This is perhaps a little alarming for the sector. A CII report suggests that advisers are still struggling to meet the reporting requirements with regards to Consumer Duty as Professional Adviser reports.
Knowing what data to include, availability of appropriate data, and integrating data were some of the areas found to be the most challenging, with an increase in firms reporting difficulty in showing the relationship between different data sets.
The ideal, of course, is to align the regulations and the needs of the business. So, perhaps to use the information that needs to be sent to the regulator to also boost the amount of quality of management information. Advisers would, no doubt, say that is easier said than done.
Also, although the FCA seems determined not to overregulate, the sheer extent of Consumer Duty probably means that advisers are not seeing any significant easing of the burden.
Obviously. regardless of where the FCA is in terms of helping the government fulfil its growth agenda, it does have to continue to protect investors.
Money Marketing reports a reiteration of a warning – that will be familiar to financial services professionals - about the dangers of putting money into high-risk unregulated investments.
The FCA highlighted unlisted loan notes and mini-bonds, often used to finance property developments, as particularly risky. Well, quite.
Citywire New Model Adviser is very good at ‘digging’ for stories. Here it examines True Potential’s accounts to shed light into executive change costs.
This appears to mostly pertain to the departure of former CEO Daniel Harrison and sign on bonuses for new execs, amounting to £3.2million.
Perhaps more newsworthy, and from the week before – True Potential posted a £242m loss following a skilled person review amid client onboarding issues. Financial Planning reports.
Strong week for NMA in news terms. FNZ and Fairstone end their adviser platform partnership. Is this something of an exodus from the giant 'underpinning' platform? It will be interesting to see what the alternative is.
NMA also reports on Standard Life launching a pension fund with up to 25% private markets allocation.
Does that feel a little too high for the ordinary retail saver? Though arguably the big life office has the financial might to manage any liquidity challenges. Advisers will have views, no doubt.
And finally, FTAdviser issues its top 100 and top 50 boutique advice firms in the UK lists.
