Lots of the trade websites have taken a look at the anniversary of the financial crisis – if you date it to Lehmans and not to Northern Rock at least.
But we begin with the rest of the news. The Financial Ombudsman Service orders Legal & General to pay £150,000 to a customer over advice to transfer though it is from 1998 - long before the pension freedoms so probably not of huge relevance. It may well be of interest however to providers offering in-house advice.
Hargreaves Lansdown’s Ben Brettell says UK rates are unlike to rise in given the shadow of Brexit. KPMG have been among those suggesting the rate could fall back to 0.25% in the event of ‘No Deal’.
The FCA has warned that scammers are targeting former Active Wealth clients posing as the regulator and attempting to add injury to injury.
Schroders chief UK economist Keith Wade considers where the next financial crisis may come from but he says we are safer due to an absence of a savings glut in places like China.
The AIC has called for the suspension of what it calls ‘toxic KIDs’ saying they could lead to disastrous decisions by investors. Interesting to see how the UK intends to influence this European legislation post Brexit. Much depends on exactly what equivalence means – it may suggest that we adhere to EU regulations but without significant influence over them.
Sipp provider Greyfriars is hit by a suitability lawsuit reports Citywire.
Sports Direct boss Mike Ashley uses a stock market announcement to claim that stock market investors stabbed him in the back. Poor lamb.
There is a lot of coverage about the anniversary of the crisis. Here is a link to a story who does not get enough credit for his warnings about the crisis. Jon Moulton, the private equity boss warned about the debt in the system especially at AIG but in other banks and told the Treasury select committee long before the crisis struck. A day after the first US firm AIG to be bailed out here’s the timeline from Reuters.
FTAdviser reveals the best performing funds since Lehmans’ collapse in the Tech and Japanese Small Companies sectors not in funds with a heavy weighting to financials for example.
The Guardian suggests the global economy is worse not better since the collapse. Cheery stuff!
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