Are we soon to live in a land of the advice giants and will the smaller adviser firms be happy about it?
SJP’s assets pass the £100bn mark. Meanwhile a deal between Lloyds and Schroders sees the latter win a mandate for the management of £80bn of Lloyds' assets. The firms are also aiming to create a rival to SJP steered by Schroders veteran James Rainbow and using Cazenove’s wealth management expertise to be offered to Lloyds’ wealthier clients.
The two firms do appear to have most of the components for success. No significant backlash among IFAs on social media or at least not yet. There have been a few comments about how this isn’t exactly addressing the advice gap.
M&G has begun a programme of fund suspensions as it moves to domicle them in Luxembourg as a result of Brexit.
The FCA has spent £300,000 in pursuit of a ban on former TailorMade Independent chief executive Alistair Burns.
Active Wealth has cost the Financial Services Compensation Scheme more than £500,000 so far in payouts to former British Steel Pension Scheme members.
The High Court has ruled that women must be receive significant backdated payments to equalise their guaranteed minimum pensions with those of men.
The case concerns Lloyds but is believed to have huge repercussions across the pensions landscape. Lloyds Bank will be paying between £100m and £150m but it may come to many billions for other schemes.
N&SI is to reduce the rates on its fixed rate products from May 2019 to the Consumer Prices index rather than the generally higher but out of favour Retail Prices Index.
Royal London’s business development manager Clare Moffat suggests six things to think about when a client is a cohabitee.Back to News