Hope William-Smith


Norwegian bank takes 3% stake in SJP

Norway’s central bank Norges Bank now holds a 3.1 per cent stake in St James’s Place after the completion of a transaction deal last Friday. As part of its transaction with SJP, Norges Bank’s total number of voting rights will be 529,080,404. SJP posted record gross inflows of £14.6bn in year-end results released last month, […]


Fewer savers using advisers before cashing out pension

Fewer savers are turning to an adviser before fully cashing out their pension, latest FCA figures show. Between April and September 2017, just 32 per cent of full withdrawals were advised, down from 44 per cent the previous year. Nearly all (95 per cent) of the decline in advice was attributed to cash outs for […]


SimplyBiz to IPO next month

SimplyBiz Group will float on the London Stock Exchange next month with a market capitalisation of £130m. The company has raised a before-expenses total of £30m from an institutional placing of 17,670,149 ordinary shares at a placing price of 170p, as well as £34.6m for selling shareholders though an institutional placing of 20,362,228 ordinary shares […]


FSCS declares 24 firms in default

The Financial Services Compensation Scheme declared 24 firms in default in January and February, including several advice firms. Cardiff-based Castle Court Consulting, PMI Independent Financial Advisers and Northern Ireland-based Kellands are among the advice firms declared in default. Scottish firm Philpott Reed Partnership, Total Wealth Solutions and Kingsland Financial Management were also included in the […]


Old Mutual Wealth to spend £44m on 2017 acquisitions

Old Mutual Wealth will spend £44m on advice businesses acquired in 2017, including £24m on its purchase of network Caerus. Old Mutual Plc published its 2017 annual report today, which shows the Caerus deal was made up of a £15m cash consideration, £3m deferred for two years, and £6m deferred for three years. The completion of […]


Spring Statement: Govt releases Brexit spending plans

The Government has outlined where it is allocating more than £1.5bn in Brexit preparation funding to departments and administrations for 2018/19. Winners include the Home Office and the Department for Environment, Food and Rural Affairs which will be receiving the largest allocation of the funds, at £395m and £310m respectively. With £300,000 allocations, the Scotland […]


CBI: Investors are spooked by hard Brexit plans

Confederation of British Industry president Paul Dreschsler has expressed concern over a likely decline in investment interest in the UK due to Conservative MP’s plans for a hard Brexit. Speaking on Monday, the Financial Times reports that Dreschsler said plans to nationalise British industry, including water, railways and energy networks would also obstruct the UK’s […]


PFS: Advisers struggling to get PI cover for pension transfers

The Personal Finance Society has warned many of its members are struggling to find professional indemnity insurance cover for pension transfer advice. PFS chief executive Keith Richards tells the Financial Times the pension freedoms are in danger of being “de-railed” if advisers continue to face problems getting adequate PI cover. Richards says many of the PFS’s 37,000 […]


Calls for auto-enrolment to rise above 12%

Nearly a third of financial advisers think auto-enrolment contributions should be set at 12 per cent or higher, a Money Marketing poll suggests. Just seven per cent of the more than 100 respondents to the latest survey conducted by Money Marketing believe auto-enrolment contributions should be equal to or lower than the current three per cent. […]