We have to acknowledge that the FCA is now very, very serious about the growth agenda.
The FCA chief executive Nikhil Rathi has signalled a willingness to pivot from risk aversion to better support growth and innovation in financial services.
“Five years ago, a central theme was that we were too legally risk averse. Not curious, assertive or joined up enough,” Rathi told delegates at TheCityUK’s annual conference on Thursday”, as reported in Money Marketing.
“We have since made big changes: the Consumer Duty, stepping up the fight against financial crime, and taking several groundbreaking legal actions.”
An instant reaction is, of course, that Consumer Duty was a big increase in regulation for many, so where it fits into this overall strategy/critique of the past/promise for the future remains to be seen.
Wealth manager Verso has rejected incentivising or mandating its advisers to use its new Nucleus-built platform but will aim instead aim to earn their support as Professional Adviser reports.
It will certainly be interesting to watch the outcome of this strategy.
Annuity rates have surged to the highest levels in a decade as FTAdviser reports. Good news for risk averse retirees!
Almost all advisers (94 per cent) believe inheritance tax is not the best way to tax pensions on death, according to research by AJ Bell as FTAdviser reports.
This is no doubt correct, but it is difficult to envisage yet another U-turn given all the welfare changes. I do wonder if advocates for change would be better pointing out the likely coming logjam in probate.
The farmers are seeking a judicial review interestingly one in which they will challenge the way the change to IHT and farms was consulted upon not the change itself.
Here’s a link to the wealth management law firm Collyer Bristowe explaining why it is taking the action.
