Leading Australian bank Westpac has today added another AUD$260m (£140m) to its coffers for compensating customers who received poor financial advice. The sum comes from the bank’s first-half cash earnings for the 2018/19 financial year (July 2018-June 2019). These extra funds push the total remediation bill to around AUD$650m (£350m) for the embattled bank, which […]
James Hay parent IFG Group has reached a sale agreement with private equity firm Epiris that will see the firm valued at £206m. IFG, which also owns national advice business Saunderson House, will sell its entire share capital to Epiris. IFG shareholders will each be entitled to £1.93 in cash per share – a 46 […]
Fundsmith Equity has been the most popular and the best performing fund for savers entering income drawdown in the last four years, according to research by AJ Bell. The pensions and platform company looked at clients with a £100,000 pension fund who would have entered drawdown in April 2015 when pension freedoms were introduced, and […]
Money Marketing looks at the main considerations for small firms and how they can meet FCA expectations ahead of December’s rule changes With the Senior Managers and Certification Regime set to extend to all authorised firms on 9 December this year, advice firms of all shapes and sizes will need to be well-versed on the […]
With Sipps sales continuing their upward trajectory, Money Marketing talks to Barnett Waddingham self-invested pensions technical specialist James Jones-Tinsley about making pensions tax simple and the role of advice ahead of the Money Marketing Interactive conference. What do you think is behind the increasing complexity of pensions taxation? Continuous tinkering of the pension rules by […]
Being crystal clear on culture will provide reassurance and contribute to future success Culture may not be the foremost thought on a firm’s agenda during the acquisition process but failing to give it due consideration can lead to issues and delays further down the line. Here, we look at three reasons why it is so […]
Paraplanning is a well-known route to becoming a financial adviser, but it can also lead to other career options and hone essential skills There is more to paraplanning than being a stepping stone to advice. In recent years, it has become a career in its own right. It can also take people in other directions […]
AI is already changing lives daily and advice firms need to work out how to use it for their benefit as a matter of urgency This week, I want to look at some of the ways artificial intelligence is really starting to become part of the world around us and how it can be expected […]
Adviser trade body Pimfa says insurance companies need more time to establish offer terms reflecting the new Financial Ombudsman Service compensation limit. The new £350,000 ceiling on compensation claims comes into play in less than a week. Pimfa says advice firms cannot be expected to have PI insurance confirmed and the FCA should postpone the […]
Seven Investment Management has cut charges for clients with over £2m on the platform From 1 April, for individual client assets between £2m and £5m charges will nearly halve to 0.08 per cent from 0.15 per cent. For assets above £5m clients will pay 0.05 per cent, down from the 0.15 per cent they are […]
The Private Office, a Leeds-based financial advice and wealth management group, has bought the London wealth management division of SRLV Accountants, SRLV Financial LLP. The cash purchase of the Mayfair advisers includes six staff including two qualified advisers. SRLV Financial provides independent wealth management advice to SRLV Accountants’ personal and corporate clients that mainly work […]
What’s the news in protection? On the surface you could be forgiven for thinking there isn’t anything new, that protection is still generally being overlooked and undervalued. Figures from Royal London’s State of the Protection Nation Report show that just 35% of people have life insurance, 12% have critical illness cover and 9% have income […]
For generations, life expectancy has been steadily increasing, with more and more people now likely to live to 100. Scottish Widows’ pension expert Robert Cochran tackles this longevity landscape with economist and co-author of the book ‘The 100-Year Life’, Andrew Scott, in episode one of Scottish Widows’ new podcast series – “The Future of Financial Planning”. Click […]
We’re all living longer – half the future generation born after 2036 is expected to live to 100*. But despite more of us saving for our retirement, and from a younger age, there’s still a lot of work to do if we want our time in retirement to be both financially and physically healthy – […]
Pensions provider Just has raised an additional £375m in capital through a bond issue and equity placing. The bonds, which are issued by listed holding company Just Group plc, have a first call date in April 2024. They have an annual interest rate of 9.375 per cent, payable semi-annually in arrears, and meet the requirements […]
The FCA says product providers must be able to show they have taken the needs of customers into account that have transferred out of defined benefit schemes. In a Dear CEO Letter sent to the heads of major providers, the regulator lays out how providers should treat customers fairly in the context of DB to […]
Former executives at Australia’s largest banks are likely to be sent to jail as the fallout from the country’s Royal Commission gathers pace, according to a former competition regulator. Earlier this week one of Australia’s biggest banks, Westpac, said it is expecting to cut 900 full-time advice roles as it prepares to drop its loss-making […]
The Financial Services Compensation Scheme has received at least 625 claims against a collapsed advice firm involved in defined benefit transfers into high-risk Sipp investments, Money Marketing can reveal. Data provided by the lifeboat fund shows that the FSCS has so far made 530 decisions on claims relating to Merseyside firm Henderson Carter Associates, of […]
Support service provider and network Tenet says its “competitive” professional indemnity insurance offering has helped the firm overcome a “challenging market environment” to increase revenues. The group has posted a 13 per cent in earnings before interest, tax, depreciation and amortisation to £2.5m for the twelve months to 30 September 2018. The firm’s full accounts […]
The proposition for the self-employed arm of Prudential UK & Europe’s financial planning business has been laid out this morning. It is set to mirror that of Prudential’s wider financial planning business including Prudential’s wrappers, annuity range, protection products and investment solution. Prudential has not ruled out adding to the proposition over time however. The […]
Around 150 advice firms could be left without a practice management system, Money Marketing understands, as provider Synaptic prepares to fold its Client Care Desktop offering. In an email sent to users earlier this week seen by Money Marketing, Synaptic says that it was “no longer economically viable” to keep the product. Support for all current […]
Australian financial services professional body FINSIA will be introducing a new ethics test for bankers and securities market professionals, it has announced. It has partnered with the Chartered Institute for Securities and Investment to develop the test, which comes in the wake of a Royal Commission that has shed light on poor practice across advice, […]
Statistics from the final quarter of last year suggest pension transfer activity has passed its high-point, with the FCA’s focus on the market forcing advisers out of play. AJ Bell cites government figures showing that transfers dropped 20 per cent between October and December 2018, down to £6.3bn from £8bn. AJ Bell senior analyst Tom […]
Adviser trade body Libertatem is looking to put together a “steering committee” of industry professionals to take their challenges over the increase in the Financial Ombudsman Service’s compensation limit to the FCA. Libertatem says a meeting between itself and the FOS has been confirmed, and it is now seeking meetings with the Treasury and FCA […]
The Bank of England’s monetary policy committee has voted unanimously to keep the base rate at 0.75 per cent. The rate has stayed at this level since it was raised from 0.50 per cent in early August last year. The MPC, according to the minutes, believes that the economic outlook hinges “significantly” on Brexit, and is […]
News from Synaptic that they are to retire their Client Care Desktop practice management software means users need to take some significant decisions. Support will end in September and the firm will withdraw the software altogether from the market by the year end, meaning those businesses affected need to explore their options. While I understand […]
When you work in the financial advice industry, it can be easy to forget that young people do not think enough about their pension. Of course, that is somewhat of a blanket statement but, in my experience, those in their 20s and older in some cases probably think about it once a year. That said, […]
It goes without saying Brexit has overshadowed much of the usual business of government. The bold vision of domestic policy reform Theresa May set out on the steps of Number 10 on her first day in office in 2016 has been reduced to a sideshow at best, as she grapples with the all-consuming endeavour of […]
Money Marketing editor Justin Cash wrote an excellent piece recently, suggesting it was time to end contingent charging for defined benefit transfers. I tweeted my agreement, only to be castigated by numerous advisers. I found many of the arguments to retain contingent charging weak at best; others quite ludicrous. Blog: Why DB transfer contingent charging […]
Since it was first proposed, it has been clear to many that the Lifetime Isa is unsafe to sell without advice. Significant dangers arise from the product’s complex design, absence of clear risk warnings, lack of suitability checks and asymmetry of information between customers and providers. The first evidence of such problems is appearing. Lisas […]
Diversity and inclusion are a key issue for the financial services sector. Not only does getting it right positively impact the bottom line, but it affects the perception of our industry, which is vital given our need to attract talent. McKinsey’s 2018 Delivering Through Diversity report found companies in the top 25 per cent for […]
When I announced I was leaving adviser firm Lifesearch after 18 years to join an insurer, someone quipped I was “moving to the dark side”. Is there really such a “them and us” mentality in our market and, if so, does it hinder us in making consumers more financially resilient? Working for both insurer and […]
Last week I met John, an aspiring financial planner who is less than a year into his job at a mid-sized IFA firm. John told me he had always wanted to be a financial planner. He’s interested in money; he wants to make some and he wants to help people manage theirs. He had been […]
With more than 10 million people now newly saving or saving more into a pension, auto-enrolment has fundamentally changed the way people are planning for retirement. But this far-reaching social policy is not standing still. Next month, we will see the last scheduled increase to minimum contributions, which will mean staff saving at least 5 […]
There is not a lot to celebrate when it comes to diversity in financial services. But things can change If you are a female in finance, this month’s International Women’s Day may have felt bittersweet. Yes, 300 organisations have signed up to the government’s Women in Finance Charter. Yes, several female chief executives have been […]
I have an issue with how we talk about making sure more millennials get “advice”. I am one, so consider this blog both my professional and personal view about how we seem to make the following assumptions: 1. Millennials will inevitably be better off if they use a trendy robo-adviser or app to save and […]
Three advisers with very different referral strategies share their tips Referrals are a great way to build your client base, but how do you get them and what do you do if a client referred to you is unsuitable? Three advisers share their experiences. Attention to detailRather than asking existing clients for referrals, Financial Planning […]
With so many firms struggling to hire talented advisers, should the place where candidates have trained determine the kind of advice they give? The number of pathways into the advice profession has increased significantly over the past decade in a bid to encourage new talent. Coupled with the rise of vertical integration and increased competition […]
What an incredible year it has been for the advice profession. Despite persistent fears negative headlines are holding advisers back, there is hope on the horizon that the government really is sitting up and taking notice of the role financial planning can play. The dial has finally moved on the cold-calling ban, the introduction of […]
Michael Klimes speaks to advisers about how they are dealing with annual allowance breaches in public sector schemes
What is ahead for investment company boards? Warren Buffett said: “In the business world, the rear-view mirror is always clearer than the windshield.” It’s sometimes hard, if not impossible, for fund managers to know what they face in the future and how their portfolio should be positioned. One of the strengths of the investment company […]
Factors such as longevity and career breaks can negatively affect a woman’s long-term financial situation International Women’s Day, celebrated on 8 March, ran with a theme of “balance for better”. This highlights balance in every sense – and finances need to be one of them. While financial planning is not an inherently gender-specific process, there […]
Clever planning will spot where gains can be made for clients As we head towards another tax year end, it is time to start considering whether it will have an impact on clients’ retirement decisions. But not everything pension-related has to be timed around the tax year. A careful eye on timing is important all […]
EQ Investors head of investment Sophie Kennedy explains how impact investing has become the USP for the company’s offering to external advisers Do you outsource investment management, keep it in-house or combine both approaches?We offer financial planning and investment management, so we are all in-house. We have managed money for internal clients but one of […]
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Last month, star manager Terry Smith announced he was throwing £25m of his own money behind a new investment trust, Smithson. Ahead of its launch, Money Marketing editor Justin Cash sat down with Simon Barnard and Will Morgan, the fund’s managers, to talk strategy, as well as their thoughts on some of the hottest topics […]
PFS chief executive Keith Richards, Threesixty managing director Russell Facer and financial planner Susan Hill sit down with Money Marketing editor Justin Cash to discuss what’s wrong with the FSCS, and how it can be reformed.
Welcome to the on-demand version of our latest Wired event: The politics of Brexit – What investors need to know. Exclusively for UK Edge members!
Welcome to the third instalment of our good life gurus series. We talk to Kate Shaw, an IFA and ultra runner, to find out how she got started with an exercise regime and how a healthy lifestyle helps her with her work-life balance.
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
What’s the news in protection? On the surface you could be forgiven for thinking there isn’t anything new, that protection is still generally being overlooked and undervalued.
With continuing questions around global growth, US interest rates and Brexit, Nersen Pillay, Investment Director at Royal London Asset Management provides an update on positioning within our multi asset funds, as the Investment Clock predicts soggy growth and weaker inflation expectations. Read the article here About us: Royal London Asset Management (RLAM) is one of […]
Taking a sustainable level of income is important in helping drawdown customers maintain a resilient portfolio during periods of investment volatility. Customers in income drawdown should think about the impact of volatility on their pension. While someone building up a pension can mitigate the effect of market falls by continuing to make contributions to their […]
By Kim Jarvis Even though inheritance tax (IHT) is based on a simple concept – whatever you own at the date of your death will potentially be subject to tax – people’s preconception, for very good reasons, is that it is complex. Take the introduction of the residence nil rate band (RNRB), effective from April […]
Some investors are diversifying beyond traditional sterling credit into global strategies. We compare and contrast the opportunities and risks involved, and identify more crossover and less upside in global bonds than you might imagine. Read the article here Past performance is no guide to the future. The value of investments and the income from them […]
OLIM co-founder Angela Lascelles on her determination to make it in a male-dominated industry and juggling work with motherhood More than three decades ago, Angela Lascelles, co-founder of investment manager OLIM, decided to follow in her father’s footsteps and pursue a career in the investment industry. She recalls: “When I was a child, I asked […]
FMB managing director on how a university business programme helped to differentiate her company What makes you stand out from your peers? Highlighting your chartered or certified status on your website may have been enough several years ago but many more advisers have added those credentials to their armoury. Post-RDR, differentiation requires a little more […]
New Leodis Wealth chief executive on supporting clients through the chaos caused by the UK’s exit from the EU The long and tortuous road to Brexit has taken us from a political soap opera to what many regard as a tragedy over the past two-and-a-half years. Whatever drama is yet to unfold, the message that […]
