The FCA has written to all former clients of Avacade Limited, an unregulated pension introducer, to inform them about its legal action against the firm and its directors. In November 2017 the FCA said it would start civil proceedings against Avacade Limited, now in liquidation, and its three directors Craig Lummis, Lee Lummis and Raymond […]
As new disclosure rules bring the full extent of protection commissions into the spotlight, experts are asking if this will see clients ditch their advisers in favour of execution-only services. Under the Insurance Distribution Directive, from 1 October advisers have had to provide clients with information before a product sale about any commission received, which […]
Former home secretary Amber Rudd is set to return to the cabinet as work and pensions secretary, according to reports. The appointment follows the departure of Esther McVey yesterday over her refusal to back the government’s draft Brexit deal. According to reports, Rudd, a remainer, was offered the job after environment secretary Michael Gove spent […]
The FCA has said it will continue its UK-wide workshop series on financial advice and defined benefit pension transfers. In a newsletter yesterday, the watchdog confirmed it would push ahead with more “Live and Local” interactive events for representatives of regulated firms with DB transfer permissions. The sessions will feature case studies and practical examples, […]
Advisers prefer to fulfill their continuing professional development requirements by attending events rather than engaging with online learning materials, research from Prudential shows. The Prudential Adviser Barometer shows 60 per cent of respondents said events was the best format for CPD last year, rising to 63 per cent this year. While 44 per cent were […]
The advice market has faced a significant number of challenges in the past year which continue to complicate the prospects for the profession. The combination of regulatory challenges posed by the introduction of Mifid II, Priips and GDPR with the uncertainty surrounding Brexit has led to many advisers feeling less sure about their future, while […]
Gullible punters asked to pay £350 because Nutmeg can’t attract enough to online investment service A few months ago, I was asked to write a piece for a consumer finance magazine which looked at how to invest £100,000 if you wanted to go it alone. As well as detailing the role of independent financial advice, […]
Platforms have been critcisied for going ahead with technology upgrades knowing that they would not be ready to roll them out. Speaking at an event by consultancy the Lang Cat yesterday, principal Mark Polson said that the firm had encountered a number of projects in recent years where, despite knowing there could still be flaws […]
FCA chief executive Andrew Bailey says the watchdog’s main priority for its register will be the accuracy of data displayed about individuals. In a letter to MP Nicky Morgan, Bailey responded to comments Morgan made in the Daily Telegraph that the Treasury select committee would raise the issue of the register when the FCA next […]
Police have ended their investigation into the chief executive of cross-border pensions provider STM Group. A statement from the Aim listed firm – which hit headlines again recently for acquiring a majority stake in embattled Sipp provider Carey Pensions – says that “no further action” will be taken against boss Alan Kentish. Royal Gibraltar Police […]
Will political moves to back EIS schemes be enough to stimulate productive investment? When chancellor Philip Hammond announced a set of new rules for venture capital at last year’s Autumn Budget, he triggered a key moment for the enterprise investment scheme industry. “We were at an EIS event with fellow providers and mid-event, when the […]
Former Tilney executive Nick Reeves will join Deutsche Bank as the head of UK financial planning from January. The Frankfurt-headquartered bank says the appointment continues a build out of its markets since UK chief executive Michael Morley was appointed in July 2017. Morley says: “We are committed to building a model advice-led wealth management business […]
The money of thousands of investors from troubled Sipp provider and discretionary fund manager Greyfriars Asset Management have been secured through an acquisition. Sipp administrator Gaudi has successfully transferred 4,000 Sipp and Isa accounts from Greyfriars onto its books. The acquisition agreement was signed on 21 September and has now been completed. Gaudi managing director […]
One in four advisers are working upwards of 50 hours a week and cite complex regulatory and compliance requirements as the catalyst, Prudential research shows. The 2018 Adviser Barometer surveyed 200 financial advisers across the UK and shows just 14 per cent worked more than 50 hours a week last year. Thirty-two per cent of respondents […]
FCA-regulated firms will continue to fund the cost of pensions guidance and debt advice as the government moves to a new single public guidance body, the regulator has confirmed. Business contributing to the cost of debt advice in the UK will continue to do so but through split levies – one administered by devolved authorities […]
Less than two in five advisers are confident in their ability to discuss crypto-assets with clients due to widespread scepticism of them, research suggests. A study commissioned by the global investment platform eToro surveyed the attitudes of more than 200 financial advisers towards crypto-assets. The study shows nearly three quarters, or 74 per cent, of […]
Pensions experts have expressed concerns over the future of long-term policy making as work and pensions secretary Esther McVey steps down from her position. McVey tendered her resignation letter this morning, claiming that the government’s draft Brexit deal would not respect the referendum result and was not something that she could vote for. Quilter head […]
Tatton Asset Management has seen its profits increase as the firm continues to show growth in the discretionary fund management arm of the business. Tatton Asset Management operates three business arms: a discretionary manager, Tatton Investment Management, an adviser support service arm, Paradigm Partners, and mortgage and protection distributor Paradigm Mortgages. The DFM side saw […]
Only half of drawdown customers are taking an income level that is likely to last them their lifetime, Royal London estimates. Figures from the firm’s drawdown governance service show that 53 per cent of customers have a less than 85 per cent chance their income will provide for them for life. However, Royal London notes […]
Michael Klimes examines FOS complaints about DB transfers and how it could shape IFA practices
The FCA has confirmed that financial adviser pair Alan and Russell Taylor will not be allowed to work in any regulated position again after being jailed for 11 years on fraud charges. The brothers, who ran Norfolk IFA Taylor and Taylor Associates, plead guilty to conspiracy to defraud earlier this year, after defrauding nearly 200 […]
Two thousand clients of discretionary fund manager Beaufort Securities are yet to be refunded close to a year on from its closure to new business. Confirming it is still working on around 2,000 cases, the Financial Services Compensation Scheme says 3,000 of a total 17,500 retail clients affected will be given a “large part” of their […]
“It was the best of times, it was the worst of times.” As I ponder the developments in the platform market over the past year, I cannot help but think about the contrasting tranquil roads of Dickens’ London and the bloodstained streets of Paris at the height of the reign of terror. A similar contrast […]
Judging by the amount of negative commentary on defined benefit pension transfers, you would have thought there would have been far more than 318 complaints about them to the Financial Ombudsman Service since the freedoms. Yet that is the number the adjudicator revealed last week. It makes for reassuring reading that, despite the FCA striking […]
Budget time is the key season of the year when people are talking about tax and likely to ask your opinion about its content – providing you with a perfect marketing opportunity to tell people what you do and how much you know about all things money. In a tasteful, modest kind of way, naturally. […]
With so many different expectations, this simple document can provide a snapshot of the type of paraplanner behind the CV I am finding paraplanners and their employers are starting to get more and more divided, as neither really understands what the other does for them. On the one hand, I am speaking to business owners who […]
The British have an obsession with residential property shared by few other Europeans. In many places on the continent, you rent city centre flats until you retire, when you buy or build a home in the country. Europeans devote around 15 per cent of spendable income to housing compared with a typical 30 per cent […]
I have always been very pleased to count myself as one of the contributing IFAs here at Money Marketing. I find the whole process of writing this column thoroughly enjoyable and more than a little cathartic. However, I also feel quite a weight of responsibility, which sometimes makes writing certain pieces a little difficult. Just like […]
Advice can help new parents avoid any unnecessary financial consequences of taking time off to have a baby New parents have an awful lot to think about, with their financial planning often languishing at the bottom of the list. Advisers can add value by highlighting a few significant areas. First and foremost, new parents must […]
IFAs have a responsibility to track clients’ drawdown requirements and attempt to mitigate sequence risk I have had a relationship with my IFA for more than 30 years. During that time, I would estimate he has received about £50,000 in commissions and fees. I am not complaining; it is my choice to continue to be […]
Women are earning, inheriting and controlling more money than ever. Yet very few financial institutions are doing an outstanding job of attracting and serving them. How you sell and deliver financial services to men is not the same as how you sell and deliver financial services to women. Even if men and women end up […]
If you want the crash course in all things leading edge in Fintech visiting a Finovate show can be time well spent, but it’s also an exhausting experience. The first two days of this year’s Fall show in New York involved no fewer than 80 demos of fintech propositions of all shapes and sizes. Anyone […]
Where to start and what to look out for when aiming to meet the financial requirements of the client For their advocates, fund panels are like a palette, which advisers can choose from to come up with a tailor-made investment solution for individual clients. As an efficient tool at the adviser’s disposal, a panel of […]
Why having a little fear is not a bad thing The wild ride in asset prices at the start of the fourth quarter may have left some investors fearing the worst and wondering about the direction of financial markets. Treasury yields surged and stock markets around the globe sold off dramatically. October was the worst […]
How to make a pot of money last a lifetime- this is the crux of the retirement challenge. While the retirement landscape has undergone significant changes, the fundamentals of the challenge have remained the same but the responsibility for addressing it has shifted from institutions to the individual. Drawdown accounts are now the most popular […]
Markets have fluctuated in recent months but whether this will continue remains to be seen Stockmarkets exhibit a striking degree of seasonality. “Sell in May and go away” sounds like a superstition but patterns in decades of stockmarket data show that there is some underlying truth to it. A mechanical approach that sold everything in […]
Increasing regulatory requirements and the quest for greater efficiency are leading more advice firms to bring in outside expertise A combination of regulation, legislation and improvements in technology are encouraging advisers to develop more rigorous and consistent processes. Recent research we undertook found over two-thirds of advice firms now operate a centralised investment proposition, showing […]
No upheavals for financial planning in the Budget but advisers must be prepared for an uncertain year ahead There was slight trepidation in the air, when Spreadsheet Phil stood up to deliver his Budget last month. Having a Budget in October was unusual. Of course, we are now in the new cycle of autumn Budgets […]
The world of investment is filled with jargon, which can pose a barrier to entry for the layman. While it is part of the financial adviser’s job to do some jargon-busting for their clients, they might find it difficult, as some investment solutions still have nebulous definitions, running the risk of comparing apples with oranges. […]
Michael Klimes finds advisers think the the inclusion of introducers in the cold call ban is a positive development
Landmark court case sees pensions transferred in serious ill health liable to significant tax charge There have been some very interesting developments lately with regards to pension transfers in serious ill health – in particular around inheritance tax. In a landmark ruling, the Court of Appeal has found in favour of HM Revenue & Customs […]
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Sign up Money Marketing Wired returns in association with The UK Edge on Tuesday 30th Otober, at 10 am with a topical debate on The politics of Brexit: What investors need to know. Discussion topics A month on from the Conservative Party conference, will the party be able to resolve its Brexit divisions? What options are still politically palatable to all sides? […]
The UK Edge asked Andy Robbens, Investment Specialist at J.P.Morgan Asset Management what an average day for him looks like.
Karen Ward, Chief Market Strategist for EMEA, gives her opinion on the Brexit negotiations.
At the latest Monetary Policy Committee (MPC) press conference, Governor Carney noted that businesses are taking a very cautious approach right now because of the uncertainty around the outcome of the ongoing Brexit negotiations.
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!
The chancellor opened up his budget with the promise that the era of austerity was finally coming to an end.
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 […]
Clare Moffat, Head of Business Development, Royal London, looks at how you can help solicitors understand the implications of IHT on pensions and how this can affect their clients. Do your solicitor connections understand the changes to death benefits and the implications they might have? It’s important solicitors aren’t straying into giving financial advice. Why […]
Robin Nimmo, Strategic Insight Manager at Royal London, looks at the FCA’s response to its latest consultation on pension transfer advice. On Thursday 4 October the FCA published policy statement PS18/20, its response to consultation paper CP18/7 on improving the quality of pension transfer advice. What’s in the policy statement? Standards to be met before […]
Scottish Widows Pension Expert Robert Cochran caught up with Andrew Scott to discuss retirement planning in an age of longevity. Andrew Scott is a Professor of Economics at London Business School and co-author of the book ‘The 100 Year Life – Living and Working in an Age of Longevity’. Retirement planning in an age of […]
Fiona Hanrahan, Senior Product Insight and Technical Support Analyst, Royal London We look at carry forward in the latest in our series of top five FAQs on pensions technical topics. Can an individual use carry forward if they haven’t paid into a pension for a number of years? If the individual was a member of […]
As part of the advice process, when meeting a client for the first time, one of the key questions the adviser asks is whether the client has a will in place. This can then lead to discussions around the provisions a client has made for their family and heirs should they die. It is sometimes […]
Investment bonds are all about giving choices and being able to meet your client’s needs and goals. Let us consider Stephen and Sarah who have been talking about sending their children to a local private school but, having realised that the average fee is £4,473 per term, know that paying for this privilege will be […]
Jan Oliff FP director on changing the sector’s gender profile and how personal factors led her to be an ethical specialist Sometimes the reasons people do the jobs they do or hold certain views are intensely personal. That is the case with Jan Oliff Financial Planning director Jan Oliff. Since establishing her own business in […]
Hanover Wealth Management director on how client referrals make the world go round A financial adviser is not the most obvious port of call for people when they need some work carried out on their home. But when Hanover Wealth Management’s clients need help, even with non-financial matters, they know they can turn to its director, Julie […]
Susan Hill director on making finance more appealing to women and the need for a central training academy Think about your favourite products and services – the fragrance your partner bought you last Christmas; the last concert you went to; that meal you recently had at your local restaurant. Now think about the way they […]