Ratings agency Moody’s has cut the UK’s credit rating to Aa2 citing concerns about Brexit, its fears the UK will not secure a deal and pressure to raise public spending. Will the other rating agencies follow?
Money Marketing asks if advisers are in a position to cope with MiFID II. Among others things, advisers are warned to check that their processes for recording meetings are in place though they don’t have to be taped. Advisers also need to know who is required to contact a client in the event of a 10 per cent fall in a portfolio where the portfolio is a DFM. Clients are required to be told the next day though the fall is measured over a quarter. But is it the adviser, the DFM or the platform which is responsible? Some expect DFMs to ask advisers to sign a different version of the contract.
The FCA’s institutional disclosure working group has published some of its thinking on costs disclosure with a template expected in late December. Some of this work is likely to have a knock on effect on the retail market
The Government has finally indicated is position regarding the City of London and Brexit suggesting it will not aim for full maintenance of the EU standards. How far can things diverage credibly?
Labour is to offer a reduced state pension at age 64 to what have become known as the WASPI women but in return they may continue to receive a reduced pension. It may not satisfy the campaign group. Royal London’s Steve Webb is also a little cynical about the practicalities.
Nucleus’ pension expert Rachel Vahey calls for work to allow more partial transfers from defined benefit schemes including, perhaps making them mandatory.
The German elections have introduced more risk to European politics says State Street as Angela Merkel’s CDU seeks to form a coalition with the liberal FDP and the Greens with the far right Alternative for Germany having secured more than 13% of the vote and shaking up politics.
Portfolio Adviser’s congress meeting sees Guy Verhofstadt speaking and calling for a federal Europe. Interesting they got the European Parliament’s chief negotiator along to an adviser event.
Away from European politics, Lighthouse renews its affinity partnership with the Civil Service Management Association as one of many deals struck by the firm.
Willis Owen has warned that robo-advisers may have a short shelf life without investment and customer engagement.Back to News