn’t it better […]
Ahead of his apprearance at the Money Marketing Interactive conference in Harrogate on September 13, CWC Research senior partner and The Investment Network chair Clive Waller weighs in on why advice is not a true profession yet and how to get the public on side. On a scale of 1 to 10, how optimistic are […]
Financial planning and discretionary fund management firm Gale and Phillipson has recruited London-based Gyr Financial Consulting as an appointed representative as it looks to bolster its presence around the country. Gale and Phillipson chief executive David Carr says Gyr will be allowed to remain fully independent in its investment decisions. The firm is looking to […]
Aberdeen Standard Investments has launched a new global equity fund that will use artificial intelligence to select investments. The Aberdeen Global Artificial Intelligence Global Equity is a SICAV-structured fund launched in Luxembourg, and will use so-called “machine learning” and quantitative techniques to time market moves and attempt to identify areas of excess risk-adjusted returns. The […]
Plans to make Britain a “21st century exporting superpower” will be set out today in a new export strategy. International trade secretary Liam Fox will set out today the ambitions through better use of Britain’s overseas network, online tools and building extensive business-to-business networks. Last year £620bn of goods and services exported by British companies, […]
The FCA has confirmed that the cost of regulating claims management companies will fall on the firms themselves as it sets out its plans to recover fees from the sector. The watchdog has been given responsibility for regulating CMCs as of April next year, superseding the Claims Management Regulator. In a consultation paper this morning, […]
Standard Life Aberdeen has begun buying back shares from investors after selling its life arm to Phoenix. According to a stock exchange announcement this morning, SLA has purchased nearly 770,000 ordinary shares from Merrill Lynch International at an average price of 318p a share, costing SLA around £245m. The announcement adds that SLA intends to […]
Platforms should brace themselves for a difficult second half of the year as sluggish Isa sales led to a soft second quarter, consultancy Fundscape says. Fundscape’s latest platform market figures show total platform assets – including the advised and direct-to-consumer sectors – grew by £32bn to £604bn in the second quarter of the year. However, […]
Advisers giving defined benefit pension transfer advice can expect to pay nearly double for their professional indemnity insurance premiums at the next renewal than those who do not advise in that area. QPI, which is part of insurance broker PIB Group, says advisers with DB exposure can expect to pay between 2 per cent and 3 […]
The Financial Ombudsman Service has upheld a complaint against Caerus from a client who lost money after he transferred £50,000 into a suspended unregulated collective investment scheme. The Fos ruling says Caerus, which was acquired by Quilter-owned network Intrinsic in 2017, is responsible for the unsuitable advice its appointed representative, Matrix Wealth Consultancy, gave to Mr J in […]
Old Mutual Wealth has set out proposed changes to the inheritance tax nil-rate band and residence nil-rate band laid out in an open letter to Chancellor Philip Hammond. In the letter, OMW trusts and technical solutions head Rachael Griffin says there are numerous legacy clauses and exemptions causing “havoc and confusion” for those looking to […]
Ahead of speaking at Money Marketing Interactive Harrogate next month, ISJ Independent Financial Planning director Lena Patel talks becoming chartered and why she is wary of “advice” given at the pub What has been your proudest achievement at your firm this year? I have completed my exams over the past 12 months to become a Chartered Financial […]
Almost two-thirds of asset managers are preparing for a hard Brexit, the Financial Times reports. Looking at fund houses that collectively manage $14tn (£12.2tn) of assets a survey found that 83 per cent have response plans for Brexit while 49 per cent have already put their plans into action. The survey, which comes from UK […]
The government is considering bringing in a “Care Isa” that would be exempt from inheritance tax as a way to combat the UK’s social care crisis. According to The Telegraph, the Treasury is considering proposals to include a new Care Isa in the social care green paper, which is expected to be published later this […]
Invesco Perpetual leads the latest edition of the infamous Spot the Dog report, which identifies underperforming equity funds, as the number of dogs hits a record high. In its bi-annual Spot the Dog report, Bestinvest names and shames funds that have underperformed their benchmarks for three consecutive years and by more than five per cent over […]
I am often asked what the difference is between financial planning and lifestyle financial planning. It is a question I love to answer by relating a true story. Imagine the scene: two advisers, both seeing the same married couple as potential clients. Adviser A is a highly qualified (chartered and certified) financial planner. Adviser B […]
If you agree with the premise that funds with high charges generally underperform those with low charges, then you must also agree a portfolio that accrues high costs will generally underperform one with lower costs. And if you accept this, the obvious conclusion is to hack away anything that increases that cost. Switching from higher-priced […]
The pensions dashboard: now there is a good idea, surely? Well, actually no, it is not. To be fair, it sounds like a good idea – a one stop shop where you can see all your various pensions in one place, neat and tidy, lovely and shiny. But there are some problems – quite a […]
When I first started flicking through career guides and thinking about what path to take, I wanted to make sure my job gave me flexibility, the ability to travel and the opportunity to meet people. After researching it, I realised a career in financial planning could tick all these boxes and, so far, my experience […]
Employers providing DC pensions pay far less into them than those providing DB schemes Sooner or later, we will have to accept the fact the golden age of company pension provision in the UK is over. It has been for some time now, yet the pensions industry and the government are still in denial. The […]
Industry should focus on annuitisation as a concept rather than an annuity as a product In last month’s article, I looked at how retirement advice does not have to be black or white. There are solutions that bridge the gap between annuities and drawdown, and plenty of scope to innovate the way advice is delivered. […]
The consequences of the European referendum result have been far-reaching and, in many ways, unquantifiable. We can make pretty well-educated guesses about the impact of the uncertainty created on economic growth based on declining business investment, for example, but we cannot know for sure where exactly the GDP line would have gone if the country […]
Another pensions dashboard deadline has come and gone, despite the original intention to launch in 2019. The feasibility study, first expected in spring and then delayed until summer recess, has still not been published. This begs the question: will the dashboard ever become reality? Rumour abounds that secretary of state for work and pensions Esther […]
Contingent charging is at the heart of the defined benefit transfer scandal, and the FCA must be bold enough to ban it You may wonder why I have never sounded off in Money Marketing about commission. The answer is that, when I started this column, commission had been banned for two years. So my past […]
It was with little surprise we saw another Green Paper looking at reform of care and support for older people, due in summer, merely kicked down the road into the autumn. Then the incumbent health and social care secretary was replaced shortly afterwards. With all votes beginning to count as the disengaged becoming louder in […]
I have always had a keen interest in the content marketing side of my business. The last few years have seen content marketing become more important across the sector, with everyone from fund groups, product providers, platforms and advisers looking to excel in it. For those less up to speed, content marketing is a strategy that […]
Back in April, I wrote a piece explaining why investors shouldn’t give up on bonds just yet. Given the heightened volatility in equity markets this year, I thought it might be a good idea to take a closer look at this asset class, too. The VIX index, which predicts market volatility and is known as […]
There have been many improvements to critical illness contracts this year. It got off to a great start with Royal London introducing flexibility and choice with children’s cover options. In April, L&G introduced an enhanced version of its contract for both adults and children, which was followed in May with Guardian’s entry into the market. […]
Australia’s defined contribution pension arrangement (known to Aussies as “super”) is the largest in the world, with assets of A$2.6trn – 144 per cent of GDP. Not bad for a system built from scratch in the early 1990s via mandatory employer contributions. Those involved in delivering auto-enrolment here in the UK always saw super as […]
For many people, pensions are too confusing or such a long way off it does not seem real. Their annual pension statement may not make much sense because it is not set within the context of lifestyle. But translate the hard facts and figures into something they can relate to and it might be a […]
Investing at this stage of the market cycle is a tough balancing act. While over-exposure to risky assets leaves a portfolio vulnerable when a correction really bites, taking too much risk off the table too soon can mean missing out on the remaining opportunities which may still present themselves over the coming months. With so […]
It was announced in last year’s Autumn Budget that, from April 2019, tax will be charged on gains made by non-UK residents on the disposal of all types of UK immovable property. At the time of the announcement, HM Revenue & Customs also produced a technical note setting out the scope of the new charge […]
Following the withdrawal of guidance on unfair contract terms in 2015, the FCA is now consulting on draft guidance based on current legislation. The move highlights its concerns that contract terms allowing firms to unilaterally vary them may be unfair to consumers and disrupt the balance of power. That said, the FCA does acknowledge the […]
How do advisers stay relevant in an increasingly automated world? People can equip themselves with an ever-growing armoury of apps and robo solutions to help with their financial planning needs. Why pay for an adviser? As an adviser, your unique selling points are the things that make you human. Your emotional intelligence allows you to […]
Many believe a client’s lifetime allowance can no longer be protected once a deadline has passed. But there are circumstances where a late application can still be made. If benefits are crystallised in excess of the lifetime allowance, a tax charge of 25 per cent or 55 per cent arises. The allowance has fallen year […]
People are living longer; a challenge for all sections of society. To deal with these challenges, new approaches will need to be taken by the state, individuals, employers and pension providers. There are five key components to living a long, productive and fulfilling life: resilience to changes in employment and income; agility and being able […]
As we enter year nine of the “great recovery”, there is talk about good economic numbers amid rising levels of political risk. But just how is the world so much riskier now than in periods around, say, the Cuban Missile Crisis or the remilitarisation of the Rhineland? Not all political risks are alike, nor do […]
Cast your mind back to June 2014. King Juan Carlos I of Spain abdicates the throne after a 39-year reign. Uruguay’s Louis Suarez is expelled from the World Cup for biting Italy’s Giorgio Chiellini. The European Central Bank breaks new ground in monetary policy by cutting its deposit rate to a negative level for the […]
Consolidation in the Sipp market continues, with the rate only likely to increase. This means that, sooner or later, an adviser will more than likely have a client whose Sipp operator is acquired. What five things should you be thinking about? 1. Why was the Sipp provider acquired? Quite simply, is this a commercial acquisition […]
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With his historian hat on, Ed Hezlet considers what investors might learn from the British academic historian, Herbert Butterfield.
As investors head off for their holidays, our team recommends beach reads to help you reframe the uncertain global environment and look at today’s problems in new ways. We hope there’s a title for every taste, covering topics including investment, leadership, technology, economics, the lessons of history and sport. We hope you enjoy our selection.
‘It would be an unalloyed, unadulterated, absolute good. Everything would be good.’ Mark Carney, 5 July 2018, speaking at a Northern Powerhouse business summit.
Thomas Buckingham, portfolio manager of the JPM UK Higher Income Fund, discusses UK inflation and what it means for investors.
William Meadon, portfolio manager of the JPMorgan Claverhouse Investment Trust plc, discusses profit warnings and the impact on share price .
Levels of merger and acquisition (M&A) activity have historically moved with the stock market. Zach Chadwick, an analyst within the J.P. Morgan Asset Management UK equity team, looks at how this cycle has been no exception and discusses some common behavioural biases.
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 […]
Demand for financial advice is growing, but what clients want is changing both rapidly and significantly. In this webinar, Leo Schulz, senior investment writer, speaks to Garrett Harbron, senior investment strategist, about the way turnkey investment solutions and robo-advice are transforming the way value is delivered. They also discuss emerging insights from our ongoing survey […]
These days we are not short of headlines warning of the impacts of technological disruption in the advice industry. We could choose to buy-into the doom-and-gloom, seeing technology as a threat and automation taking away jobs. However, there is another choice. We can instead choose to see technology as an opportunity, embracing the automation it […]
The Technical Team at Prudential look at what spousal bypass trusts are, why they might be used and the tax implications of using them. Key points Spousal bypass trusts are still an effective planning tool The desire for control when passing on death benefits will dictate whether a spousal bypass trust is set up Death […]
While the Government ponders inheritance tax (IHT) simplification, consider this: it’s been almost ten years since the nil rate band (NRB) was changed, staying at £325,000 since 2009. Some would argue that if it’s not broken don’t try and fix it, which ignores the fact that we are in a very different world than 10 […]
Read our recently produced Axis e-zine. The e-zine introduces the RL Global Equity Select Fund, highlighting the fund’s distinctive investment process and including thoughts from financial advisers. Read the e-zine here Past performance is no guide to the future. The value of investments and the income from them is not guaranteed and may go down […]
Bonds Briefly is a new regular look at fixed income markets – addressing a range of issues from large macroeconomic factors, to smaller more technical influences on the market and how RLAM is investing on your behalf. Bonds Briefly is a quick way to learn something about things that are influencing bond investing right now. […]
As a goals-based life planner who runs client portfolios to protect on the downside, the term “cautious optimism” seems made for Austyn Smith. However, the phrase does not do justice to the managing director of Austyn Smith Associates. It does not convey his belief that life is for living and using your money to do […]
Drawdown can seem a bit like one of those optical illusion pictures that pop up on the internet every so often. The dress that some swear is black and blue, while others are convinced its gold and white; the trainers that could be pink or green. Look again on a different day and chances are […]
Equanimity managing director Helen Howcroft on defeating sexism in the industry and promoting advice more effectively Equanimity managing director Helen Howcroft is the type of person who rolls her sleeves up and just gets on with things. That has been an advantage in an industry which has made a lot of progress in recent years […]