Fundsmith has raised more than £800m for the launch of its new investment trust, Smithson. Trading for the new vehicle overseen by star manager Terry Smith, who put £25m of his own cash into the project, is expected to go live on Friday. Fundsmith plans to target smaller and mid cap opportunities with the investment trust, […]
The FCA has published a consultation on proposals to hike the maximum compensation amount the Financial Services Ombudsman can require firms to pay. Raising the maximum amount of compensation would see the cap increase from £150,000 to £350,000. Adviser and wealth manager trade body Pimfa has already criticised the proposals arguing they could lead to […]
The state pension is set to increase by 2.6 per cent from April next year after inflation fell more than expected in September. Office for National Statistics data published today shows the Consumer Prices Index inflation stood at 2.4 per cent in September. The index is used for the state pension triple-lock uprating that guarantees […]
A weekly account of the curious goings-on in the world of financial services from Money Marketing’s diary page Green with envy While scouring through the MPs’ Register of Interests last week, one WSJ correspondent took to reading the fine print of Treasury committee member John Mann’s file. Among the list of international trips undertaken by […]
Long-awaited guidance clears up confusion around the IHT position of policies issued under seal Life assurance protection is an often overlooked estate planning tool. For UK-domiciled individuals, effecting a policy subject to a trust can deliver a neat, effective way of sorting inheritance tax liability that cannot be diminished through other planning. It can also […]
Workplace provider Smart Pension has been told not to publish an advertisement again after a complaint to the marketing standards watchdog over its “threatening” tone. In November last year, Smart Pension sent a letter to business owners, stating that “failing to set up your workplace pension now could soon blow a serious hole in company […]
National IFA LEBC has come out in favour of the FCA’s plans to extend the maximum compensation amount the Financial Ombudsman Service can require firms to pay. The regulator said yesterday that the cap should increase from £150,000 to £350,000. Adviser and wealth manager trade body Pimfa criticised the proposals, arguing they could drive advisers out of […]
The New Model Business Academy is set to launch its long-awaited paraplanning apprenticeship after it was shelved earlier this year due to lack of funding. Speaking to Money Marketing, NMBA director Tom Hegarty says a 1 August application through the Education and Skills Funding Agency for further funding was confirmed last Wednesday. While the sum […]
With markets generally positive since they arrived, have pension freedoms really been tested yet? With the advent of pension freedoms, advisers are increasingly looking for a safe harbour that provides some guarantees of their clients’ income, while retaining a lump sum for their heirs. But trying to manage a portfolio that can achieve this is […]
Can avatars lead to a better retirement? No, I am not talking about some sci-fi version of our future lives. I hope not anyway, as such futures tend to be more dark, wet and dystopian than utopian – at least in the movies I have seen. We live in the age of nudges, popularised by […]
The Pensions Administration Standards Association has elected its director of eight years Kim Gubler as chair. Gubler currently holds the position of deputy chair with the standards body, and will replace Margaret Snowdon from 1 January. Gubler has held a variety of executive positions across the industry, including chair of the joint Standards and Accreditation […]
The total sum of missing pension savings has been estimated to be worth nearly £20bn in research carried out for the Association of British Insurers. The Pensions Policy Institute surveyed firms representing about 50 per cent of the private defined contribution pensions market and finds there are 800,000 lost pensions worth an estimated £9.7bn. It […]
The acquisition of fellow wealth manager Speirs & Jeffrey has helped boost assets under management at Rathbones by £6bn, the firm’s latest results show. Rathbones’ funds at the end of the third quarter stood at £47.3bn after bolting on £6.7bn from the merger. Without the acquisition, Rathbones says it would have reported a 1.8 per cent […]
Cura Financial Services grew their protection business by 16.5% over 18 months by using a positive, human approach to educate clients on the value of protection. Emphasising the tangible benefits of additional support services like Scottish Widows Care is one way to show how some protection plans can help a policyholder and their family in […]
Two separate complaints about the clarity of the FCA’s guidance and expectations on Gabriel reporting requirements have been quashed by the Complaints Commissioner. However, the FCA has been asked to waive a late return charge and been asked to make sure debt collection and fees processes on Gabriel reporting are clear. In his report today, […]
Platforms Nucleus and Transact have both taken a hit on their share prices after a suge in interest when they became listed companies. Nucleus’s share price has fallen from 239.5p a share on 26 July when it listed on Aim, to 161.5 per share as at 15 October, a fall of a third. In September […]
Vitality has launched an insurance proposition to help customers meet the rising costs of later life. Dementia and “frail care” cover will be offered at no extra cost as part of Vitality’s serious illness cover, and will provide members with protection for a range of degenerative later life illnesses. The cover aims to limit the […]
Shares in advice giant St James’s Place are “irrationally” undervalued given the firm alone makes up 12 per cent of the advice market, analysts have said. SJP had £96.6bn in assets under management in August and is expected to surpass £100bn when it releases its interim report on Q3 later this month. Shares in the […]
I have just passed my 30-year anniversary as an adviser. Back in the day, it was possible for any Tom, Dick or Harry to become a “financial adviser” with just a few weeks of basic training. Thankfully, it is a different world today, with competence the main priority for firms up and down the country. […]
Advice network Intrinsic is funding a 58-week training programme through the Quilter Financial Adviser School to get more get more advisers to join its ranks. The course includes specific Intrinsic training throughout the core QFAS programme and means advisers will be trained on Intrinsic systems and processes. It is open to any student who will […]
Influential think tank the Institute for Fiscal Studies has added to pressure on the government from the pensions industry not to restrict tax breaks ahead of the Budget later this month. The IFS says it would be a “step in the wrong direction” to resitrct pension tax breaks on high earners, even though it could […]
As discussed last week, the regulator, being the regulator, will regulate. That is what it does. It is its job. Ensuring we are compliant is expensive and exhausting but it is not the same as ensuring we have a robust strategy. There is overlap, for sure, but it is not a substitute. While it may […]
Protection has really started to change over the last few years. While the upper echelons of most major insurers remain largely pale and male, we are seeing the tangible effects of industry efforts to redress the gender and ethnicity imbalance, with senior females gaining prominence and a more interesting array of faces populating panels and […]
If you had told me 10 years ago that not only would I be a chartered financial planner but that I would enjoy it so much I would be reading about the “science” of retirement and the “new retirementality” in my spare time, I reckon I would have asked you to kill me. But it […]
The shackles of the industry are finally being broken but there is still much work to be done The financial planning profession has incredible potential that sadly has still not yet been achieved. But things are changing and the tide is slowly turning. The only way to bring about the fulfilment of our profession’s true […]
Over the past few weeks, I have been helping my wife act as the executor of her late father’s estate. Despite a 25-year career as an adviser for some very wealthy people and being quite familiar with the tasks involved in dealing with the financial affairs of a deceased person, I have found this time […]
Your website is your shop window and needs to support your marketing strategy An effective website should support every element of an adviser’s marketing strategy. From helping referrals understand more about your business, to being found on Google by people looking for an adviser, your website is your shop window. Essentially it has three jobs: To […]
I wonder how many client conversations come to an impasse when the subject of their existing cover is discussed. All too frequently, we find clients have little knowledge of their employment benefit package. Death in service, critical illness cover and sick pay benefit periods may have been discussed during the recruitment process and will be […]
I feel like I’ve written about defined benefit transfers about as often as Theresa May broke out her “strong and stable” catchphrase at the last election. But with a final policy statement from the FCA last week putting concrete reforms into place, we must dance the DB transfer tango once again. The good news is […]
Who could become financially dependent on your client if they became seriously ill or their spouse or partner died? How often have you heard the following statement: “We are specialist investment advisers and most of our clients are at or in retirement, so we do almost no protection business”? Do you say it yourself? Well, […]
It is not unusual for someone who has been in a defined benefit scheme for a large part of their career to have pension assets worth more than the house they are living in. The value of deferred pension benefits is something very few of us really understand, even those of us who work in […]
A worrying 75 per cent of lifetime trusts have yet to file required IHT returns in respect of the periodic charge The Finance Act 2006 must still be one of the most significant in memory for advisers operating in the estate planning market. Without warning, the government introduced sweeping changes to the way in which […]
Their power over fund selection is only set to increase as more firms adopt centralised investment propositions Fund research and rating agencies have enjoyed a buoyant market in advice firms thanks to the post-RDR rise of centralised investment propositions. While a minority of advisers have chosen to outsource portfolio management, the majority are selecting funds […]
Clients that suffer ill health at a young age can access their pension if certain requirements are met With the recent news that we are not living longer after all, there are questions to be asked as to why this is. Life expectancy increases the older you get, as the fact you made it that […]
Despite global headwinds, don’t ignore the country yet Close to six years since coming to power, Japanese prime minister Shinzō Abe’s position is looking stable. His recent victory in the Liberal Democratic Party leadership election provides him with another three years as leader of the ruling party and represents his third term. He has once […]
Protection Review chief executive Kevin Carr looks at recent market events Moving forward on mental health Some say perception is reality and, in a world driven by social media and sensitivity, the way people see things is their truth, regardless of whether their conclusions are accurate or feasible. This is not a bad way to […]
There is understandable frustration with what is seen by some as a disconnected policy machine whirring ad infinitum in the FCA’s Endeavour Towers. Take the difficulty in reconciling the stated requirement for robust, consistent, repeatable processes with the now cautionary tones over centralised investment propositions and requirement to evidence the suitability of solutions for various […]
Equilibrium Asset Management partner and investment manager Mike Deverell explains why the company’s in-house approach to investing compares favourably against the use of DFMs What does your investment management approach look like? We run our investment management in-house. We focus on asset allocation and buy collective investments including open-ended investment companies, unit trusts, some exchange-traded […]
The newest of the Mixed Investment sectors is six years old, but how is the space as a whole looking? Over the past few years, multi-asset funds have been possibly the most talked about investment product. A way to combine a multitude of assets within one fund at a lower cost, they are an easy […]
Rogue traders of the past got away with their actions because no one really knew what they were supposed to be doing I recently attended a conference where Nick Leeson, known as the man who brought down Barings Bank in the 1990s, was the keynote speaker. The conference was focused on ethics, culture and conduct, in […]
Platforms have brushed aside concerns that running their own funds and model portfolios could lead to conflicts of interest, saying they have the safeguards in place to prevent such issues arising. As submissions to the FCA’s probe into the market have now closed, Money Marketing asks if more attention should have been turned to flows […]
Economic relationships change, meaning that predictions can often prove wrong Much of Europe has enjoyed an unusually warm summer. But as the nights draw in and leaves turn brown, winter is somewhere around the corner. Like summers, economic expansions do not last forever. As the US expansion approaches its 10th birthday, investors may wonder how […]
Firms give account of the customer removal process following concerns over orphan client treatment Providers have defended how and why they remove advisers from a client relationship as debates continue over orphan clients and alleged poaching. A number of advisers have told Money Marketing in recent months that they have lost clients without their knowledge […]
Section 32 buyout plans (commonly known as Section 32s) are individual pension plans subject to FCA regulation. They are designed to accept benefits transferred from an occupational pension scheme. Are permissions required? Section 32s are personal pensions, not occupational schemes, however they will often include safeguarded benefits, which will mean the firm is likely to […]
Michael Klimes finds broad support for the proposals tinged with some disappointment
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Watch our latest Wired debate, where experts discuss the relative merits of growth and value investing.
Callum Abbot, co-manager of the JPM UK Equity Core Fund discusses the four key pillars of support for the UK equity market.
Blake Crawford, portfolio manager of the JPM UK Dynamic Fund, discusses quantitative easing (QE) and the UK economy.
John Baker, portfolio manager for the JPM UK Dynamic Fund, looks at the video game market, and the opportunities for investors.
Anthony Lynch, portfolio manager of the JPM UK Equity Plus Fund, JPM UK Equity Core Fund & the Mercantile Investment Trust, looks at the impact of Brexit on the housing market.
Callum Abbot, portfolio manager, discusses the changing market and end of cycle positioning.
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 clients aren’t aware that their protection policy can give them access to practical and emotional support for coping with bereavement or serious illness. Such additional services can really add value, and help your clients see the tangible benefits of protection. Scottish Widows Care comes with every protection policy at no extra cost and is […]
Tom Smith, Fund Manager, Neptune Investment Management After a volatile month for emerging markets in aggregate, and for Argentina in particular, it is worth revisiting what has happened. The run on the Argentine currency reaccelerated in August, with the peso falling by a further 30% against the dollar. Read more Investment risks The value of […]
James Dowey, Chief Economist & CIO, Neptune Investment Management Above all, we learned that we can’t leave finance to its own devices. As Joseph Stiglitz said: “Now we know why the invisible hand is invisible. It’s because it isn’t there.” Read more Investment risks The value of an investment and any income from it can […]
Simon Halifax – Senior Marketing Consultant, Royal London Renovating a home could have an impact on your client’s savings and income. ‘Grand designs’ or indeed home renovations appear to have really taken off this year, especially where I live. As there are a huge number of homes getting extensions, roofs replaced or new windows and doors. I’m […]
Tracey Miller – Marketing Consultant, Royal London No one wants to think about how they’ll pay the bills if they’re sick or injured and can’t work. And that’s especially true when you’re in your 20s and getting sick is something that only ever happens to ‘old’ people, never someone like you. Unfortunately, for one of my […]
Ross Jackson – Senior Marketing Manager, Royal London Millennials are a scary bunch aren’t they? They’re more demanding of businesses that they deal with, are less loyal to brands, and have a much higher level of digital understanding than previous generations. And while those sweeping generalisations may all be true, they’re just another segment of potential […]
Tilney chief on providing financial planning while attracting investment management business from external advisers Nobody likes being the new kid at school – even those at the top. So, a year on from becoming chief executive of wealth manager Tilney, Chris Woodhouse is happy to be “part of the wallpaper”. His strategy has been clear […]
Nicholls Stevens managing director on how to solve the problems created by pension freedoms A combination of being technically minded and looking for areas with recurring income that suited her business model set IFA Carole Nicholls on her path as a pensions specialist. The managing director of Bristol-based firm Nicholls Stevens realised early in her […]
Quilter Investors chief executive on designing funds advisers want rather than giving the hard sell Anyone who thinks rebranding is marketing speak for simply changing a company’s name, think again. As Quilter Investors chief executive Paul Simpson will testify, there is much more to it. Not only does it entail strategic and marketing decisions – […]