The Government says almost £5m was obtained by pension scammers in the first five months of 2017
The Government says almost £5m was obtained by pension scammers in the first five months of 2017
A recent court case emphasises the importance of robust terms of business, clearly stating the scope of agreement with a client
Investors should be aware of the changing stance of central banks but they should not become too pessimistic.
Mifid II will force fund managers to unbundle the costs of their investment research
Rathbones could merge with investment company Smith & Williamson as the pair confirms it is in talks over a potential £2bn deal. Exclusive discussions are taking place with a view to an all-share merger, the Times reports. Rathbones told the paper: “Whilst these discussions have been underway for some time and the boards of both […]
Sales skills in themselves are not a bad thing. It comes down to whether they are truly being used for the benefit of the client, not the adviser.
The merged company owns three platforms: Parmenion, Standard Life Wrap and Elevate, but is promising to keep ring-fencing.
Nearly half of Money Marketing readers think that advisers should have discretionary permissions, our latest poll shows. In a survey of 120 readers on the Money Marketing website, 43 per cent said advisers should have discretionary permissions. 40 per cent said they should not, and 17 per cent remained undecided. Many discretionary managers have reported […]
Tenet Connect told to pay for more advice after client asked for self-directed solution but this was not included in recommendations.
Bank of England governor Mark Carney and UK chancellor Phillip Hammond have been ranked the most business-friendly pair of hands to deliver a positive Brexit deal in a survey of chief financial officers. Thomson Reuters surveyed 200 chief financial officers from companies with revenues between $100m and $5bn across the UK and Europe. Respondents were […]
It is vital an adviser’s website tells visitors quickly what it is they do and who they do it for
European Central Bank policy makers warned that further rises in the euro could impact on the region’s recovery, with the currency falling to its lowest level this month shortly after. The ECB’s latest interest rate-setting meeting expressed concerns about the euro, which had hit a two-and-a-half year high against the dollar. The euro then dropped $1.1661 […]
Phoenix Life has launched a new portal for consumers looking to fully encash funds under £10,000. MyPhoenix will be available to policyholders aged 55 and over with less than a £10,000 pot, provided they have no guaranteed annuity rates, and will pre-populate a retirement pack and allow the client access up-to-date policy information. The system […]
A former IFA who pocketed clients’ Sipp money has been given a six-year jail sentence. Darren Say, who ran advice firm Wealth Connection, was found guilty of fraud by abuse of position and of fraudulent trading after creating a pension scheme that loaned money to clients’ Sipps before investing funds in a property company where […]
Consumer champion Martin Lewis has published a passionate warning about scam advertisements using his identity to endorse investment and insurance schemes. Lewis, founder of Money Saving Expert, has posted a video denouncing a cloud-based trading scheme that claims he invested £500,000 in it. He says in the video: “It is a con, it is a […]
The FCA cancelled the authorisations of more than 200 firms last year for failing to meet “basic regulatory requirements” like paying their fees or filling out regulatory returns. The regulator revealed the figure in an update today, that its Threshold Conditions Team took enforcement action against at least 207 firms for failing such compliance failings […]
Royal London chief executive Phil Loney has said that mandatory advice on drawdown could be a “potential solution” to problems in the market as he hits out at how providers treat non-advised clients. Speaking with Money Marketing, Loney said that the company was worried about how customers in the back books of long-established pension companies […]
Pimco has warned the FCA a review of the scope of products and investors affected by Libor is needed as the regulator calls for the end of the benchmark. In July, FCA chief executive Andrew Bailey said Libor could be phased out by the end of 2021 and that authorities were working on several alternatives to […]
Advisers cautious about UK equities were concerned about recent falls in Sterling and the potential for a market correction with ongoing Brexit uncertainty
Ascentric has reported gross inflows for the first half of the year of £1.4bn, up from £1bn for the first six months of 2016
The world’s oldest mutual lender, Scottish Building Society, has appointed Raymond Abbott as chairman. He takes over the role as chairman from Rob Golbourn. Golbourn will remain as non-executive director until he retires from the board in October 2017. Abbott has been vice-chairman and senior independent director at the society since 2015, and a director […]
Back in 2003, we conducted a piece of work for JP Morgan FundsHub. The work was set out by the estimable David Moffat, then their marketing director. Among one of David’s many prescient questions was: “Will platforms become the back office or will back office systems become the platform?” Some 14 years later, that question […]
What does “restricted” advice really mean nowadays? Some see this as a question of semantics, others one of outcomes. Either way, the debate was reignited again a few weeks ago by consumer group Which? and its probe into St James’s Place. In a mystery shopping exercise, it found three of the 12 advisers visited did not […]
This is my last editorial column for Money Marketing, and the last day that I will oversee the team as editor. Over the last seven years as part of Money Marketing I have seen two regulators, three governments, two advice market reviews and countless (and I mean countless) FCA consultations. Money Marketing is known for […]
The Government and the regulator have the opportunity to head off a disaster before it happens.
Interventions are most effective when they are personalised and applied during ‘teachable’ moments
There is a dangerous lack of curiosity for what experts have to say these days, and a preference for what everyone else does or thinks on social media.
Is it inevitable that all large life and pensions companies will look to become vertically integrated? It certainly seems the tide is shifting that way. Prudential, not content with quietly building up its advice arm to more than 300 advisers over the last few years, announced yesterday it wanted to fully integrate its asset manager […]
I have met many advisers in my career, starting as a broker consultant back in the 1970s (when they were product salesmen) and continuing as a “big four” consultant since, working for those involved in the long-term savings, investment and protection sectors. In that time, I have also moderated dozens of adviser workshops at various […]
For much of the last decade, it seemed that central bankers had won the inflation ‘war’ and that inflation was dead. Indeed, inflation was so dead that if you were Japanese or European, you were probably more worried about deflation. As is often said, central banks don’t really do deflation, so they were quick to […]
Attempting to carry out work for a client without independence must be frustrating at least; disingenuous at worst
The arrival of the FCA’s retirement outcomes review has seen industry voices focus on the absence of people blowing their pensions on Lamborghinis and the presence of a “drift to cash”. But is anyone surprised by either of these findings? There was never any reason to believe people would blow their savings overnight on luxuries, […]
The real power of segmentation is in designing a proposition that meets the needs of clients and makes a profit for your business
Despite many forecasting strong dividend growth, domestically-focused companies are being shunned by investors as Brexit uncertainty rumbles on.
With an increasingly complex pensions and investment landscape, it can be tough to know exactly who is responsible for what when it comes to regulation. The FCA’s remit in particular is widening, as it attempts to work through its own Brexit strategy, but also take on responsibility for promoting competition, overseeing consumer credit, and shortly, […]
Clients would benefit from protecting any payments to themselves or their families as a result of an accident, injury or malpractice in a trust
Two significant pieces of legislation are set to impact the investment management industry in the coming year; Mifid II and the General Data Protection Regulation (GDPR). On the surface they appear to have conflicting aims, with the enhanced monitoring requirements under Mifid II seemingly incompatible with the enhanced data protection requirements of GDPR. Firms must […]
The go-to gauge for inflationary pressures in an economy is broken and the sooner central bankers accept that, the better
As Prudential announces the next stage in its evolution by merging with asset manager M&G, Money Marketing looks back at the history of one of the biggest names in the life and pensions market
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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
Money Marketing takes a look at where your FCA fees go after the regulator released its latest levies this week. FCA chief Bailey: 12 months in power Click here for more news and insights on regulation.
Ahead of the Budget tomorrow, Money Marketing editor Natalie Holt speaks to Helm Godfrey chairman and Platforum consultant Danby Bloch about the backdrop to Chancellor Philip Hammond’s first Budget speech. Bloch discusses the expectation around changes to National Insurance contributions and income tax, and the implications for the self-employed. He also gives his thoughts on […]
By Ian Smart, Product Architect, Royal London In an ideal world, clients would be able to afford as much protection cover as they wanted, but few would describe current times as anything approaching ideal. But this doesn’t mean that they have to indulge in an either/or decision that results in missing out on some essential […]
Craig Inches, Head of Short Rates and Cash at Royal London Asset Management, provides three bond market trends this week and highlights that the doves were out in force at this month’s ECB meeting as bond yields drop. Read the article here The value of investments and the income from them is not guaranteed and […]
By Denise Wond, Marketing Relationship Manager, Royal London Do you consider yourself lucky? I don’t; I never seem to win a prize in the raffle, if there’s a cancelled train it’s usually the one I’m meant to be on and don’t start me on last year’s holiday. On the other hand, when I think about […]
By Jim Grant, Senior Product Insight & Technical Support Analyst, Royal London Transfers to overseas pension schemes are not recognised transfers unless the transfer is to a Qualifying Recognised Overseas Pension Scheme (QROPS). A transfer to an overseas pension scheme that isn’t a QROPS is therefore an unauthorised payment and taxed accordingly. However, even if the […]
By Rob Burnett, head of European Equities, Neptune Value strategies have historically outperformed their growth counterparts, yet have suffered amid adverse market conditions in recent years. While value’s outperformance has returned, few funds are positioned for it. What’s behind value’s recent resurgence and will it last? View charts here Important information Investment risks Neptune funds […]
Caspar Rock, Chief Investment Officer, and Richard Jeffrey, Chief Economist, review the state of the economic landscape. It started with an unconventional recession, one that emanated from a near collapse in the financial system but which, in some larger economies, resulted in a comparatively modest increase in unemployment. Then we had unconventional monetary policy, encompassing […]
The managing director says getting the right accreditations and building relationships with solicitors are key to servicing this lucrative market
The managing director shares his tips on staying on the right side of the regulator in this high demand area of the market
Adam Carolan has taken it on his shoulders to bring a new batch of advisers into the fold