Prudential and Old Mutual are among four providers to have avoided sanctions from the FCA as the regulator completes its investigations into firms’ closed-book practices. The FCA has finally ended its inquiry, more than two years after it originally reviewed 11 providers over how they treated longstanding customers. The regulator expressed particular concerns about failures […]
Sometimes plans gets derailed and you must prepare your clients for that More people than ever are surviving into their 90s and beyond, many with complex medical issues to deal with. Most advisers around my age will have a number of clients also of a similar age, where their own children are now independent financially […]
Michael Klimes asks if advisers need to change their thinking on annuities and incorporate them in drawdown for clients
St James’s Place has hired Claire Blackwell as director of marketing from Newton Investment Management. Blackwell says: “We have a responsibility to continue to develop ourselves and our proposition in the interests of better financial outcomes for clients.” SJP shuns new CII exam in favour of in-house programmes She has held a variety of positions across the […]
Something drastic needs to be done to make the protection landscape fit for today’s world Like most journalists, when I first began writing for Money Marketing years ago, I needed to be schooled in the ways of financial services. In my case, this role was carried out by a small coterie of energetic financial advisers […]
Industry needs new ways of increasing confidence, with high payout rates falling on deaf ears Paying claims is at the heart of the protection industry but the positive picture painted by high payout rates doesn’t appear to be getting through to consumers. Most providers publish their claims data each year, highlighting the fact the number […]
Fund managers with a solid investment philosophy can identify their edge and the environment in which they will flourish My last column highlighted the weakness in relying on past performance in fund selection (weakness is putting it politely). I then provided an overview of some of the more qualitative factors advisers should consider when analysing […]
Data from the Office for National Statistics show that UK property prices grew 1.2 per cent from June to July, giving a nationwide average house price of £231,422. On an annual basis this figure stands at 3.1 per cent, down from last month’s growth of 3.2 per cent, and is the lowest annual rate since […]
Annuities, drawdown, Sipps – these terms can confuse and alienate customers. People really just want to know what will enable them to have the retirement they’ve always dreamed of, with enough flexibility to deal with life’s changing circumstances and perhaps a small inheritance to pass on too. What is everyday terminology for us in the […]
Royal London has published a discussion paper with pensions lawyers Eversheds Sutherland to help defined benefit trustees handle members interested in transfers. It aims to help trustees understand both what the law requires of them and what good practice might look like. The paper calls on trustees to make members aware that transfer values are […]
A group of 20 providers has met to discuss how to make the pension dashboard a reality as the fate of the project remains uncertain. While many industry figures and prominent MPs like work and pensions select committee chair Frank Field remain committed to the concept, earlier this month secretary of state Esther McVey put […]
Advisers will not be eligible to become shareholders in AJ Bell when it floats unless they are a customer of the business, the platform has said. The business is preparing to list on the main market of the London Stock Exchange either in December or early 2019. As part of the listing, AJ Bell is […]
Paraplanning firm Heather Dunne Consulting has gone into liquidation after its principal restricted its pension transfer permissions. Adviser Heather Dunne founded the firm in 2002 to support advisers doing pension transfers and the firm’s biggest client was HDIFA. HDIFA is also run by Dunne but was placed on voluntary suspension in July 2017 when it was […]
Sanlam UK chief executive John White has been appointed as president of the Personal Finance Society for 2018/2019. White will be replacing Thornton Chartered Financial Planners managing director Sharon Sutton, who will step down following the completion of a 12-month term as president. Commenting on his appointment, White says his predominant focus during his term will be […]
Aegon has this week written to customers who are eligible for compensation following issues with the Cofunds replatforming and expects the first payments to be made from tomorrow. Aegon met with its advisory board last week and called the meeting “constructive but challenging”. The board is made up of advice firms brought in to contribute […]
Former UBS trader Kweku Adoboli, who had been convicted of one of the UK’s biggest frauds, has won a temporary reprieve from deportation to his native Ghana. Abodoli had left Ghana at the age of four and has lived in the UK since he was 12 years old. However, he never applied for citizenship. Adoboli […]
New research from Aegon has revealed a North-South divide in the way advisers make their investment decisions. It finds the proportion of assets advisers are choosing to place in different types of investment strategies is also linked to levels of affluence. Advisers in the wealthier South place a higher proportion, 35 per cent, of assets […]
Aviva has completed a share buy-back programme worth nearly £600m, the life company has said in an update published today. In spring the insurer said it was planning to buy back up to £600m of its own shares, in an effort to deploy £2bn of excess capital this year. At the time the provider said […]
The Department for Work and Pensions and The Pensions Regulator have attempted to clarify how schemes should direct members wishing to make a complaint or get more information. Earlier this year, TPO took on complaints adjudication powers previously held by The Pensions Advisory Service. However, schemes have reported confusion over whether they would have to […]
The Pensions Regulator will launch a new approach to the way it supervises workplace place schemes from next month to safeguard members’ benefits better. An increasing number of workplace pension schemes will come under greater scrutiny from the watchdog through a range of interventions to address risks sooner. The changes result from TPR’s major review […]
The FCA recently published feedback on its Call for Input on access to insurance. While this was focused on the ability for people with pre-existing conditions to get travel insurance, it will have wider implications for the protection market – and rightly so. Too many consumers feel they are uninsurable, having been refused cover, even […]
This important tax relief is at risk of being abolished in the upcoming Budget. “Quite likely the worst tax relief in the UK”, was the harsh verdict on the hitherto relatively uncontroversial entrepreneurs’ relief from think-tank the Resolution Foundation last month. It looks as if this relief will need some vigorous defence if it is […]
“The cheque is in the post.” “Of course I love you.” “Hi, I’m from compliance and I’m here to help you.” These are some of the greatest lies in the world and now a new one has been added to the list: “We are re-platforming to provide you with a better service.” When the first […]
When pensions freedom was introduced three years ago, it was feared retirees would blow their savings with little regard for their future needs. The media whipped up a frenzy about them splashing out on Lamborghinis, before falling back on state benefits. If only someone had bothered to look at the data on expenditure patterns in […]
Unpredictable bills make running any business difficult. That has been no different for advice firms in recent years, which have seen their Financial Services Compensation Scheme levies creep up. Part of that pressure comes from repeat offenders folding under the pressure of complaints, and then doing exactly the same thing all over again. Anecdotally, when […]
Machine learning will transform underwriting, fund management and regulation, and could shake-up advice too Having heard the phrase “machine learning” a number of times, it had never occurred to me that I had no idea what it meant. I had assumed it was a figure of speech; consultant speak for “a bit better at sums […]
During the recent World Cup, I sat down to watch a few matches with my 10-year-old son, which also involved sitting through various gambling ads telling him what a cracking wheeze that was. Once again, I was reminded of how easy it is for some to peddle financial rubbish, while investment firms need to plaster […]
There has been more talk lately about the disparity between the value of pension entitlements accrued by public and private sector employees. It appears many are still surprised how much more some public sector employees’ pensions are worth than those in the private sector. There are many reasons for that but it is the confusion […]
Robos should not be able to act like advisers yet shirk the regulatory responsibility incumbent on them Reports suggest a group of robo-advisers is planning to lobby the FCA for softer regulation than that which traditional advice firms must adhere to. This is a huge mistake. Asking for diluted regulation and, by definition, a reduction […]
The demise of financial advisers has been predicted so many times that we have become accustomed to people crying wolf. That said, it is important to remember that eventually there was a wolf and there is a danger ignoring these warnings completely will end up with us being eaten. I have been very sceptical of […]
I have never used a fax machine. Nor, I suspect, have the vast majority of people who, like me, are under the age of 35. Some of my peers report only ever having used them “for fun”. However, in the bizarre world of pensions, this is exactly how the company that manages your money could […]
HMRC is tightening the screw on tax avoidance involving profit fragmentation Tax avoidance continues to drive Treasury and HM Revenue & Customs activity. Over the summer, the Revenue published responses to its consultation on proposals to tackle schemes designed to move UK business profits outside the charge of UK tax, often using offshore trusts and […]
New suitability rules suggest not obtaining the most up-to-date information can prevent you from taking a fee I do not usually get cut up by celebrity deaths but I did on 4 September 2006 when my hero, Steve Irwin, “The Crocodile Hunter”, passed away. Something I learned from him was the impact of unintended consequence. […]
For a while now, talking heads have been banging the drum about a dollar liquidity squeeze. Effectively, as the US Federal Reserve tightens rates, the better returns suck money out of higher-risk markets back to the “safe haven” of the US. But we believe most developing markets are less susceptible to this risk than in […]
This month marks the 10-year anniversary of Lehman Brothers’ collapse. In the second part of our series, leading fund managers speak to Money Marketing about what we have learned and what still needs fixing after the global market crash of 2008. Adrian Hull, co-head of fixed income at Kames Capital Back in 2008, “moral hazard” […]
A detailed look at the firms driving job creation and the most sought-after roles Advice firms are on the hunt for recruits, with 65 per cent aiming to add to their staff within the next 12 months, according to our latest research. Our Adviser Market: Size and Structure report also found that nearly nine out […]
A few months ago the Association of British Insurers downgraded HIV. It is no longer on its list of minimum standards for critical illness cover; it is no longer a life-threatening condition. This is really exciting, as we have been fighting for fairer access to insurance for clients with HIV for years. At the moment, […]
While there is potential for a client’s pension scheme to pay an annual allowance charge, it is not always the best option I am often asked about how to deal with clients who have exceeded their annual allowance, specifically whether they can force their scheme to pay the tax charge for them. Quite often this […]
Be clear on these tricky areas to shield your firm from risks Advice firms are expected to maintain appropriate professional indemnity insurance cover at all times. Unfortunately, we often come across issues with firms’ arrangements. Here is a summary of the most common pitfalls: Excesses If the excess on your policy is greater than the […]
Ethical investing is a hot topic, but where is the best place to start creating a responsible portfolio? Ahead of Good Money Week later this month (29 September to 5 October), which aims to show there are sustainable and ethical options when it comes to investments and pensions, Money Marketing speaks to three experts, asking […]
A new Chartered Insurance Institute exam that lets the FCA assess adviser competence raises an important question: should passing tests at the beginning of your career qualify you for life? Many in the advice profession would argue the examination process to become chartered or certified is lengthy enough. Despite the changing nature of the job, […]
Advisers are concerned providers show no flexibility in handling urgent cases related to legacy products, even those where clients are critically ill, instead sticking to processes that can lead to long waiting times for responses. Advisers speaking to Money Marketing are resigned to the fact obtaining information on legacy products can be painfully slow. Grosvenor […]
Advisers are calling on the FCA to step up the pressure on so-called “phoenix” firms as new Money Marketing research suggests the practice is still commonplace in the advice market, and appears to have been employed by some firms that have been sanctioned over defined benefit transfers. Phoenixing is the term given to the practice […]
Trade tensions and a strong dollar mean problems in Turkey may be just the tip of the iceberg In the middle of August, emerging market equities officially moved into bear market territory, with the MSCI Global Emerging Market futures index falling 20 per cent from its late January peak. The trigger for the most recent […]
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John Baker, portfolio manager for the JPM UK Dynamic Fund, looks at the video game market, and the opportunities for investors.
Anthony Lynch, portfolio manager of the JPM UK Equity Plus Fund, JPM UK Equity Core Fund & the Mercantile Investment Trust, looks at the impact of Brexit on the housing market.
Callum Abbot, portfolio manager, discusses the changing market and end of cycle positioning.
Register now to watch our exclusive Wired debate broadcasting live at 10:30am on 20th September.
Katen Patel, portfolio manager of the JPMorgan Smaller Companies Investment Trust, JPMorgan Mid Cap Investment Trust and JPMorgan Elect Managed Income Investment Trust, explains some of the key considerations when looking at investment trusts.
Buying high growth companies is by no means always a winning strategy. Kyle Williams, manager of the UK Equity Growth Fund, explains why he prefers to focus on “unanticipated growth”.
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 […]
By Andrew Morris, Sales Manager, Canada Life Investments In the past we’ve looked at the importance of diversification in investigating what place multi-asset funds had in today’s low cost, tracker-dominated world. We believe that it is imperative that appropriate, suitable multi-asset products are available for clients, to ensure that their risk requirements and appetite are fully […]
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 […]
By Nigel Orange, Technical Manager, Canada Life Drawdown is an incredibly complex – and important – part of a retirement strategy. That being the case, should the FCA apply the same rules to drawdown as they currently do for DB transfers and pension benefits that have guarantees attached? Essentially, whenever the pension transfer or drawdown […]
Clare Moffat looks at the planning implications of DB transfers and the LTA
By Fiona Hanrahan – Senior Product Insight and Technical Support Analyst, Royal London We’re often asked about death benefits and thought we’d share our top five most frequently asked questions. 1. Who pays the lifetime allowance charge when an individual dies? If the individual dies with uncrystallised benefits, these are tested against their remaining lifetime allowance. […]
With emerging market equities officially entering bear market territory, Trevor Greetham shares his views on the situation in our latest blog piece. He explains that while Turkey is certainly a symptom of the shift, it’s not a cause. Read the article here Past performance is no guide to the future. The value of investments and […]
Fidelius chief executive on picking the right industry battles and building advice firms from scratch Fidelius chief executive Jim Grant bought his first advice firm in 1996, so he is used to the regulatory quirks of the UK financial services industry. Take the holy grail of “what good looks like”. It is a source of frustration for […]
Evolution Financial Planning director on why the government needs to take more responsibility for promoting advice to pension savers There is a lot to be said about pensions. Defined benefit transfers and the ongoing implications of the freedom and choice regime have given advisers plenty to contemplate in recent years. However, for Evolution Financial Planning […]
Acumen Financial Partnership managing director Angela Maher discusses succession plans and family values Family crops up a lot when Acumen Financial Partnership managing director Angela Maher talks about business. It is clearly important. Having come from generations of people who ran their own businesses in industries such as farming, you could say it is is […]