Total employment in Britain has risen by 3.6 million in the past 20 years, with the financial services sector workforce growing by over one-fifth, according to the Halifax.The sector’s workforce has grown by 197,000, or 22 per cent, since 1985 from 888,000 to just under 1.1 million. In 1985, people working in financial services made up 4 per cent of Britain’s workforce compared with 4.2 per cent now. This compares with a 92 per cent increase – almost two million people – in business services, including real estate, accountancy, IT, legal services, architecture and advertising. The biggest gains in financial services employment are 65 per cent in Scotland and 61 per cent in Yorkshire and Humberside. Greater London has the highest percentage of finance sector workers at 8.3 per cent of the workforce against a nat-ional average of 4.2 per cent.
Former Deutsche Asset Managment European chief executive Paul Manduca is to join the board of supermaket chain Wm Morrison as a non-executive director. Manduca, who ran Rothschild Asset Management and built up Threadneede, is viewed as a potential succesor to the supermarket’s chairman Ken Morrison.
The Pension Protection Fund board has taken responsibility for the Fraud Compensation Fund, which replaces the Pensions Compensation Board. The fund will provide compensation to occupational pension schemes that suffer a loss that can be attributed to dishonesty.
Norwest Consultants principal Harry Katz suggest 12 reasons to be cautious of the hype over putting property in a Sipp
The objective of the FSA’s Treating Customers Fairly initiative is to ensure that customers’ best interests are embedded throughout any financial services firm’s business practices.
Holly Cassell, Assistant Manager of the top-performing Neptune UK Mid Cap Fund, discusses the potential near-term impact of Article 50 and the Brexit negotiations that she believes investors should pay most attention to. Read article here Important information Investment risks Neptune funds may have a high historic volatility rating and past performance is not a […]
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The FCA scrutiny of the asset manager continues apace, with attention now turned to closet tracker funds. Following regulatory lessons and actions already seen in Scandinavia, it has ordered unnamed asset managers to pay out £34m in compensation to investors for overcharged fees. At least one group is facing enforcement action over “very misleading” marketing […]
The FCA has told advisers to make clients aware of their right to refer complaints to the The Pensions Ombudsman, not just the Financial Ombudsman Service. Currently, advisers must notify clients that they can complain to the FOS if they believe they have been miss-sold, but are not required to signpost TPO. While complaints over […]
Financial Services Compensation Scheme levies for the coming year will reflect the growth in claims from poorly advised defined benefit pension transfers, chief executive Mark Neale has said. In a blog published this morning Neale writes that the levies – to be published in April – will show the claims to do with pensions have […]