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Peter Hamilton: Where does the duty to advise end?
A recent court case emphasises the importance of robust terms of business, clearly stating the scope of agreement with a client
4
Pension transfer complaint lands Tenet in trouble
Tenet Connect told to pay for more advice after client asked for self-directed solution but this was not included in recommendations.
Advisers divided on merits of discretionary permissions
Nearly half of Money Marketing readers think that advisers should have discretionary permissions, our latest poll shows. In a survey of 120 readers on the Money Marketing website, 43 per cent said advisers should have discretionary permissions. 40 per cent said they should not, and 17 per cent remained undecided. Many discretionary managers have reported […]
Parmenion tells advisers it’s ‘business as usual’ after Standard Life Aberdeen merger
The merged company owns three platforms: Parmenion, Standard Life Wrap and Elevate, but is promising to keep ring-fencing.
Businesses rate Mark Carney over Prime Minister on Brexit
Bank of England governor Mark Carney and UK chancellor Phillip Hammond have been ranked the most business-friendly pair of hands to deliver a positive Brexit deal in a survey of chief financial officers. Thomson Reuters surveyed 200 chief financial officers from companies with revenues between $100m and $5bn across the UK and Europe. Respondents were […]
Phil Bray: Does your website pass the split-second test?
It is vital an adviser’s website tells visitors quickly what it is they do and who they do it for
Euro falls on ECB warning currency could get too strong
European Central Bank policy makers warned that further rises in the euro could impact on the region’s recovery, with the currency falling to its lowest level this month shortly after. The ECB’s latest interest rate-setting meeting expressed concerns about the euro, which had hit a two-and-a-half year high against the dollar. The euro then dropped $1.1661 […]
2
Phoenix launches small pot pension cash-out service
Phoenix Life has launched a new portal for consumers looking to fully encash funds under £10,000. MyPhoenix will be available to policyholders aged 55 and over with less than a £10,000 pot, provided they have no guaranteed annuity rates, and will pre-populate a retirement pack and allow the client access up-to-date policy information. The system […]
1
Ex-adviser jailed over Sipp fraud
A former IFA who pocketed clients’ Sipp money has been given a six-year jail sentence. Darren Say, who ran advice firm Wealth Connection, was found guilty of fraud by abuse of position and of fraudulent trading after creating a pension scheme that loaned money to clients’ Sipps before investing funds in a property company where […]
7
Clive Waller: Why the FCA focus on platforms?
Back in 2003, we conducted a piece of work for JP Morgan FundsHub. The work was set out by the estimable David Moffat, then their marketing director. Among one of David’s many prescient questions was: “Will platforms become the back office or will back office systems become the platform?” Some 14 years later, that question […]
Martin Lewis warns scammers are using his identity to sell schemes
Consumer champion Martin Lewis has published a passionate warning about scam advertisements using his identity to endorse investment and insurance schemes. Lewis, founder of Money Saving Expert, has posted a video denouncing a cloud-based trading scheme that claims he invested £500,000 in it. He says in the video: “It is a con, it is a […]
3
FCA reveals number of firms breaching ‘basic regulatory requirements’
The FCA cancelled the authorisations of more than 200 firms last year for failing to meet “basic regulatory requirements” like paying their fees or filling out regulatory returns. The regulator revealed the figure in an update today, that its Threshold Conditions Team took enforcement action against at least 207 firms for failing such compliance failings […]
3
Royal London boss: Mandatory drawdown advice ‘a potential solution’
Royal London chief executive Phil Loney has said that mandatory advice on drawdown could be a “potential solution” to problems in the market as he hits out at how providers treat non-advised clients. Speaking with Money Marketing, Loney said that the company was worried about how customers in the back books of long-established pension companies […]
Pimco warns FCA on ditching Libor without review
Pimco has warned the FCA a review of the scope of products and investors affected by Libor is needed as the regulator calls for the end of the benchmark. In July, FCA chief executive Andrew Bailey said Libor could be phased out by the end of 2021 and that authorities were working on several alternatives to […]
Advisers divided over UK equities amid Brexit uncertainty
Advisers cautious about UK equities were concerned about recent falls in Sterling and the potential for a market correction with ongoing Brexit uncertainty
Ascentric eyes more white label partners
Ascentric has reported gross inflows for the first half of the year of £1.4bn, up from £1bn for the first six months of 2016
2
World’s oldest mutual appoints new chairman
The world’s oldest mutual lender, Scottish Building Society, has appointed Raymond Abbott as chairman. He takes over the role as chairman from Rob Golbourn. Golbourn will remain as non-executive director until he retires from the board in October 2017. Abbott has been vice-chairman and senior independent director at the society since 2015, and a director […]
5
FOS chair: Cases are not ‘too complex’ for our staff
Financial Ombudsman Service chairman Nicholas Montagu has defended the skills of the adjudicators at the complaint handling service. In a letter to the FOS, The Claims Bureau chairman Peter O’Donnell claims that a number of cases he is handling had been delayed by over 11 months, and claims that ombudsmen had told him that the […]
1
RBS, Lloyds and Barclays among banks in $400bn Libor case
The Federal Deposit Insurance Corporation, a US government agency, has filed a lawsuit against some of the UK’s largest banks over manipulation of Libor, which it argues was skewed against the banks it had to rescue during the financial crisis. The agency has brought a claim against nine banks, including Barclays, Lloyds Banking Group and RBS, in […]
Ascentric pricing change drives boom in Sipp accounts
Royal London has defended moving its Ascentric platform to an “all-in” pricing structure earlier this year, saying the decision has paid off with a spike in Sipp accounts. In May, Ascentric moved to a single account charge, ditching trading fees and charges for Sipp and drawdown administration. However, portfolios under £1m are now charged at […]
2
Royal London drawdown sales spike as chief slams non-advised market
Drawdown and individual pension sales at Royal London rose by more than 60 per cent in the first half of 2017, but the provider has hit out at the non-advised market for failing to protect customers. In its results this morning, Royal London said that it had seen a particular boost to individual pensions and […]
6
What does ‘restricted’ advice really mean nowadays?
What does “restricted” advice really mean nowadays? Some see this as a question of semantics, others one of outcomes. Either way, the debate was reignited again a few weeks ago by consumer group Which? and its probe into St James’s Place. In a mystery shopping exercise, it found three of the 12 advisers visited did not […]
12
Some final words from the editor
This is my last editorial column for Money Marketing, and the last day that I will oversee the team as editor. Over the last seven years as part of Money Marketing I have seen two regulators, three governments, two advice market reviews and countless (and I mean countless) FCA consultations. Money Marketing is known for […]
11
Neil Liversidge: Isa’s good name will be ruined by P2P
The Government and the regulator have the opportunity to head off a disaster before it happens.
3
Chris Curry: We can intervene to force pension saving
Interventions are most effective when they are personalised and applied during ‘teachable’ moments
Mel Kenny: Watch out for sales tactics in post-‘expert’ era
There is a dangerous lack of curiosity for what experts have to say these days, and a preference for what everyone else does or thinks on social media.
2
Blog: What next for vertical integration?
Is it inevitable that all large life and pensions companies will look to become vertically integrated? It certainly seems the tide is shifting that way. Prudential, not content with quietly building up its advice arm to more than 300 advisers over the last few years, announced yesterday it wanted to fully integrate its asset manager […]
5
Malcolm Kerr: What makes the perfect adviser?
I have met many advisers in my career, starting as a broker consultant back in the 1970s (when they were product salesmen) and continuing as a “big four” consultant since, working for those involved in the long-term savings, investment and protection sectors. In that time, I have also moderated dozens of adviser workshops at various […]
Thomas Wells: The inflation conundrum
For much of the last decade, it seemed that central bankers had won the inflation ‘war’ and that inflation was dead. Indeed, inflation was so dead that if you were Japanese or European, you were probably more worried about deflation. As is often said, central banks don’t really do deflation, so they were quick to […]
4
Tom Kean: Independence must remain sacrosanct
Attempting to carry out work for a client without independence must be frustrating at least; disingenuous at worst
Gregg McClymont: What the FCA’s work tells us about UK pensions
The arrival of the FCA’s retirement outcomes review has seen industry voices focus on the absence of people blowing their pensions on Lamborghinis and the presence of a “drift to cash”. But is anyone surprised by either of these findings? There was never any reason to believe people would blow their savings overnight on luxuries, […]
8
Nic Cicutti: Cold-calling ban must not fall by the wayside
About 15 years ago, as I was about to embark on a new career as a self-employed journalist, it occurred to me one potential additional string to my bow might be that of a money coach. There was no regulated activity involved: for those whose likely needs included product-related financial planning, I offered guidance on […]
The science of segmentation: How to cut clients to make a profit
The real power of segmentation is in designing a proposition that meets the needs of clients and makes a profit for your business
3
Mark Barnett: Keep faith in UK stocks dogged by Brexit
Despite many forecasting strong dividend growth, domestically-focused companies are being shunned by investors as Brexit uncertainty rumbles on.
9
Divided and conquering: Is regulators’ thinking joined-up?
With an increasingly complex pensions and investment landscape, it can be tough to know exactly who is responsible for what when it comes to regulation. The FCA’s remit in particular is widening, as it attempts to work through its own Brexit strategy, but also take on responsibility for promoting competition, overseeing consumer credit, and shortly, […]
Technical Area: Advising on personal injury trusts
Clients would benefit from protecting any payments to themselves or their families as a result of an accident, injury or malpractice in a trust
1
Regulation: Do Mifid II and the GDPR have conflicting aims?
Two significant pieces of legislation are set to impact the investment management industry in the coming year; Mifid II and the General Data Protection Regulation (GDPR). On the surface they appear to have conflicting aims, with the enhanced monitoring requirements under Mifid II seemingly incompatible with the enhanced data protection requirements of GDPR. Firms must […]
John Pattullo: Searching for fresh clues on low inflation
The go-to gauge for inflationary pressures in an economy is broken and the sooner central bankers accept that, the better
1
The evolution of The Pru: From humble beginnings to savings juggernaut
As Prudential announces the next stage in its evolution by merging with asset manager M&G, Money Marketing looks back at the history of one of the biggest names in the life and pensions market
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MM Wired: Beyond the election – On demand
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 […]
Standard Life/Aberdeen merger: What we know so far
MM takes stock of the mega-merger set to shake-up the asset management industry
5
Watch: Where do your FCA fees go?
Money Marketing takes a look at where your FCA fees go after the regulator released its latest levies this week. FCA chief Bailey: 12 months in power Click here for more news and insights on regulation.
Watch: Danby Bloch on what advisers should expect from the Budget
Ahead of the Budget tomorrow, Money Marketing editor Natalie Holt speaks to Helm Godfrey chairman and Platforum consultant Danby Bloch about the backdrop to Chancellor Philip Hammond’s first Budget speech. Bloch discusses the expectation around changes to National Insurance contributions and income tax, and the implications for the self-employed. He also gives his thoughts on […]
A tailored approach to protection
By Ian Smart, Product Architect, Royal London In an ideal world, clients would be able to afford as much protection cover as they wanted, but few would describe current times as anything approaching ideal. But this doesn’t mean that they have to indulge in an either/or decision that results in missing out on some essential […]
Bond yields drop with ECB doves still in the driving seat
Craig Inches, Head of Short Rates and Cash at Royal London Asset Management, provides three bond market trends this week and highlights that the doves were out in force at this month’s ECB meeting as bond yields drop. Read the article here The value of investments and the income from them is not guaranteed and […]
The lucky ones
By Denise Wond, Marketing Relationship Manager, Royal London Do you consider yourself lucky? I don’t; I never seem to win a prize in the raffle, if there’s a cancelled train it’s usually the one I’m meant to be on and don’t start me on last year’s holiday. On the other hand, when I think about […]
Overseas transfer charge
By Jim Grant, Senior Product Insight & Technical Support Analyst, Royal London Transfers to overseas pension schemes are not recognised transfers unless the transfer is to a Qualifying Recognised Overseas Pension Scheme (QROPS). A transfer to an overseas pension scheme that isn’t a QROPS is therefore an unauthorised payment and taxed accordingly. However, even if the […]
European value’s revival in 10 charts
By Rob Burnett, head of European Equities, Neptune Value strategies have historically outperformed their growth counterparts, yet have suffered amid adverse market conditions in recent years. While value’s outperformance has returned, few funds are positioned for it. What’s behind value’s recent resurgence and will it last? View charts here Important information Investment risks Neptune funds […]
The unconventional becomes the norm
Caspar Rock, Chief Investment Officer, and Richard Jeffrey, Chief Economist, review the state of the economic landscape. It started with an unconventional recession, one that emanated from a near collapse in the financial system but which, in some larger economies, resulted in a comparatively modest increase in unemployment. Then we had unconventional monetary policy, encompassing […]
Profile: Wealth For Women’s Mary Waring on meeting divorcees’ demands
The managing director says getting the right accreditations and building relationships with solicitors are key to servicing this lucrative market
2
Profile: MPA’s Phil McGovern talks ‘demonising’ DB transfers and ‘obscene’ fees
The managing director shares his tips on staying on the right side of the regulator in this high demand area of the market
Profile: Xentum’s Adam Carolan on building NextGen Planners
Adam Carolan has taken it on his shoulders to bring a new batch of advisers into the fold
