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 […]
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
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 […]
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 […]
Much more needs to be done to help educate consumers on the vital difference between receiving guidance or advice
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 […]
Advisers are worried selling protection goes against their professional image but ignoring it is helping no one
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 […]
Polar Capital’s star managers on why two heads are better than one as they celebrate a decade in partnership
Urgent clarification is still needed on issues such as the state pension and tax relief
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 […]
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 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 […]
A £3.8m minnow is among the top performing funds for September in what is being described as a “difficult month” for most fund sectors. Cape Wrath Focus, which launched just over a year ago, returned 5.8 per cent over the month. A number of energy funds feature in the analysis of the top-10 performers, although […]
The Government is trying to stop its resources being overstretched by Brexit as it looks to take on another 2,000 staff. While civil service headcount has already gone up by 1,500 since the referendum vote, ministers are each now vying for a cut of additional personnel being brought on board, according to the Financial Times. […]
The Government will next month hear that intermediaries have an important role to play in helping investors align their savings, pensions and investments with their values through social impact investing. The Minister for Civil Service and Economic Secretary to the Treasury formed an advisory group on creating a culture of social impact investing last December. […]
Scammers are pretending to be Alliance Trust Savings by using a fake website address The FCA has warned investors about a clone firm pretending to be authorised business Alliance Trust Savings. A warning on the FCA website says fraudsters are using or giving out a website address – which is not the official ATS website […]
Advisers remain divided on the benefits of cashflow modelling as the eyes of the public, and the regulator, turn to sustainable retirement. Since the arrival of pension freedoms people have been facing the prospect that their money might run out before they die. Their lives are complex. Divorce among the over-60s is rising and people […]
Zurich has pledged its commitment to the retail investment market following the announcement it is selling its workplace pensions business to Lloyds Banking Group. Lloyds and Zurich announced the deal today, saying it is expected to partially complete in the first quarter of next year. A number of market sources told Money Marketing over summer that […]
The Financial Ombudsman Service has upheld a complaint that a client was given “fundamentally bad advice” to transfer out of a company pension nearly 30 years ago. In 1989, financial advice firm The Analysts recommended that a client, referred to as Mr F, should transfer his preserved pension benefits in the Mars Pension Plan into […]
Some cite the length of the current equity market cycle as justification for turning bearish. But bull markets do not die of old age.
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 […]
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 […]
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 […]
“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 […]
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 […]
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 […]
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 […]
Advice firms must be extra vigilant not to fall prey to cyber-criminals and put clients at jeopardy
In my last Money Marketing column I proposed that the Government should provide a national advice service. Free to use at the point of need, it should be a truly advice-giving service, not one simply based on providing guidance. The idea attracted rather a lot of attention. Not all of it positive. The ubiquitous nature […]
Two-and-a-half years isn’t a long time in pensions. It is, however, apparently long enough for MPs on the work and pensions select committee to decide we need a full-scale inquiry into what has become of the pension freedoms. While committee chair Frank Field is one of the more outspoken MPs in the pensions arena, I’m […]
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
Risk management is an ongoing process, requiring the right documentation, commitment and resource
Grandparents recognising the younger generation’s need for financial help will find some gifting options more appropriate than others
Continuing Money Marketing’s series on how firms approach investment management, we speak to Hargreaves Lansdown senior analyst Laith Khalaf
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.
Given the infrastructure that already exists, pensions dashboards could easily be live for the majority of the auto-enrolled by early next year
The state of the economy is much more positive than the gloomy prognosis implied by market valuations
Concerns have been raised about the negative impact of today’s pension policy on the younger generation but not all is as it seems There have been a number of stories recently that have raised the question of whether the UK pension system is creating intergenerational inequity. For example, the ACA published research at the end […]
Latest research throws open argument that advisers are the real winners but clients pay
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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
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.
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. […]
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 […]
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
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 […]
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 […]
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
Guy Myles on winning advisers over with Flying Colours
Anstee & Co managing director Caroline Anstee on how financial education can solve the industry’s problems
Eastcote managing director Trevor Law on launching a new firm, rather than selling to consolidators
