The Consumer Duty regulations have been fully implemented from the end of July applying to closed books for the first time.
The FCA’s executive director of consumers and competition Sheldon Mills is discussing frogs for some reason, and we link to the speech, here.
To quote: “I wish to return to the lilypond, and to frogs. One of the fascinating things about frogs is that not only can they jump, but they can leap. The striped rocket frog, despite being only 5cm tall, can leap over 2 metres – making it one of the most proficient jumpers relative to its size for any animal. “If a humble frog, powered by nothing more than insects, can jump 20 times its own height, then the UK’s financial services industry, powered by an incredible 2.5 million people across our country, and even the odd consultant, can take the leap to the heights of full implementation of the Consumer Duty.
Make of that what you will. Advisers will hope they begin to see better service from closed books.
Around 96% of high net worth individuals underestimate how much money they need for a comfortable retirement and are currently almost £600k short of where they need to be, as IFA Magazine reports.
The FCA has brought dormant assets invested in funds into the scope of the scheme reports Money Marketing.
Since 2011, the scheme has unlocked more than £745m for social and environment initiatives, from over £1.35bn in dormant bank and building society accounts. The expansion of the scheme is estimated to unlock a further £880m.
The number of people paying capital gains tax since in the past 30 years has risen by 427 per cent, amid speculation that the Chancellor Rachel Reeves is planning to increase the tax in the Budget this autumn.
As FTAdviser reports, HMRC figures show that since 1993-94, the number of people paying the tax has risen from 90,000 to 369,0000.
Axa IM is set to be sold to BNP Paribas in £4.6bn deal reports New Model Adviser.
Kyle Jones and Anthony Cuming, former advisers at Grosvenor Butterworth, received a combined £610,900 in marketing fees from participating in an investment scheme run by defunct stock broker Beaufort Securities and have now been banned.
They were fined £1.7m and £443,153 respectively but these sums were reduced to £2,000 and £7,200 given the resources available to both, sums to be paid to the FSCS. A sorry tale again as New Model Adviser reports.
A rather depressing survey reported in Corporate Adviser. In the survey of 10,000 UK employees, they say financial pressures have a major impact on job performance and employee welfare for 52 per cent of respondents, says consultancy LCP.
