Advisers will soon have to tell the FCA how many esoteric investments they have recommended as part of their regulatory returns. The move comes as the FCA continues its review of Financial Services Compensation Scheme funding, and would allow the regulator to introduce risk-based levies if it chose to. FCA analysis shows that around a […]
St James’ Place and Alliance Trust Savings have ranked near the top in the latest FCA complaints data. SJP ranks third for the number of complaints by both pensions and investment policies sold. SJP received 5.8 complaints per 1,000 investment sales and 4.7 complaints per 1,000 decumulation and pension policies sold between January and June. […]
The youngest ever fellow of the Personal Finance Society has moved to a new advice firm. Vito Faircloth gained the accolade last year at the age of just 22. He became level four qualified in August 2015 before taking additional exams with the professional body. Chief executive Keith Richards described the achievement as “truly remarkable”. […]
Three fund selectors give their views on choosing passive funds, blending, and investor suitability
Providers are calling on the Work and Pensions Select Committee to tackle the advice gap and tax on pension withdrawals in its review of pension freedoms. The committee said last month it was opening an inquiry into whether the pension freedoms are achieving their objectives and if policy changes are needed. In its submission to […]
The industry needs to do more to bring in more younger advisers Promoting financial advice as an attractive career to younger people underpins many things important for the future, such as succession planning and moving from an industry to a profession. Some advisers do their bit by taking on apprentices and may run graduate trainee […]
Old Mutual Global Investors could land in Australian hands in its sale from Old Mutual. Challenger and Macquarie Investment Management are among bidders for the single strategy asset management division, Sky News reports. Hellman & Friedman were among the private equity houses that were sounded out by Old Mutual, alongside Cinven and CVC Capital Partners. But earlier this month Old […]
Aviva consumer platform proposition head Anthony Rafferty has been appointed as the new head of pensions technology firm Origo. Rafferty will succeed Paul Pettitt, who recently announced his decade-long spell as managing director would could to an end in March. Rafferty will join on 1 January to allow a two-month handover. He was previously head […]
At a recent lunch with both the head and commercial proposition director at one of the platforms we use, we somehow ended up on the topic of truths, half-truths and misconceptions we had heard about platforms over the years. I personally do not think there has been a single innovation that has brought as much […]
Two Fidelity fund managers are facing accusations of sexual harassment and have left the asset manager in the past month, according to reports. Sources have told the Financial Times and the Wall Street Journal that complaints about sexual comments and behaviour led to two long-serving members of Fidelity’s $1.3trn equity division being pushed out. An […]
Two company directors have been disqualified for a combined 20 years after running a fine wine investment scam that lost investors nearly £1m. An Insolvency Service investigation found that Crimson Fine Wines cold-called customers and then did not purchase or allocate wines to those who had paid for their investments. The investment scheme offered investors […]
AJ Bell has won a case against a client who wanted his platform fees for the past 14 years reduced. A client, referred to as Mr N, complained to the Pensions Ombudsman that, because he did not have enough information about what fees would be payable, he sold a property holding in his Sipp far […]
National advice firm Foster Denovo has acquired employee benefits consultancy TEBC. The deal brings over 100 corporate client relationships, and Foster Denovo will look to build TEBC’s staff into its own employee benefits division, Secondsight. Foster Denovo says the deal is the first in an acquisition strategy it will be pursuing. Chief executive Roger Brosch […]
The committee wants answers on the gender divide of the Bank of England’s committees The influential Treasury select committee has threatened to stop endorsing appointments to the Bank of England unless the Treasury starts nominating a more diverse range of candidates. Chair Nicky Morgan has written to Chancellor Philip Hammond demanding the Treasury publish the […]
A former St James’s Place adviser has been jailed after defrauding clients of more than £840,000 over three years. Mark Pickering was discovered to have used client money to place bets at Betfair, which the gambling business discovered after checking its records. Pickering ran up a total of £1.1m gambling losses. Judge James Sampson, of […]
Advisers have hit out at the Government’s “obsession” of tinkering with pension tax relief as reports suggest older workers could see their tax relief cut in the upcoming Budget. Chancellor Philip Hammond will make his first Autumn Budget announcement on 22 November. Reports suggest that Hammond is eyeing reforms to promote “intergenerational fairness” in the […]
The panels that advise the FCA have told it that ‘regulatory overload’ is an issue for firms. The regulator has four expert panels that advise the FCA on issues affecting groups including small businesses, markets and consumers. Responding to the annual reports of the panels today, the FCA noted that “regulatory overload” was identified as […]
A Centre for Policy Studies report claims former deputy primer minister Nick Clegg’s insistence on the state pension triple lock policy was a driver in increasing intergenerational unfairness. The report says that, since 2010, welfare spending on pensioners has increased by 10 per cent in real terms but is down by 5 per cent for […]
Employers should follow the lead of a Stoke-on-Trent pottery business that brings an IFA into their business on a regular basis as part of their HR offering, pension and financial inclusion minister Guy Opperman says. Speaking at the Pensions and Lifetime Savings Association conference yesterday, Opperman said Stoke-based Steelite, whose premises he had visited, should […]
Firms say they will finalise plans to move capital and staff across Europe by Q1 2018 Asset management firms expect to have their post-Brexit contingency plans in place by the first quarter of next year, despite fears of a lack of a deal between the UK and the European Union, a Member of the European […]
It is sometimes all too easy to forget that pensions are about income throughout retirement, especially when members are having huge capital sums dangled under their noses like juicy carrots. In final salary land, the current excitement over defined benefit transfers is driven by the enticing sums on offer. It is not surprising 80,000 people […]
Tupperware is my nightmare. Ok, that and my trolley suitcase, as I am often reminded by a friend who once enjoyed a violent (pathetic) outburst as I wrestled unsuccessfully with its narrow wheel base. But my luggage comes second to the horrors that lurk behind one particular swivel cupboard in my kitchen. A dystopian mountain […]
What wake-up call does the Government need in order to do something about the looming pension crisis?
Be simpler. Be more human. And be braver. These are the concepts the UK protection market needs to adopt to be successful in future, according to speakers at this summer’s Protection Review Conference. Simpler is obvious. Campaigner for plainer English in financial services, Rhys Williams of Quiet Room, suggested we need less complicated products, easier […]
Providers need to start trusting their intermediaries the same way that clients trust us.
I have worked in retail financial services for the last 30 years, from the coal face as an IFA to the back office as head of compliance or technical services. Throughout this time, I have always believed the UK should follow the American Securities and Exchange Commission model of regulating products alongside the advice provided. […]
Pensions and financial inclusion minister Guy Opperman discusses the Government’s savings priorities in an exclusive op-ed for Money Marketing During my first few months as minister for pensions and financial inclusion, I’ve been struck by both how much we’ve achieved in recent years in helping people save for their retirement, and the challenges we must […]
Last week I was delighted to have the opportunity to talk about one of the most critical challenges for platforms over the next 5 to 10 years – whichhow do they need to evolve? And by ‘need’ – we frankly mean what’s required if platforms are genuinely to meet the needs of intermediaries and investors […]
Protection has always had a good degree of focus on providing peace of mind for families but more insurers are looking at ways of appealing from a practical point of view. Could this be the way forward in getting more people to engage? Early focus on children’s cover under critical illness related to child-specific conditions. […]
Auto-enrolment will produce much less than the state pension at the end of a working life
Much more needs to be done to help educate consumers on the vital difference between receiving guidance or advice
Race for talent hots up but top planners are still at a premium
What Aegon’s decision to drop the brand means for a platform titan
Royal Assent is on course for collision with the autumn Budget and the industry should not rule out surprises
The real benefit comes if the client is looking for tax-efficient ways to pass funds to the next generation
Which company will be the first to capitalise on the huge potential presented by a certain segment of the population?
It may look strange that the second largest asset manager in the world is now pushing its new active funds in the UK market at a time when passive funds are seeing record flows. But having amassed more than $215bn globally in its funds since the start of the year, this is unlikely to be […]
Advisers are worried selling protection goes against their professional image but ignoring it is helping no one
Polar Capital’s star managers on why two heads are better than one as they celebrate a decade in partnership
Threesixty managing director Russell Facer looks at how to cover all bases with your DB transfer files The demand for defined benefit transfer advice and, subsequently, file reviews is massive and rising. We have a daily flow of files looking for review and many contain the same common issues which can be easy to resolve. […]
Advisers and the regulator have reached agreement that many suitability reports are too lengthy. The longer the reports, the less enthusiastic clients become. In its suitability review earlier this year, the FCA found many suitability reports were too complex. But is it possible to make them shorter? The FCA has provided a number of examples […]
Adviser directories have fallen out of favour with advisers over the last year as Unbiased and VouchedFor pile on new services to keep IFAs interested, a new research project finds. Last year, Money Marketing and adviser marketing firm The Yardstick Agency ran the first comprehensive study of adviser attitudes towards Unbiased and VouchedFor, the two […]
Performance fees are in the spotlight, but will they work for active managers? Fund managers are starting to rethink how they charge as big names take on the competition with new performance-linked models. Last week, Fidelity International announced a radical move to a so-called fulcrum fee, igniting a debate on whether performance-aligned fees could be a […]
When picking funds in this sector, it is important to take a step back and think about the total return, not just the income
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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 […]
MM takes stock of the mega-merger set to shake-up the asset management industry
Structural changes across the global economy are having unexpected consequences for the recovery
David Shairp, Head of Research at the Prudential Portfolio Management Group (PPMG), investigates the range of factors that multi- asset investors use to derive market insights and views that inform portfolio decisions. These would typically include valuation, macro factors, and behavioural or market timing factors. Many investors usually separate strategic and tactical asset allocation decisions. […]
RLAM is committed to being a responsible investor. Our quarterly newsletter, Responsibility Matters, explores key environmental, governance and social (ESG) themes. This quarter’s issue covers green bonds and sustainable agriculture, with articles from Head of Sustainable Investments Mike Fox and Sustainable Investment Analysts Gail Counihan and Victoria McArdle. Read the articles here Past performance is […]
Robin Geffen, Neptune Fund Manager & CEO, discusses dividend risk and the potentially negative consequences of the Investment Association’s decision to cut the UK Equity Income sector’s yield target earlier this year. Read more here Important Information – for investment professionals only. Investment risks This Fund may have a high volatility rating and past […]
Our Governed Retirement Investment Portfolios (GRIPs) reach their five-year milestone and prove their resilience in challenging market conditions
By Robin Carr, Head of Adviser Development At Royal London, we have a tool on our adviser website that shows the relative risks of death, critical illness or being unable to work due to incapacity. We measure these risks using the age and gender of the client and over a period of time prescribed by […]
Columbia Threadneedle’s new EMEA chief executive Michelle Scrimgeour on why passives’ popularity will not last forever
evestor co-founder Anthony Morrow on why he won’t shed tears for firms involved in the ‘next financial services scandal’
Guy Myles on winning advisers over with Flying Colours
