What could the post-Brexit future look like from regulatory point of view? Less burdened with rules, and more focused on outcome, according to FCA chief executive Andrew Bailey. Speaking on the “the future of financial conduct regulation” the FCA chief executive Andrew Bailey said yesterday the regulatory system would have looked different had it not […]
Establishing the approach to qualitative versus quantitative analysis should top the due diligence list As more advisers outsource investment decisions to discretionary fund managers, the more the regulator will scrutinise the selection process. I would not be surprised if DFMs were selected on a lazy combination of brand, price and performance, yet any being offered […]
Does the size of a fund and its performance correlate? Here is a closer look at Investment Association sectors If you were to shop for a loaf of bread at a local corner shop rather than a supermarket, it would be logical to think a lack of choices would see sales of certain brands dominate, […]
The biggest reason new concepts are not being brought to market is a lack of confidence that advisers will change their behaviour. Having started life in the financial services industry as a clerk for one of the largest life assurance companies in the UK, protection has always been my first love. Unfortunately, it only takes […]
The government has started looking for a new Bank of England boss to replace Mark Carney (pictured) when he steps down next year. The Canadian governor will have been in the post for six years when he leaves Threadneedle Street on January 31 2020. For the first time the government is using a recruitment to […]
The demise of London Capital & Finance has raised fears over FCA-regulated firms offering unregulated products The way in which unregulated investments are promoted was thrust into the spotlight again earlier this year after the FCA told mini-bond provider London Capital & Finance to take down its marketing over claims it was misleading. This led […]
Grosvenor Consultancy IFA Alice Douglass on the highs and lows of networking as a financial adviser Traffic wardens, tax inspectors, estate agents and journalists – all people doing jobs that the general public love to hate. But what is it about being a financial adviser that provokes such strong negative reactions from some people too? […]
This month, Jacksons Wealth Management managing director Pete Matthew announced he was dropping his certified financial planner designation. He is a beacon of the profession and for six years was the chairman of his local branch of the Institute of Financial Planning, which previously awarded the CFP. I also dropped CFP designation some months ago. […]
The High Court has put the unauthorised investment firm Asset Backed Management Limited into provisional liquidation following an application from the government. An update from the Insolvency Service says this was done on 12 April 2019 following an application it issued on behalf of the secretary of state for business, energy and industrial strategy. The […]
Janus Henderson Investors has appointed Alex Barr to join its UK multi-asset and alternatives team in London where he will be a senior portfolio manager. He starts in July 2019 and joins from Aberdeen Standard Investments, where he was global head of private markets and real estate investment oversight. Barr has 26 years of experience […]
Aviva head of UK insurance Andy Briggs has stepped down from the role, the company has announced. He leaves the position today, and will stay with Aviva until October “to support an orderly transition”. The departure comes after Maurice Tulloch was recently appointed chief executive of the overall Aviva group. Briggs joined Aviva in 2015, […]
In 2018, Scottish Widows paid out 98% of all claims, helping 9,499 customers and their families*. But what do these figures really mean to your clients? Psychologists refer to the term ‘statistical numbing’ to explain why we tend to find one person’s personal story more powerful than abstract statistics. So, this year, Scottish Widows are […]
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 – […]
It pays for fund managers to take on environmental, social and governance issues an Aviva survey says. Since 2014 the proportion of investment manager firms incorporating ESG considerations into fund manager and analyst remuneration has risen fourfold to 42 per cent, according to the study by Aviva Investors’ Multi-Manager Research team. The survey covered 61 respondents […]
Sanlam UK has struck a deal to manage three VAM Global Management funds, with combined assets of $175m (£135m). The VAM Cautious, Balanced and Growth funds, part of its multi-asset fund range, will be managed by the Sanlam UK direct discretionary funds team. The funds were previously managed by the Close Brothers Asset Management which […]
Baillie Gifford is set to transfer its investment trust savings scheme to Hargreaves Lansdown. The scheme, which includes its Isa, Share Plan and Children’s Savings Plan, is being moved as Baillie Gifford says the long-term interests of the plan holders will be “best serviced” by a transfer of investments to the the direct-to-consumer platform. More […]
Accountants and lawyers are among at least 30 people asked to hand over information about collapsed mini-bond provider London Capital & Finance, according to The Times. Before its collapse at the end of January, £237m had been invested in LCF by some 11,500 private investors. The firm had previously raised flags with the FCA for […]
The Financial Services Compensation Scheme is processing around 1,400 negligence claims against collapsed discretionary fund manager Beaufort Securities, it has confirmed. The lifeboat fund tells Money Marketing that decisions on the claims will start to be finalised at the beginning of May. Beaufort Securities became the target of both FBI investigations in the US and FCA sanctions […]
Income protection sales reached a record breaking growth of 50 per cent in Q1 this year, according to figures from technology provider Iress. Data from its transaction portal The Exchange shows growth across sales of critical illness, life, income protection and multi-benefit offerings. Income protection saw the largest year-on-year increase at 50 per cent, followed […]
A weekly account of the curious goings-on in the world of financial services A hostile climateOn the same day the Prudential Regulation Authority put out a policy statement on the financial risks of climate change and five London landmarks were ground to a halt by climate protesters, it was starting to feel like a bit […]
The Department for Work and Pensions has published its first round of guidance to help trustees resolve unequal guaranteed minimum pensions today. A GMP is the minimum pension that an occupational pension scheme, contracted out of the additional state pension between 6 April 1978 and 5 April 1997 on a salary-related basis, has to provide […]
Upheld complaints related to pension and decumulation products accounted for the greatest average increase in compensation pay outs over the second half of 2018 FCA data shows. The average redress increased from £594 to £876 between 2018 H1 and 2018 H2, the latest round of complaints data published today reveals. During the second half of […]
James Hay parent IFG Group’s share price has rocketed since a potential sale of the platform was announced last month. At the end of March, IFG said it had 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, […]
The Office of Tax Simplification has called for the government to consider auto-enrolling all taxpayers into HM Revenue & Customs’ personal tax account service, after concerns that developing technology will cause individuals to lose sight of their obligations. The OTS has published a discussion paper looking at the risks tax simplification through technology poses. The […]
The country is ageing. Office for National Statistics figures suggest around 18.2 per cent of the UK population were aged 65 years or over at mid-2017, compared with 15.9 per cent 10 years previously. This is projected to grow to 20.7 per cent by 2027, the highest-ever level. With this trend in mind, the provision […]
The health monitor on my mobile is currently in raptures. It seems I am hitting my steps target every day, but this is not due to a sudden desire to be fit. It is the fall out of Financial Ombudsman Service’s barking idea to increase its maximum pay out to £350,000 and the resulting problems […]
Though there have been some fairly hair-raising moments for investors over the past decade, it is interesting to note that those who invested regularly in investment trusts in the 10 years leading up to the financial crisis, then withdrew the natural income in the 10 years after, have virtually quadrupled their money. These kinds of […]
Each time an advice market scandal emerges, a flood of commentary inevitably follows bemoaning the fact it was not spotted sooner. Why did the regulator fail to act until after the horse had bolted? At the Money Marketing Interactive conference earlier this month, the FCA’s co-director of financial advice and life insurance supervision Debbie Gupta […]
Last month, I attended Naidex, Europe’s largest disability event. It was a truly inspiring and eye-opening experience, and to sit and speak with other companies that help people with disabilities was humbling to say the least. It quickly became clear that the way we speak with people who have disabilities has a profound effect on […]
A key factor in helping people manage their money effectively is having a clear idea of their monthly and yearly spending needs and habits. But how much time do you spend getting to grips with your clients’ lifestyle spending? Do you just ask them to tell you how much they spend? Or do you ask […]
Knowing which businesses will be affected by the digital services tax will be a source of comfort to planners and their SME-owning clients More and more parts of our life are going digital, and the financial planning sector is not escaping it. Indeed, advisers of all different business models should be embracing it. The world […]
It is not its intention that access to high-quality transfer advice and products becomes too difficult, but more detailed guidance is needed On 22 March, the FCA wrote to the chief executives of pension providers with the conclusions from its latest work on the defined benefit to defined contribution transfer market. The thrust of the […]
Regulator was warned about London Capital & Finance but acted too late. Now it must clean up the mess I have said this before and I will say it again: West Riding Personal Financial Solutions’ Neil Liversidge is an adviser I respect hugely. Salty and down to earth, a committed trade body activist and a […]
The rise of the Jisa shows no sign of abating as the emphasis on intergenerational wealth planning grows The Junior Isa is gaining popularity with clients, with almost 15 per cent more plans subscribed to in 2017/18 than the previous year (see chart below). Part of this growth is down to the product’s flexibility to […]
Keeping up momentum is key, even if the December deadline seems some way off As firms step up their Senior Managers and Certification Regime project activity, challenges facing HR and compliance functions are becoming apparent; not least the question of resource, and competing priorities for what is a finite resource at most firms. Some firms […]
Michael Klimes explores how advisers define and measure value in their businesses
Understanding the impact of cutting the dead wood Nothing sells funds like performance. Despite all the regulator’s railings that past performance is no guide to the future, we see flows being directed to the funds at the top of the league tables time and time again. There are, of course, far too many funds out […]
Planners have long called on the FCA to take a firmer stance on dubious ‘advisers’, but who is responsible for reporting suitability failings? Scathing comments from the FCA over advisers’ unwillingness to call out peers who are guilty of poor practice are continuing to cause frustration within the financial planning community. A speech from the […]
Protection Review chief executive Kevin Carr looks at recent market events Retirement age confusion for income protectionControversy is growing around the line between income protection policies and changes to the state pension age. The state pension age is currently 65 for men and gradually increasing for women from 60 to 65. By October 2020, it […]
Brexit is the gift that keeps on giving when it comes to political risk. Every day has been as unpredictable and fast moving as the last and yet nothing has been resolved. The UK missed its scheduled departure date of 29 March after Parliament failed to vote in favour of the prime minister’s deal – […]
On Monday, Interactive Investor announced a change to its charging structure to adopt Netflix-style pricing. It talked about having an “easy, modern price structure” just like the streaming service. It said that’s what its research told it customers wanted. Perhaps they do. Don’t get me wrong, I like II’s flat and transactional fee structure. You […]
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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
Inheritance tax (IHT) is a hot topic for advisers of late, no doubt fuelled by last year’s review from the Office of Tax Simplification[1] and the updates expected with every Budget announcement from the Chancellor. But it seems like the review has also added to the confusion around a couple of key issues concerning IHT. […]
Adrian Gaspar, Multi-Asset Investment Specialist at M&GPrudential Treasury & Investment Office (T&IO), reveals the answer to a question that is often asked “do Prudential’s PruFunds have an ethical stance or indeed are they ethical portfolios?”. The simple answer is no. However, ESG considerations are embedded in many of the underlying investment processes used to build […]
Good governance of multi-asset portfolios is increasingly important. However, the complexity of the process is increasing. Here Ciaran Mulligan, Head of Investment Manager Oversight, shares his views on how quantitative and qualitative approaches could complement each other. One of the key aspect he discusses is, not to overlook the overall economic factors at play and […]
Investing in India over the past 18 months has been somewhat turbulent. In general, India has outperformed wider emerging markets in recent years, but in the last few months it has been a bumpy ride, with performance being driven by a combination of external macro drivers and domestic political considerations. Ewan Thompson, Head of Emerging […]
Changes were made earlier this year to Prudential’s multi-asset range. Paul Fidell, Head of Business Development, Investments at Prudential, explains why the changes have been made and how the team are approaching asset allocation within the multi- asset portfolios given today’s challenging economic climate. Asset allocation approach within the range of Prudential’s multi-asset portfolios We […]
The Isle of Man can provide a unique range of benefits for UK-resident investors. Not only is it geographically close to the UK, in the same time zone and with out language barriers (even though the Manx language is alive and well on Ellan Vannin), but it can offer distinct advantages for investors. Many in […]
IFS Wealth & Pensions director on why being independent really matters and dodging the DB transfer bullet Having personal experience of something gives you the authority to speak about it in a way someone who has not gone through it first-hand never can. It is what separates the pontifications of armchair critics from coalface opinions […]
Kymin Financial Planners managing director on giving the firm an update, but keeping accessibility at its heart There are plenty of people in the financial advice sector working hard to shake off the stuffy and slightly old-fashioned image that still haunts the profession. Newport-based Kymin Financial Planners managing director Robin Hall is one of them. […]
Oakmere Wealth Management founder discusses being a partner practice of St James’s Place It is fair to say that few advisers sit on the fence when it comes to St James’s Place. The restricted national firm has attracted criticism in recent years, particularly in relation to its vertically integrated business model. However, even the critics […]
