Money Marketing Wired: Is it small and mid-caps’ time to shine? – Watch it live at 10am
Join us at 10am on the 24th of May for an exciting discussion on small and mid-cap investments.
South Africa’s Old Mutual suspends chief executive
South-African headquartered financial services group Old Mutual Limited has suspended its chief executive after a fallout with the board. In a stock exchange announcement this morning, the firm notes its board has had “various engagements” with chief executive Peter Moyo. The firm writes: “These engagements have caused the board to conclude that there has been […]
MPs to question British Steel owners after collapse
MPs are set to call in British Steel’s former owners to ask questions about the firm’s collapse. British Steel, the second largest producer in the UK, officially fell into administration this week, putting thousands of jobs at risk. Private equity firm Greybull Capital bought the debt-laden business off Tata Steel for just £1 in 2016, […]
Going for gold: Can guidance services or low-cost advice ever turn a profit?
The search is on for a model which best serves consumers and is attractive to industry players Since the RDR, the advice profession has been on a journey to discover how to service customers caught in the so-called advice gap. The FCA recently raised this issue again as it prepares to assess the impact of […]
Phil Wickenden: Going technical in the protection market
A few weeks ago, I was bold/stupid enough to suggest that as an industry we can be too eager to dive into the technical nitty gritty and gloss over some of the simple but important bits – understanding the stuff people like and want, then delivering said stuff in a way that floats their boat. […]
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Ian McKenna: Do we really need new standards for platform transfers?
Why is a change required when the industry has shown it can do the job? Rightly, there seems to be universal demand for faster transfers between investment platforms when consumers want to switch. The FCA has made it clear it expects this to happen and if it doesn’t, platforms could be facing penalties. In its […]
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Six hundred advice firms adopt PFS DB transfer standard
More than 600 firms have signed up to the Personal Finance Society’s new standard aimed to improve defined benefit transfers since its launch last month. It consists of consumer guide for DB transfers that is meant to help consumers better understand what to expect from regulated financial advice. The guide defines an adviser code based […]
Investment Association to include ETFs in sectors
Trade body the Investment Association will include exchange traded funds in its sectors. The ETFs will be placed within the existing IA sectors, which will enable comparison between open ended funds by dividing them into groups of similar funds based on factors such as asset class, investment strategy and geographical region. Investors and their advisers […]
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Editor’s note: Advisers need to prove they have a process for firing as well as hiring
When I first joined Money Marketing, my former editor Natalie Holt gave me an excellent nugget of wisdom. While financial planners give invaluable advice on personal finance, she said, remember, the vast majority are small business owners as well. They face the same challenges as any small- and medium-sized enterprise; namely, how to recruit the […]
City banks continue to lead salary race
Major city banks remain at the top of the pecking order when it comes to salaries, but the likes of Facebook and other technology companies are also moving up the list. According to data from job search website Glassdoor, Credit Suisse topped the list of the UK’s highest-paying companies, with Deutsche Bank coming in third, […]
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Showing advisers the door: When is it right to cut ties with underperformers?
Tougher monitoring and a tighter grip are needed to meet standards in recruitment and retention Advice firms aren’t perfect. Just like any other business, rogues will crop up, and some staff will perform better than others. In its annual results last week, national advice and wealth business Tavistock set out its stall very clearly: it […]
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Short term thinking does not deliver in the long-term
Capital is at risk. We live in a world of 24-hour news with information feeding instantly to screens that bombard us from walls, desks and our phones. As a result, we’re increasingly connected to the wider world we live in – a trend that’s broadened our perspectives in some ways but can narrow them in […]
How to make protection mean more to your clients
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 […]
Overcoming protection hurdles
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 […]
How longevity is turning retirement planning on its head
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 […]
Industry needs to communicate value of advice more study says
The financial advice profession has to collaborate more to promote the value of advice as a study finds one third of people shy away from taking advice due to concerns about trust. The findings come from a detailed look at the nation’s wealth and debt in research commissioned by Open Money and conducted by the […]
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DB template will bring ‘clarity’ on transfers regulators say
A template designed to help scheme administrators and advisers process defined benefit transfers will help them be completed more easily regulators say. Last July The Pensions Regulator told delegates at Money Marketing’s Retirement Summit that a template to simplify transfers would be released in the autumn. The template aims to enable scheme administrators to give advisers […]
Continuum partners with North West IFA
National advice firm Continuum has merged with Cumbria-based IFA Gary Charlesworth. Continuum director Martin Brown says Charlesworth joins as a partner: “We do not acquire businesses, no money has changed hands.” “Gary has become partner in our business and brought his clients with him. As a partner he has a stake in Continuum, should any […]
FCA wins case against £1m fake forex investment scam
The FCA has won a case against a £1m unauthorised investment scheme. The High Court ruled last week that Xcore Capital Limited and Jonathan Chitty had taken at least £1m from investors, but only a small amount of the investors’ money was ever used for trading. Consumers gave money to Xcore in return for a […]
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British Steel enters insolvency
British Steel is due to enter the insolvency process after the collapse of rescue talks between parent company Greybull Capital and the government. The move puts 5,000 jobs at risk and is the latest blow to the embattled industry. Reuters had previously reported multiple sources saying the £30m government loan requested had not materialised, placing […]
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Terry Smith steps aside from Emerging Equities trust
Terry Smith will step down from the Fundsmith Emerging Equities trust after five years running the vehicle. He will carry on as chief investment officer and will offer “advice and support” to the fund’s analysts, Michael O’Brien, who will become trusts’ portfolio manager, and Sandip Patodia, who has been promoted to assistant portfolio manager. The […]
KPMG in firing line over BNY Mellon audit
KPMG has begun its defence against a potential £12.5m fine for accounting failures dating back to the financial crisis. The Times reports that the Financial Reporting Council and KPMG underwent a tribunal hearing yesterday over the audit firm’s decision to sign off BNY Mellon’s accounts. The FRC claimed KPMG’s misconduct was a “truly exceptional case” […]
Further fears expressed over future of British Steel
Further fears have been expressed over the future of British Steel as the firm looks to stave off insolvency this week. Sky News reported on Monday night that sources close to the firm were gearing up to put British Steel into liquidation as talks to secure emergency funding from the government had stalled. Reuters has […]
What Does The Future Hold For Multi-Asset Strategies?
If only we had a crystal ball, investing would be so much easier. Particularly in the past year, it has often seemed as if uncertainty is the only certainty for asset managers, advisers, and their clients. Amid geopolitical developments and a slowing global economy, an increase in market volatility is a significant possibility. That’s why we […]
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Hammond defends ‘necessary’ tapered annual allowance
Chancellor Philip Hammond has ruled out scrapping the tapered annual allowance and argues it is “necessary to deliver a fair system and protect the public finances.” MPs questioned Hammond in parliament today about senior NHS clinicians’ tax implications from the tapered annual allowance and annual allowance. They pointed out both allowances are forcing senior NHS […]
Lorraine Mouat: Managing unintended consequences of SM&CR
Firms can reduce the impact by identifying challenges early and adopting some key measures The Senior Managers and Certification Regime is due to be implemented for all Financial Services and Markets Act authorised firms regulated by the FCA on 9 December. While firms need to prepare for the regulatory requirements, they should also be aware […]
Phil Wickenden: Making the transition from intent to action
From retirement planning to wealth preservation strategies, there is a clear and present difference between intention and action. This is a common thread running through much of the research we have undertaken recently. Advisers appreciate the importance of certain (usually more complex) financial solutions; they see the relevance and recognise the market need. Yet something […]
David Tiller: Platforms must not hold back IFA innovation
Though the subject of costs and charges to investors has always been an issue, the arrival of a lower return environment and greater market volatility have brought this into sharper focus. America is facing the same downward pressure on costs as we are, but they’re a bit further on this journey. Advisers in the US […]
Would you benefit from hiring a trainee?
Three advisers reveal their recipes for success when taking on a trainee Young people are the lifeblood of a firm, but what should you consider when hiring a trainee? Three advisers who have gone down different routes share their experiences. Not a ‘mini-me’Bringing in a graduate as a trainee administrator/paraplanner was part of a broader […]
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Dennis Hall: We must review the 1% advice fee expectation
This is going to sound a bit like the pot calling the kettle black because I am as guilty as everyone else, but hear me out. If the starting point for a sustainable withdrawal rate in retirement is around 4 per cent, excluding charges and taxes, we really need to consider the impact of fees […]
Editor’s note: The phoenixing puzzle has a way to go yet
There are two jobs I really wouldn’t want at the moment. The first is Brexit secretary. The second is head of the FCA’s authorisations team. That team is a vital line of defence against financial crime. Part of its job is to stop suspect firms and individuals from getting regulatory permissions in the first place, […]
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Mel Kenny: Battle against financial short-termism is only just beginning
The latest round of increases to pension contributions under auto-enrolment has been welcomed by those whose employers have implemented it well, both in terms of the level of contributions and the communication of it. Most of us do need a nudge to save and when our employer is seen to be looking out for our […]
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Nic Cicutti: FCA misses chance to show it’s on consumers’ side
Regulator abandons idea of introducing a duty of care for financial firms towards their customers It may seem hard to believe from my picture in Money Marketing, but there was a time when I had a full head of hair. I was reminded of that time the other weekend, when a group of old friends […]
Tom Kean: Confusing language only hinders client understanding
I have just had a rare moment of clarity. It came to me in a flash of light that lots of our current woes stem from a problem with language. And for once, I don’t mean jargon, which is actually jolly handy, as any medic, lawyer or air traffic controller will tell you. I am […]
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Editor’s note: The RDR has worked for advisers and consumers, but the job isn’t done
During the six-year-long gap between when the RDR kicked off and when reforms came into effect, it was understandable that a significant proportion of advisers felt uneasy. Changes to qualifications, ongoing professional development, fee transparency and commissions required an overhaul in some firms’ models. But now, you’d struggle to find more than a handful of […]
Managers back UK plcs despite Brexit fears
Looking under the bonnet to see where the convictions of managers lie Sector definitions dictate that UK equity funds are required to have at least 80 per cent of total assets invested in UK-listed firms. There are, however, no limits on where their revenues originate. With the outcome of Brexit still largely unknown, it has […]
Iain Anderson: The secret to successful pensions policymaking
Pensions minister Guy Opperman has been meticulously planning for the introduction of a Pensions Bill in this year’s Queen’s Speech. He has consulted extensively, laying out plans for collective defined contribution schemes, defined benefit reform and consolidation, as well as the pensions dashboard. At a time of little domestic policymaking, the pensions industry appears to […]
Rathbones: Market wheels still wobbly despite ‘all-time highs’
US, China and a trade deal: could there be a case of disappointment? Joy and rapture abounded in the first quarter as three specific concerns were smote: the US Federal Reserve put the brakes on interest rate hikes, Chinese growth appeared to rebound and US president Donald Trump sent promising tweets about a China trade […]
Where will the Quilter-Lighthouse tie-up take its advisers?
Questions still remain over branding, restrictions, location and focus, but deal could be a positive one for both companies The advice world has a new power-couple after shareholders in national firm Lighthouse agreed to a takeover by Quilter last week. Lighthouse shareholders gave their overwhelming blessing to a marriage between Quilter and the firm, with […]
Alistair McQueen: Forcing ageing issues into the political spotlight
Lessons can be learned from environmental activists in attracting serious attention What keeps you awake at night? This is a question opinion pollsters at Ipsos Mori have been asking for decades and share the findings of in their monthly Issues Index. It offers a fascinating insight into the minds of the public. According to the […]
Danby Bloch: Test yourself on your investment tax planning knowledge
Not being up to date with the rules could leave you vulnerable to accusations of poor advice from the clients you should value most General investment account funds usually require tax planning each year. The most valuable clients tend to have them, yet many advisers have not kept up to date with the main tax […]
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Is now the time for a DB transfer turnaround?
Falling transfer flows, regulatory jitters and fears over insistent clients are reshaping the Sipp market, our survey reveals Sipp providers have tightened up their defined benefit transfer processes, a Money Marketing survey suggests, and are turning away some business as consumer appetite also cools. Data suggests that DB transfers have started to die down from […]
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Why can’t the FCA stop rogue firms rising from the ashes?
Ahead of the launch of a new taskforce against phoenixing, Money Marketing looks at the difficulties the regulator is up against After years of frustration from advisers over how rogues in the industry can run away from their liabilities, some hope could be on the horizon. The individual efforts of the FCA, Financial Ombudsman Service […]
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Sign up Money Marketing Wired: Is it small and mid-caps’ time to shine? – Watch it live at 10am
Join us at 10am on the 24th of May for an exciting discussion on small and mid-cap investments.
UK small and mid cap focus – Finding opportunities for future growth
Guy Anderson, portfolio manager for The Mercantile Investment Trust, explains why investors can still find lots of value outside of the FTSE 100, despite the uncertain domestic outlook.
The Long and Short of it: Review of Markets April 2019
Callum Abbot, Portfolio Manager of the JPM UK Equity Plus Fund, an active extension strategy, gives his views on markets over the last month.
Inside Fundsmith’s new investment trust
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 […]
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Fixing the FSCS: Experts weigh in
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.
Wired on-demand: The politics of Brexit – What investors need to know
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!
Good life gurus: Kate Shaw – going the distance
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.
MM Wired on-demand: The impact of a Corbyn govt on investments
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.
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How are your FSCS levies calculated?
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
Signpost protection early – better protection conversations
Vincent O’Connor, Senior Business Development Manager, Royal London Part one of our ‘Five top tips for better protection conversations’ series – signposting protection early. There are simple things that you can do right now to help you have better protection conversations with your clients. This will lead to a better outcome for your clients and […]
Vodafone – canary in the coal mine?
Vodafone, one of the most important and popular income stocks in the UK, is to cut its dividend by 40% as a result of high-debt levels and the costly effect of 5G rollout. The share price has already fallen c.19% year-to-date as investors have become increasingly concerned about its dividend and overall leverage – and […]
Assessing the risks and returns of BBB credit
Ewan McAlpine assesses the risks and returns of BBB credit, considering whether investors should be worried about the size of the BBB market and whether the RLAM credit funds could be vulnerable in the event of market weakness. Read the report here Past performance is not a reliable indicator of future results. The value of […]
Is there a 10-year charge on my trust?
It is over 10 years since, the then Chancellor, Gordon Brown changed the inheritance tax (IHT) treatment of trusts so that most trusts effected on or after 21 March 2006 fall under the relevant property regime. From 21 March 2006, as flexible trusts (also known as interest in possession) were treated as relevant property, many […]
UK labour market: first signs of trouble? Melanie Baker, Senior Economist @RLAM_UK examines the latest data
UK labour market: first signs of trouble? Melanie Baker, Senior Economist @RLAM_UK examines the latest data Read the article here Past performance is no guide to the future. The value of investments and the income from them is not guaranteed and may go down as well as up and investors may not get back the […]
Is pessimism around Brexit justified?
“Today’s business investment is tomorrow’s growth.” Watch James Dowey, Chief Economist & CIO, answer whether he thinks the pessimism around UK equities created by Brexit is justified. Watch the video here Investment risks The value of an investment and any income from it can fall as well as rise as a result of market and currency fluctuations […]
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Profile: ‘Some clients were suicidal at retirement having lost their identity’
Henwood Court managing director on why he wrote a book to prepare people emotionally for retirement As advisers know, retirement can be a wonderful time if you are adequately prepared. The freedom from having to work means people can spend their lives doing what they want to do; things they did not have the time […]
Profile: There’s no silver bullet to boost gender diversity on boards
Broadstone chief commercial officer on achieving a better gender balance on the boards of financial services firms Just a few months into her role as chief commercial officer at pensions and employee benefits adviser Broadstone, Natasha Glasgow is learning fast. With a direct-to-consumer background focusing on customer experience, setting up back-office systems and working in […]
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Profile: ‘Someone booed me when I said I was a financial adviser’
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? […]