6
Platform price pressure: will advisers start to absorb the costs?
The issue of who should pay for platforms is a red-hot topic again – so what is the answer and what are the consequences for advisers and clients?
5
FCA chief picks up £75,000 bonus
FCA chief executive Andrew Bailey received a £75,000 bonus for 2017/18,the regulator’s account. Part of the bonus has been deferred and will be paid in 2019. The portion of the bonus already received has been donated to the FCA’s staff charities, Richard House and the Alzheimer’s Society. The bonus is a £10,000 increase on Bailey’s […]
1
Nic Cicutti: Issues at FOS swept under the carpet again
New report fails to acknowledge life-changing consequences of delayed and poor decisions
Spending, pensions and retirement: MAS in numbers
The Money Advice Service will soon be superseded by a new public financial guidance body, rolling it into Pension Wise and The Pensions Advisory Service. Money Marketing looks at some of the key stats for the organisation ahead of the transition.
Is a fund better off with a sole manager or a team?
The year so far has been full of manager and senior staff moves. Earlier this month, eight senior staff at Standard Life Aberdeen left to go to Aviva Investors, to join former Standard Life Investments equities head David Cumming. With moves like this in mind, is a management team or sole manager the better choice? […]
Second cold-call ban consultation released
The Treasury has today published a “technical consultation” relating to the ban on pensions cold-calling, following criticism for missing its June deadline. The Treasury confirmed last month the implementation of the ban would be delayed due to “technicalities”. At that time, a Treasury spokesman said: “Following debates in parliament, and having considered evidence from the industry, […]
1
Jailed adviser’s former firm sanctioned by FCA
One of the advice firms formerly run by jailed adviser Frank Cochran has been told to stop all regulated activity. The FCA register page for Wolverhampton-based FSC Investment Services says the firm must “cease all regulated activities”. Money Marketing understands the instruction appeared on FSC’s register page yesterday. Cochran owned the firm for 32 years […]
Lloyds faces up to HBOS whistleblower case again
After allegedly silencing a whistleblower who wrote an internal report criticising Lloyds Banking Group’s handling of fraud, Lloyds Banking Group has agreed to reopen the case, The Financial Times reports. Using her insight from working as an employee in the bank’s high-risk division, Sally Masterton claimed that some of HBOS’ executives from the Reading branch […]
1
MAS adviser directory passes 7,000 users
The Money Advice Service’s Retirement Adviser Directory now has more than 7,000 advisers listed, the guidance body has revealed. A total of 3,719 firms are now part of the directory, MAS says in its final annual report before merging with The Pensions Advisory Service and Pension Wise later this year to create a new single […]
More than 1,000 advisers attend FCA event tour
Over 1,250 financial advisers turned up to the FCA’s series of regional events, Live and Local, last year, the regulator has revealed. In its annual report this morning, the regulator says that it is continuing to engage with advisers through events including Live and Local, which include supervisory workshops, firm surgeries, roundtables and chairman’s lunches […]
Pensions dashboard petition surpasses 14,000 supporters
Close to 15,000 people have pushed back against alleged government plans to shelve the pensions dashboard by signing a petition. This week it was reported secretary of state for work and pensions Esther McVey’s was moving to scrap the project. The petition, hosted by 38degrees, has collected 14,377 of a target 15,000 signatures in just […]
Trustee brought in to oversee defunct pension firm’s schemes
The Pensions Regulator has appointed an independent trustee for the 15 schemes linked to the now shuttered Fast Pensions. Fast Pensions and five connected companies were wound up at the High Court in May. According to an Insolvency Service statement, it is estimated around 520 people were persuaded to transfer a total of at least […]
Why selling to a consolidator can be anything but smooth sailing
There are increasing hurdles to consider for advisers making the move to sell their business and trade under a new parent. Recent figures from Nucleus show advisers are shunning the idea of selling to consolidators, thanks to increasing examples of the process going wrong. Figures from a survey of around 200 advisers by the platform […]
1
Editor’s note: British Steel shows the menace of unregulated introducers
Last week, the great and the good of the advice profession gathered in Port Talbot. An industrial town in deepest South Wales may seem an unlikely location for a high-profile conference, until you fully grasp the magnitude of what has happened there over the past 12 months and its impact on the planning profession. While […]
1
Former pensions minister Altmann to chair fintech firm
Former pensions minister Ros Altmann is to chair a pensions fintech firm focused on auto-enrolment. Pensionsync, which is part of the FCA’s Regulatory Sandbox, wants to improve auto-enrolment administration by focusing on data protection. Altmann says:” Our mission will be to improve pension auto-enrolment administration to ensure more accurate and secure data. In the next stage of […]
Schroders moves away from dual pricing
Schroders is to change the pricing structure on several of its Schroder Unit Trust funds, moving away from dual pricing. The firm will make the change from 17 September, when pricing will be based on a single mid-market price. UK Intermediary co-head James Rainbow says: “Switching to single pricing will provide greater simplicity for investors. […]
Firms loses complaint over fine for late regulatory return
A firm has had its complaint rejected after being billed by the FCA for a late regulatory return. The firm, which is kepy anonymous in its complaint, went to the Complaints Commissioner after being invoiced £250 by the FCA for a late submission of part of its return, despite claiming that it had made all […]
4
FCA: We must prepare for ‘no-deal’ Brexit
The FCA has said it is continuing to make contingency plans for all Brexit scenarios, including “no-deal”, as negotiations continue. The government’s latest white paper on Brexit proposed an “equivalance of rules on an outcomes basis” regime for financial services allowing the UK and EU access to each others markets. In a speech by FCA […]
1
FOS training should be top of reform list, reviewer says
Staff training and management capability must be front and centre in a full cultural reform of the Financial Services Ombudsman, says former Which? chief executive Richard Lloyd. MPs on the Treasury Select Committee met to discuss Lloyd’s independent review into the FOS yesterday. The review was carried out after a Channel 4 documentary in March […]
Inflation figures cast doubt over interest rate rise
Inflation stayed put at 2.4 per cent in June, bucking against an expectation it would rise to 2.6 per cent. Data from the Office for National Statistics released today show inflation will remain at its lowest level for 12 months. Smith & Williamson Global Inflation-Linked Bond Fund manager Thomas Wells says the Bank of England will now […]
1
FCA warns over unauthorised British Steel-area firm
The FCA has published a warning about an unauthorised firm based in Port Talbot that has been targeting consumers. The FCA says it believes the firm, called Talbot Review Centre, has been undertaking regulated activities that require authorisation. Port Talbot has been at the centre of the British Steel Pension Scheme scandal, which has now […]
6
Tim Sargisson: Why the tables are turning for small advice firms
Back in May, I wrote about the pressures building in advice firms due to a shortage of highly skilled staff and the consequent costs in recruiting. With Apfa research finding profits from retail investment advice fell 16 per cent between 2014 and 2016, I thought businesses faced a worrying future. But last month’s FCA Data […]
10
Paul Beasley: Campaigning for more regulation must stop
The boss of Richmond House Wealth Management responds to Money Marketing columnist Paul Lewis’s latest article that questioned the effect of pension freedoms I am in the majority of advisers in that I am still, just, in my 50s. I therefore grew up with the Man from the Pru calling monthly to collect premiums, got […]
Pete Matthew: Advisers and journalists have a place but are not the same
In a recent Money Marketing column Paul Lewis argued that financial journalists and financial advisers are ‘one and the same’. In response, Nic Cicutti argued that advisers are ‘nothing like financial journalists’. As my column was due, I thought I would add my two penn’orth as an adviser of 20 years’ standing. I agree with […]
9
Paul Lewis: Waking up to poor retirement outcomes
Rather than innovate in the wake of pension freedoms, the industry has taken advantage of unengaged consumers
Phil Jeynes: Reading and righting the underwriting process
Given that the average reading age of adults in the UK lags their biological age, insurers should simplify their wording in the underwriting process
Phil Wickenden: Advisers should meet both emotional and financial objectives
Sometimes emotions drive client decisions so advisers need solutions that satisfy emotional and financial objectives. As humans, we have very elaborate neural systems to address threats. In particular, the emotional circuitry that kicks in to protect us from perceived threats – the ‘fight-or-flight’ response. But there is a very important distinction between threats in the modern world versus […]
4
Keith Richards: Contingent charging must be preserved
The work and pensions select committee is calling for a ban on contingent charging, but this would have an impact on consumer choice. We need to protect consumer choice by mitigating growing concerns over conflicts of interest – real or perceived – and the inherent risk to contingent charging more widely. Consumers seek financial planning […]
4
Jason Butler: Do you always serve the client’s best interests?
A few months ago, I pulled a muscle in my lower back which was total agony. I went to see a sports therapist, who carefully and diligently carried out an examination. She then carried out a massage to ease the inflammation. At the end of the consultation, the therapist gave me some advice on exercises […]
Tom Selby: What next for DB pension transfers?
It is possible that defined benefit transfer activity is nearing its peak
4
Kim North: A triage service will help the advice gap
The night after I attended the excellent Money Marketing Awards evening I went to a Foo Fighters gig, where before and after, I was engaged in seven different conversations with friends about financial issues. A few friends had tried to pay for financial advice but were put off by London-based financial adviser charging costs. After […]
Alexander House boss: The case for treating advisers fairly
A recent article in the Daily Telegraph once again reinforced the prejudices and stereotyping we, as professionals, face every single day. Apparently, there are not enough doctors, teachers, accountants, engineers or quantity surveyors in the UK. I suspect if I look hard enough someone will be extolling the virtues of estate agents and traffic wardens. […]
5
Counting the human cost of the British Steel saga six months on…
Michael Klimes reports from Port Talbot on the legacy of misselling and how steelworkers are coping
1
Ian McKenna: How to choose the right practice management system
It’s important to buy a system you need rather than be sold the wrong solution
3
Tony Wickenden: Use of accelerated payment notices on the rise
Tax avoidance scheme users need to acquaint themselves with HMRC’s processes Over the past few years accelerated payment notices have been in the news. They have been used as very effective cash flow generators for HM Revenue and Customs in tax avoidance cases where HMRC would otherwise have had to wait until the end of […]
What next for multi-asset?
The multi-asset label covers a diverse and complex range of investment funds and approaches. The common characteristic is that they deliver a return profile which reduces the risk of investing in those asset classes individually. Multi-asset fund managers aim to deliver superior returns while balancing the portfolio to ensure that the level of risk being […]
2
Danby Bloch: Centralised retirement propositions do not mean uniformity of outcomes
Adviser firms should have a consistent and planned approach to retirement planning but risks and client outcomes will vary. One of the more intelligent remarks during an adviser roundtable I hosted recently for Platforum – on the subject of decumulation in retirement – was the following: “I encourage many of my clients to turn left […]
Quilter Investors: Product providers must catch up with pension innovation
Drawdown investors need solutions focused on downside protection, inflation hedging and managing volatility risk The sector has a job on its hands to ensure the pension freedom reforms so many of us celebrated just a few years ago do not become a landmark we reflect on with regret in decades to come. That is the […]
Simon Collins: Do robo-advice firms know their clients?
Suitability, know your client and financial crime checks are inextricably linked regardless of the channel of delivery
FE: Don’t despair on Chinese equities just yet
Despite growing concern about the economic outlook for China, investors need not worry
Emma Thomson: How a charter can make protection claims right
The Protection Distributors Group has launched a Claims Charter to address weaknesses in the claims process
‘Managing money is a privilege’: Industry reacts to platform study
Industry experts have reacted positively to the FCA’s long-awaited platform market study this morning and news that it is considering an exit fee ban and more guidance over how advisers should charge for platform recomendations. Commentators on the study are wary that the regulator still has a way to go to ensure clarity for advisers, […]
2
Steve Webb: Time for action on care funding
Planning for later life should include consideration of potential care costs as well as pensions, taxation and inheritance
Flurry of FCA activity to impact mortgage advisers
Regulator unveils proposed directory of senior financial services professionals, publishes fees for 2018/19 and approves new tech-based mortgage firms. The Financial Conduct Authority published a raft of reports, consultations and policy initiatives over the past month and many will have a direct impact on the mortgage sector. Recently, the FCA has put forward plans to […]
Phil Bray: How to get authentic client reviews
A look at social proof and how it can help validate your work
Newsletter
News and expert analysis straight to your inbox
Sign up
Desert island reading: An investment team’s perspective
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.
Never mind Brexit – What about the footie?
‘It would be an unalloyed, unadulterated, absolute good. Everything would be good.’ Mark Carney, 5 July 2018, speaking at a Northern Powerhouse business summit.
Banking on inflation?
Thomas Buckingham, portfolio manager of the JPM UK Higher Income Fund, discusses UK inflation and what it means for investors.
Profit warnings: Keep rational and don’t carry on
William Meadon, portfolio manager of the JPMorgan Claverhouse Investment Trust plc, discusses profit warnings and the impact on share price .
The market moving M&A or M&A moving the market?
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.
UK taps into oil strength
Amit Parmar looks at the recent surge in oil price and its impact on UK equity income investors.
MM Wired on-demand: The impact of a Corbyn govt on investments
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.
4
How are your FSCS levies calculated?
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
2
FCA chief Bailey: 12 months in power
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?
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 […]
Pinpoint school fees planning
Many parents value the standard of education offered by independent schools and will pay for that privilege. Planning for the fee payments can help. Even if the children do not go to an independent school, they could go to university. In this case, the children can end up with a huge outstanding student loan which […]
Pensions tax relief – a reliable source of free money
Mark Devlin, Senior Technical Manager at Prudential looks at how pensions tax relief works to help with planning for clients. Winning the lottery has its appeal, who wouldn’t like turning the cost of the ticket into a fortune? Pensions tax relief in essence gives you free money (albeit with a lesser return than a lottery […]
India H2 outlook: biometric IDs, GST and a financial sector revolution
Thomas Smith, Fund Manager & Co-Head of Emerging Market Equities, argues that a new India is taking shape with the introduction of biometric IDs, increasing smartphone penetration and a growing demand for credit. Read more here Investment risks Past performance is not a guide to future performance. The value of an investment and any income […]
Obrador’s landslide victory in Mexico
By Thomas Smith, Fund Manager & Co-Head of Emerging Market Equities Andres Manuel Lopez Obrador has been elected President of Mexico, with over 50% of votes cast – the largest share ever for a president in Mexico. What are the implications for the Mexican economy? Read more here Investment risks The value of an investment and […]
Emerging markets: will dollar strength derail the recovery?
Ewan Thompson, Manager of the Neptune Emerging Markets Fund, explains why dollar strength is an important indicator for emerging markets, which have weathered the recent volatility well. Watch the video here Investment risks Past performance is not a guide to future performance. The value of an investment and any income from it can fall as well […]
1
How the UK Saves 2018: A comprehensive analysis of the retirement landscape
Vanguard and Nest Insight are delighted to publish our “How the UK Saves” report, one of the most extensive studies of retirement in the UK. This inaugural report analyses the choices, demographics, behaviours and outcomes of the nearly 6.5 million people using the National Employment Savings Trust (NEST). Analysis at both the employer and individual […]
1
Profile: ‘Even Harry Kane needs a coach’ – Explore WM on why advisers need business skills
Explore Wealth Management managing director Stephen Sumner explains the benefits of business coaching for financial advice firms
Profile: WPS Financial Group boss: ‘We walk on eggshells every day we give advice’
You know when you have given your clients sound advice based on everything you can reasonably be expected to know. But will it stand the test of time? The UK has become increasingly litigious and the rules on which advice to clients is based can change in the blink of an eye. With the passing […]
Profile: Buckingham Gate boss on growing a firm from a client database
Imagine you had no business but you did have access to 150,000 potential clients. Would that be enough of an incentive to launch an advice firm? That was exactly the position Buckingham Gate managing director Matt Smith was in four years ago when he walked into a meeting with digital marketing firm Dianomi. Smith is […]