Today marks the release of my first print edition as Money Marketing’s new editor. Before I go any further, I have to say a massive thank you to the amazing Natalie Holt, whose huge shoes I am endeavouring to fill.
She has been the driving force behind the great work Money Marketing has done in her nine years with our company. She leaves us in a great place, and we wish her luck in her new endeavours.
Her parting gift to us is an extended interview with Old Mutual Wealth’s chief executive Paul Feeney, which sheds light on the firm’s rollercoaster replatforming project and the future of the Intrinsic advice business.
We also talk to the outspoken co-founder of Hargreaves Lansdown Peter Hargreaves. He has been a prominent pro-Brexit voice, and offers insights on the future prospects for the firm he created and the future of the asset management industry.
In Natalie’s absence, I will be chairing the Money Marketing Interactive Harrogate conference in a weeks’ time. For those of you who I have already met, I look forward to seeing you there. To those I have not, I can’t wait to put names to faces. Remember to sign up online if you haven’t already.
The show must go on, as they say, and in our constant effort to improve the appearance of the magazine, you may have noticed a slight tweak to our logo and where we signpost you to our best stories. Because we want to show them off and because content remains king for us, we’ve packed this edition with the same great news, views and analysis after a brief summer hiatus.
Our cover story this week took us on a tour through stock exchange filings from Mauritius to Cyprus in a bid to piece together what happened to three IFA firms which agreed with the FCA to stop pension transfers and stay away from non-standard Sipp assets. The tale is a microcosm of what can go wrong in the world of pensions transfer advice: small IFA firms taking on large volumes of work, the lure of high returns overseas, and an introducer firm with links to all that has swiftly rebranded since the incident.
Several of the introducer firm’s directors also have interests in the underlying funds, we were able to discover.
If the FCA’s own musings about using unauthorised introducers and losing responsibility for advice haven’t served as a warning to IFAs yet, let this case serve as one. More than £2m in Financial Services Compensation Scheme claims have been paid out over the advice firms involved. The profession now has to look to the regulator for guidance and to root out the cowboys.
Happy reading, and I look forward to writing to you for many issues to come.
Justin Cash is editor of Money Marketing. Follow him on Twitter @Justin_Cash_1