UNIQ Family Wealth has acquired Brecon-based IFA Isaac Rees Wealth Management. It is the second acquisition made by UNIQ, run by founder and former IFP president Marlene Outrim and was completed earlier this year. UNIQ acquired Bristol-based firm Morgan Stone Independent in 2017 forming a trio of branches across Bristol, London and Cardiff. Last year […]
The Financial Ombudsman Service has ruled against Friends Life for giving unsuitable advice on a pension transfer from a defined benefit scheme. In the ruling Mr S complains the advice he received from Friends Life to move pension benefits from his former employer’s final salary scheme to a personal pension arrangement was not suitable. In […]
New figures reveal victims of pension fraud lost on average £91,000 each in 2017, as regulators launch a new campaign to crack down on scams. The FCA and The Pensions Regulator are working together on an advertising campaign targeting pension savers aged between 45 and 65. A survey commissioned by the regulators shows nearly one […]
Embark Services returned to profit in 2017 as it reported an increase in self-invested personal pension clients. Embark Services is a subsidiary of Embark Group that trades under the Hornbuckle and Embark brands. The business reported pre-tax profit for the year ending 31 December 2017 of £136,000 compared with a loss in 2016 of £2.4m. […]
Architas UK has seen inflows drop by just over 70 per cent in the first half of the year. The Axa-owned asset manager reported £152m net inflows for the first six months of 2018, compared with £546m in the first half of 2017. Globally, Architas’s net inflows dropped to €797m (£710.6m) in the first half […]
Industry should focus on annuitisation as a concept rather than an annuity as a product In last month’s article, I looked at how retirement advice does not have to be black or white. There are solutions that bridge the gap between annuities and drawdown, and plenty of scope to innovate the way advice is delivered. […]
As we enter year nine of the “great recovery”, there is talk about good economic numbers amid rising levels of political risk. But just how is the world so much riskier now than in periods around, say, the Cuban Missile Crisis or the remilitarisation of the Rhineland? Not all political risks are alike, nor do […]
Legal & General Investment Management has hired James Crossley as UK retail sales head. Crossley joins the team from Jupiter, where he was overseeing the UK retail distribution and retail sales team. Crossley replaces Simon Hynes, who worked with Crossley at Jupiter. Hynes recently took on the role of EMEA retail distribution head at LGIM where he […]
The consequences of the European referendum result have been far-reaching and, in many ways, unquantifiable. We can make pretty well-educated guesses about the impact of the uncertainty created on economic growth based on declining business investment, for example, but we cannot know for sure where exactly the GDP line would have gone if the country […]
Cast your mind back to June 2014. King Juan Carlos I of Spain abdicates the throne after a 39-year reign. Uruguay’s Louis Suarez is expelled from the World Cup for biting Italy’s Giorgio Chiellini. The European Central Bank breaks new ground in monetary policy by cutting its deposit rate to a negative level for the […]
The Pensions Advisory Service chair Ann Harris and non-executive director of the Money Advice Service Mike Dailly have been appointed as non-executive directors of the new Single Financial Guidance Body. The body is expected to launch on 1 October with Harris and Dailly’s appointments to start immediately. The single body brings together MAS, Pension Wise […]
FP Wealth Management and wealth manager LGT Vestra have been confirmed as part of “plug and play” advice training initiative, Future of Advice. Future of Advice was set up this year by Bournemouth-based IFA Kevin Forbes of Strategic Solutions in partnership with advice consultants Simplify Consulting and representatives of Bournemouth University. The programme offers student […]
Seven Investment Management has cut gold from most of its multi-asset portfolios as it moves towards general commodities. 7IM first started eliminating gold from its portfolios last November, when it was cut by 1 per cent across portfolios, and then again this February, with a further 2 per cent cut. Now, it has dropped gold from […]
Defined benefit pension transfer values remained stable over July and finished where they started, according to the XPS Pensions Group Transfer Index. The reading, both at the end of June and July, stood at £233,000 with the difference between maximum and minimum readings only being £3,200 or around 1.4 per cent. This contrasts with the […]
Consolidator Fairstone has taken a majority stake in Wokingham-based Allensons Mortgage Advisers. Allensons is rebranding as Fairstone Mortgage Solutions as part of the purchase, which is Fairstone’s fifth since January and brings recurring revenues of £700,000 to the business. A total of 5,000 clients and 13 staff from Allensons have been acquired as part of […]
Prudential has reversed its decision to stop clients from being able to enter income drawdown through its Flexible Retirement Plan. In July Money Marketing revealed the provider was closing the product to new business and had written to clients and advisers to inform them of the change. At that time, Prudential said it would stop […]
The former chief executive of Burns Anderson, the Bristol-based advice network that went into administration in 2012, has become a director at mortgage and protection network HL Partnership. The South Coast-based mortgage network has taken on Mike Hughes as a non-executive director following his previous roles at companies including Burns Anderson, Legal & General, Positive […]
The Pensions Regulator is following Mike Ashley’s acquisition of House of Fraser closely after the sale left thousands of staff facing possible cuts to their pensions. On Friday the retail tycoon’s Sports Direct business agreed to purchase the struggling chain for £90m through a pre-pack administration arrangement. This is an insolvency mechanism where a company […]
The FCA had more than 500 cases open at the start of April, which is nearly 100 more than the same time last year. According to a Financial Times report, the regulator had a record 504 investigations open as of 1 April, compared with 410 the year before. Of that caseload, 85 cases are looking […]
Swiss asset manager GAM is to liquidate nine unconstrained/absolute return bond funds, following the suspension last month of the investment director who ran them. GAM suspended trading in its unconstrained and absolute return bond funds at the start of August, after a high level of redemption requests. In a letter posted on its website on […]
Another pensions dashboard deadline has come and gone, despite the original intention to launch in 2019. The feasibility study, first expected in spring and then delayed until summer recess, has still not been published. This begs the question: will the dashboard ever become reality? Rumour abounds that secretary of state for work and pensions Esther […]
Contingent charging is at the heart of the defined benefit transfer scandal, and the FCA must be bold enough to ban it You may wonder why I have never sounded off in Money Marketing about commission. The answer is that, when I started this column, commission had been banned for two years. So my past […]
It was with little surprise we saw another Green Paper looking at reform of care and support for older people, due in summer, merely kicked down the road into the autumn. Then the incumbent health and social care secretary was replaced shortly afterwards. With all votes beginning to count as the disengaged becoming louder in […]
I have always had a keen interest in the content marketing side of my business. The last few years have seen content marketing become more important across the sector, with everyone from fund groups, product providers, platforms and advisers looking to excel in it. For those less up to speed, content marketing is a strategy that […]
Proposals in the Retirement Outcomes Review aim to solve ongoing concerns around consumer detriment Three years on from the start of pension freedoms, there are still concerns being raised about the workings of the system and what the implications might be for consumers over the longer term. But are these concerns really justified? Whether you […]
I have been a huge fan of cashflow modelling since the days you could write it on a fag packet. I have argued that advisers who do not follow this practice are not doing their job. Yet I am now becoming disillusioned. This is not least because the regulator is considering making use of cashflow modelling […]
I am far from anti-IFA but in certain circumstances my priority is the greater good of the industry On a recent golf day, an adviser acquainted with my various scribbles asked me if I was Auntie Ivy. I was lost for words. Although my wife might describe my hearing as selective, even she would not […]
Who has benefited most from the host of new regulation to hit advisers in the past few years? I would say discretionary fund managers running model portfolios on behalf of intermediaries would be near the top of that list. It came from an unexpected direction, but the FCA’s platform market study last month gave those […]
It was interesting to see its chief executive criticise the regulator when there is still such room for improvement at his own company How do you find a good adviser? I found myself asking this last week, after reading an article in Money Marketing about VouchedFor chief executive Adam Price, who criticised a proposed FCA […]
It is important Sipps are not all tarred with the same brush High-level publications have recently highlighted the dangers of generalisation and how one size does not fit all. Analytics company Globaldata released an interesting report on UK Sipps earlier this month. Drawing on data from the Association of British Insurers, it concluded the Sipp […]
A review of clients’ offshore arrangements will be very sensible in light of HM Revenue & Customs’ stated intent to get tough on hidden assets. Since the data leak from Panama in 2016, which exposed a web of secret offshore companies that individuals have used to hide wealth, evade taxes and launder money, fraud involving […]
Consolidation in the Sipp market continues, with the rate only likely to increase. This means that, sooner or later, an adviser will more than likely have a client whose Sipp operator is acquired. What five things should you be thinking about? 1. Why was the Sipp provider acquired? Quite simply, is this a commercial acquisition […]
To say we have a protection gap in the UK is something of an understatement. It certainly exists in relation to personal protection. One of the main reasons for this is the assumption by those who have corporate cover that it will be enough. In some cases it will be but more often than not […]
There is a bewildering choice of exams at level 4, all tested in different ways. Here, I want to look at two of the most popular routes: the CII’s Diploma in Regulated Financial Planning and Diploma in Financial Planning. There are, of course, options from other examining bodies such as the Chartered Institute for Securities […]
I was never a big fan of the business plan process when I worked in the industry. Each year, it became more complicated and meaningless. Bottom-up numbers painstakingly developed through God knows how many boring internal meetings were then “calibrated” at group level. Inevitably, our projected revenues were increased and expenses reduced. Basically, our work […]
Ascot Lloyd investment director Steven Lloyd explains how a centralised investment proposition and bespoke discretionary fund management caters for individual client needs. Can you explain your investment approach? We use a combination of in-house and outsourced solutions, depending on the individual client. We have a centralised investment proposition that provides a range of choices for […]
Some advisers are welded to independence but for others restricted status makes more sense. Three restricted advice firms share their experiences The one-man band Lowland Financial managing director Graeme Mitchell became restricted after he was advised that a one-man band would not be able to demonstrate true independence after the Retail Distribution Review. “I took compliance advise and spoke to the FCA asking how feasible is it for a one-man band to demonstrate […]
Markets are underestimating the potential for turmoil in the world’s second largest economy It has been a tough few months for China’s economy. Years of credit-intensive growth have left the government with a huge debt pile – much of it off the books from shadow banking. The deleveraging process is currently in full swing as […]
It has been said advisers place too little emphasis on income from client’s investments “A gentlemen could jog along comfortably on £40,000 a year!” was the judgement of a man who knew what he was talking about when someone’s worth was measured by income rather than capital value. This emphasis on income was common throughout the […]
A look at the key issues from the new Insurance Distribution Directive rules due to take affect from 1 October The Insurance Distribution Directive will be introduced on 1 October. It will apply to all firms that undertake insurance distribution activities, including in relation to insurance based investment products such as bonds, as well as […]
Changes mean the valuable tax advantages Isas are famed for can continue after death When an Isa account holder dies, it is possible for their spouse or civil partner to inherit an additional Isa subscription. This allows them to effectively inherit their partner’s Isa, as long as they were living together at the time of […]
With sustainable decumulation strategies moving higher and higher up advisers’ agendas, and as increases to life expectancy and quality of life continue, how can planners make sure their clients are ready to reach a century? Our expert panel discusses everything from cashflow modelling, to behavioural nudges and investment solutions for the 100-year life. Visit The […]
Embark Group’s head of strategic partnerships and Discus co-founder Gillian Hepburn on why the FCA is right to challenge the market on orphan clients This week’s interviewee is Gillian Hepburn, head of strategic partnerships at Embark and co-founder of DFM consultancy Discus. As we meet, the interim findings of the FCA’s platform market study have […]
A more principled approach to investing is sweeping investment markets. Impact investing, which seeks to generate a solid market return by investing in companies that have a positive social and environmental impact on society, is at the centre of this trend. No longer is it enough that the investment schemes investors commit to, such as […]
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With his historian hat on, Ed Hezlet considers what investors might learn from the British academic historian, Herbert Butterfield.
As investors head off for their holidays, our team recommends beach reads to help you reframe the uncertain global environment and look at today’s problems in new ways. We hope there’s a title for every taste, covering topics including investment, leadership, technology, economics, the lessons of history and sport. We hope you enjoy our selection.
‘It would be an unalloyed, unadulterated, absolute good. Everything would be good.’ Mark Carney, 5 July 2018, speaking at a Northern Powerhouse business summit.
Thomas Buckingham, portfolio manager of the JPM UK Higher Income Fund, discusses UK inflation and what it means for investors.
William Meadon, portfolio manager of the JPMorgan Claverhouse Investment Trust plc, discusses profit warnings and the impact on share price .
Levels of merger and acquisition (M&A) activity have historically moved with the stock market. Zach Chadwick, an analyst within the J.P. Morgan Asset Management UK equity team, looks at how this cycle has been no exception and discusses some common behavioural biases.
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
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 […]
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 which […]
Mark Devlin, Senior Technical Manager at Prudential looks at how pensions tax relief works to help with planning for clients. Winning the lottery has its appeal, who wouldn’t like turning the cost of the ticket into a fortune? Pensions tax relief in essence gives you free money (albeit with a lesser return than a lottery […]
Thomas Smith, Fund Manager & Co-Head of Emerging Market Equities, argues that a new India is taking shape with the introduction of biometric IDs, increasing smartphone penetration and a growing demand for credit. Read more here Investment risks Past performance is not a guide to future performance. The value of an investment and any income […]
By Thomas Smith, Fund Manager & Co-Head of Emerging Market Equities Andres Manuel Lopez Obrador has been elected President of Mexico, with over 50% of votes cast – the largest share ever for a president in Mexico. What are the implications for the Mexican economy? Read more here Investment risks The value of an investment and […]
Ewan Thompson, Manager of the Neptune Emerging Markets Fund, explains why dollar strength is an important indicator for emerging markets, which have weathered the recent volatility well. Watch the video here Investment risks Past performance is not a guide to future performance. The value of an investment and any income from it can fall as well […]
Vanguard and Nest Insight are delighted to publish our “How the UK Saves” report, one of the most extensive studies of retirement in the UK. This inaugural report analyses the choices, demographics, behaviours and outcomes of the nearly 6.5 million people using the National Employment Savings Trust (NEST). Analysis at both the employer and individual […]
As a goals-based life planner who runs client portfolios to protect on the downside, the term “cautious optimism” seems made for Austyn Smith. However, the phrase does not do justice to the managing director of Austyn Smith Associates. It does not convey his belief that life is for living and using your money to do […]
Drawdown can seem a bit like one of those optical illusion pictures that pop up on the internet every so often. The dress that some swear is black and blue, while others are convinced its gold and white; the trainers that could be pink or green. Look again on a different day and chances are […]
Equanimity managing director Helen Howcroft on defeating sexism in the industry and promoting advice more effectively Equanimity managing director Helen Howcroft is the type of person who rolls her sleeves up and just gets on with things. That has been an advantage in an industry which has made a lot of progress in recent years […]