Treasury Economic Secretary Ed Balls has hit out at the advice sector, claiming it is as big a challenge ensuring that adv- isers educate themselves about industry developments as it is to educate the public.Speaking at an ABI Parliamentary reception in London last week, Balls said when it comes to financial education, making sure that advisers understand and are abiding by evolving regulation will be just as hard as making the country financially literate. Balls, tipped as a future Chancellor, told the closed meeting of industry officials and MPs he was surprised to find that there were still so many advisers in existence on his return to the Treasury in May’s reshuffle. Balls served as chief economic adviser to the Treasury between 1999 and 2004 before entering Parliament at the last election. LibDem Shadow Work and Pensions Secretary David Laws says: “I would be very surprised if the majority of advisers were not extremely literate and up to date with the industry changes and new regulation. This does not seem to me to be one of the biggest concerns at the moment when it comes to financial education and managing financial risk.” A Treasury spokesman says: “Increasingly complex products, greater choice of providers and the requirements of effective regulation present opportunities and challenges for both consumers and IFAs. Ensuring that IFAs are fully informed is a challenge that can be met by continued partnership with the industry.”
Philip Ehrmann is set to join Jupiter’s Far East desk as manager of the group’s new China fund in October.Ehrmann has 16 years experience in emerging markets and for the last six years has headed up Pacific and emerging markets at Gartmore.He also managed the group’s Pacific opportunities and China opportunities funds as well as […]
Tory Shadow Chancellor George Osborne says a Conservative Government would scale down the power of the Treasury removing spending responsibilities and its role in administering in-work and universal child benefits.
Alison O’Connell is stepping down as director of the Pensions Policy Institute to research retirement and pension policy on a freelance basis. She remains a governor of the PPI but Niki Cleal, who had been seconded to HBOS, returns to replace O’Connell as director.
A boom in the second-charge lending market could offset falling margins across the mortgage sector, says Brentchase Financial Services mortgage expert Mike Fitzgerald. His claim comes after Kensington said expansion in its secured loan business made up for falling first-charge margins in the first half of the year. The lender said it was hit by […]
Matt Shafer, head of international distribution at Natixis Global Asset Management, tells Ignites Europe how he sees distribution changing in different European markets. Read the full article here:
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