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Paul Lewis: Why auto-enrolment will not mean auto-enrichment
Auto-enrolment will produce much less than the state pension at the end of a working life
Pension savers to get income boost as inflation rises
The state pension will increase by at least £4.78 a week, the Lifetime Allowance will increase by £30,000 and public sector pensions will be upgraded by up to 4.6 per cent, following today’s September CPI inflation figures of 3 per cent. The increase, up from 2.9 per cent in August, has sparked predictions of a […]
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Pensions minister: My priorities to help advisers and savers
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 […]
Woodford ups Provident stake as shares double
Neil Woodford has upped his stake in Provident Financial as shares in the consumer credit company double from their August lows. According to a regulatory filing published late yesterday, the star fund manager increased his stake from 19.1 per cent to 20.1 per cent. Provident shares jumped 12 per cent on Friday morning when the […]
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Kim North: DB transfers don’t deserve the doghouse
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. […]
Lisa Webster: Reasons to breach the lifetime pensions allowance
The real benefit comes if the client is looking for tax-efficient ways to pass funds to the next generation
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Lucy Brown: Children’s cover is a shining light for protection
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. […]
Malcolm Kerr: Broaden your proposition for unmissable opportunities
Which company will be the first to capitalise on the huge potential presented by a certain segment of the population?
Bank of England rate rise ‘near certainty’ as inflation hits 3%
An interest rate rise from the Bank of England is being described as a “near certainty” as inflation breaks 3 per cent. Sanlam UK investment analyst Matthew Brittain says they expect inflation to fall back towards 2 per cent in the coming months, attributing the rise to businesses passing on higher import costs. But that […]
DFM Tatton tops £4bn in assets
Paradigm Partners was listed on the stock exchange this year as part of Tatton AM’s float IFA support business Paradigm Partners added four new members in the six months to 30 September 2017, according to a statement from Tatton Asset Management. Tatton released a pre-close trading update this morning, which says membership at Paradigm increased […]
Aviva locks in £600m bulk annuity deal
The insurer says bulk annuities are a “significant growth area” for its UK business Aviva has completed a £600m bulk annuity deal with the Pearson Pension Plan, its biggest deal to date. The deal is a pension buy-in transaction that covers the liabilities of around 2,400 members. Aviva already provides workplace pensions, protection and health […]
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FCA calls on firms to design products for older consumers
The FCA is calling on firms to design more products that are tailored to older consumers. In a speech yesterday, FCA life insurance and financial advice director Linda Woodall said that as the population ages, it was increasingly important that the elderly received support when they engaged with financial services, including when thinking about retirement. […]
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Compliance tip: Mifid II transaction reporting and legal entity identifiers
Transaction reporting Transaction reporting is the reporting of information about trades in reportable financial instruments, such as shares, ETFs, VCTs, investment trusts and structured products. Reporting covers purchases, sales and modifications of reportable instruments. Mifid II proposes important changes to these obligations which will potentially affect all investment firms. Some exemptions will apply. For instance, […]
Bank of England to take over key interest rate benchmark
The Bank of England has confirmed it will assume control of a key interest rate benchmark in 2018. From 23 April the Sterling Overnight Index Average (Sonia) will be calculated and published by the Bank of England, rather than the Wholesale Market Brokers’ Association. In April this year the BofE chose Sonia to replace the […]
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DB transfer permissions soar
The number of firms with permissions to advise on defined benefit pension transfers has soared since the pension freedoms, Money Marketing can reveal. Data obtained from the FCA shows that in April 2015, there were 2,751 firms with permission to undertake the regulated activity ‘advising on pension transfers and opt outs’. As at September this […]
FCA launches support hub for new asset managers
The FCA has launched a hub for new asset managers looking to get authorised with the regulator. While the FCA is clear this will “not lower entry standards to the market” and asset managers will still have to meet equally “rigorous standards” before being accepted, the regulator will be providing assistance both before, during, and […]
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Pension tax relief in firing line as Hammond mulls ‘intergenerational fairness’ Budget
Pension tax relief for older wage earners could be slashed as part of a “tax on age” Budget being lined up by Chancellor Philip Hammond. Sources tell the Telegraph that the Chancellor is mulling ways to promote “intergenerational fairness” in the package to be outlined next month, including cutting national insurance contributions for workers in […]
Scottish Widows mulls Standard Life corporate pensions book takeover
Lloyds Banking Group is believed to be in advanced talks to buy the Standard Life corporate pensions book and roll it into Scottish Widows. The deal, following on yesterday’s announcement that Lloyds is buying the Zurich corporate pensions book, would make Scottish Widows the largest corporate pensions provider in the UK by a considerable margin. Speculation […]
Concerns raised over political influence on FCA consultation
The Treasury select committee remains concerned about political influence over an FCA consultation on UK listing rules as the regulator confirms it met with a Saudi Arabian oil major shortly before announcing the proposed changes. The FCA announced in June it was fast tracking a consultation on proposals to create a new premium listings category […]
TSB apologises for product transfer delay
TSB has apologised for delaying accepting product transfers until next year because it needs more time to upgrade its technology. The lender initially planned to accept product transfers this month. However, TSB sent an email to advisers and brokers yesterday to say it needed to finish rolling out its planned banking platform first. The email from […]
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Matt Timmins: New guidance body has no right to word ‘advice’
Much more needs to be done to help educate consumers on the vital difference between receiving guidance or advice
Malcolm McLean: Will the Budget put an end to pension policy limbo?
Urgent clarification is still needed on issues such as the state pension and tax relief
Trevor Greetham: When will equities turn bearish?
Some cite the length of the current equity market cycle as justification for turning bearish. But bull markets do not die of old age.
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Performance fees will test active managers’ faith
Advisers, and clients, don’t mind paying more for active funds. Provided they perform, that is. Active evangelists will pitch it as a simple dichotomy: you pay us more because we make you more. But what happens when they don’t? What is the mechanism that actually holds managers accountable? They get paid regardless. The fundamental philosophy […]
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Alistair Wilson: Making advisers pay for platforms would prove costly for clients
Some argue the platform exists for the principal benefit of advisers, so why should clients pay? Who should pay for platforms: advisers or clients? The FCA did not quite arrive at this topic in its recent platform market review but it may not be long before it does. Why should clients foot the cost of […]
Fidelity: Why we introduced performance fees
We believe that reducing our headline charge for asset management coupled with incorporating a new variable element into our management fee best supports our ability to deliver strong, fundamental research-based active management, while firmly aligning our clients’ interests. Our new charging model is a solid response to the criticisms that have been levelled at the […]
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The strange new world of Mifid II inducement rules
“Dear Steve. You are cordially (but professionally) invited (well, you will have to pay for half of it) to attend our forthcoming conference (and please expunge any previous association you may have with the word – this is, I assure you, nothing of the sort) on tax planning. “To elaborate (and by this we mean […]
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Neil Liversidge: When adviser networking doesn’t work
Networking is generally an excellent way to do business; if it is done right. My networking method is simple: we maintain the best possible business relationships with our suppliers. How do we do that? By paying on the nail as soon as a job is done and by referring trustworthy suppliers to our own clients […]
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Blog: How safe is life and pensions company data?
In the era of cryptocurrency, hacking and ransomware, advisers and their clients are understandably cautious about where their information ends up. Pension providers and life companies, particularly those that have significant legacy books they have failed to modernise, can appear apt targets for a cyber-attack. Services such as SpyCloud have cropped up to allow companies […]
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Graham Bentley: The many problems with asset allocation models
Former FCA technical specialist turned consultant Rory Percival’s recent survey of risk profiling tools has stirred up yet more controversy regarding the suitability of asset allocation models within a risk assessment framework. I have had a number of approaches from model portfolio managers asking for help with asset allocation modelling, in particular the process of […]
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Carl Lamb: Advisers must not fall prey to scammers
Advice firms must be extra vigilant not to fall prey to cyber-criminals and put clients at jeopardy
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Vanguard on criticism of the LifeStrategy range and changing perceptions of the firm
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 […]
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Is protection compatible with the new look advice profession?
Advisers are worried selling protection goes against their professional image but ignoring it is helping no one
Meet the Managers: ‘When people are scared, you don’t need to buy the scary things’
Polar Capital’s star managers on why two heads are better than one as they celebrate a decade in partnership
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Ten issues with DB transfer files and how to solve them
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. […]
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How short can you make a suitability report?
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 […]
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Adviser directories: Down but not out?
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 […]
Leap of faith: Will performance fees restore trust in active managers?
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 […]
Darius McDermott: Look beyond headline yields for UK Equity Income
When picking funds in this sector, it is important to take a step back and think about the total return, not just the income
Roderic Rennison: Five steps to a successful risk management strategy
Risk management is an ongoing process, requiring the right documentation, commitment and resource
Rachael Griffin: Tax tips for the Bank of Gran and Grandad
Grandparents recognising the younger generation’s need for financial help will find some gifting options more appropriate than others
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Investment Uncovered: How Hargreaves’ senior analyst makes investment decisions
Continuing Money Marketing’s series on how firms approach investment management, we speak to Hargreaves Lansdown senior analyst Laith Khalaf
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Phil Young: Product illustrations are past their sell-by-date
I am yet to find anyone who thinks illustrations fulfil the objective they were designed for, yet we are missing another crucial opportunity to change them.
Ian McKenna: The auto-enrolled need pensions dashboards pronto
Given the infrastructure that already exists, pensions dashboards could easily be live for the majority of the auto-enrolled by early next year
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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
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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 […]
Standard Life/Aberdeen merger: What we know so far
MM takes stock of the mega-merger set to shake-up the asset management industry
Best of both worlds: Blending active and passive
Looking to blend active and passive investment strategies? There are four key factors you need to know about, explains Ankul Daga, senior investment strategist with Vanguard Europe. Discussing the merits of active and passive investing with financial advisers, I am often surprised to discover how many are blending active and passive funds in their portfolios. […]
Income should mean income
By Robin Geffen, Fund Manager & CEO, Neptune Equity income funds have a vital role to play in client portfolios today. With the awkward confluence of the baby boomers retiring as fixed income yields sit at historic lows, these funds have increasingly taken centre stage in delivering income for those who need to live off […]
Active vs Passive: The decision is not binary
The passive market has grown exponentially over the past decade and, in recent years, many investment columns have been devoted to the so-called ‘active versus passive’ debate
Hawkish BoE sends gilt yields rocketing and other bond market trends
Craig Inches, Head of Short Rates and Cash at Royal London Asset Management, shares his thoughts on several recent trends in the bond market. He highlights how the BoE’s hawkish suggestions have sent gilt yields rocketing, comments on a surprise issuance from Austria, and reflects on the healthy pipeline of new issuance in the primary […]
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 that […]
Top 10 considerations for advisers when outsourcing to a DFM
Advisers increasingly use DFMs as their investment partner. Cazenove Capital provides due diligence factors for advisers to consider when partnering with a DFM. Click here
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Profile: Flying Colours boss on why the industry ‘has done a terrible job selling the value of advice’
Guy Myles on winning advisers over with Flying Colours
Profile: How Anstee & Co’s boss is fighting for financial education
Anstee & Co managing director Caroline Anstee on how financial education can solve the industry’s problems
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Profile: Eastcote’s boss says advisers should ‘stick to their knitting’
Eastcote managing director Trevor Law on launching a new firm, rather than selling to consolidators