Pre-crisis, it appeared that the FSCS was not going to pay out to LCF Investors. They had not or so it seemed received advice. Now FTAdviser suggests that the FSCS bill increase derives from payments made to LCF investors in this story with money set aside to pay more.
To quote – “The body had gained access to an additional 100,000 emails held within LCF’s email server, which could provide further evidence of liability in claims against the collapsed company for misleading advice.”
The FSCS levy has increased by £16m to £229m which the website says is primarily as a result of an extra £44m set aside earlier this year to meet claims against LCF.
It may be interesting to compare and contrast with this story from January in Citywire when the scheme had seemingly decided that most complaints did not constitute advice, though there had been chopping and changing around the decision.
I can see absolutely no rationale why advisers and adviser clients are paying for this failure.
In other news, the Treasury and the FCA spoke seven times before deciding upon the contingent charging ban New Model Adviser reports.
SJP isn’t quite moving into passives according to this Citywire report or is it? Investment director Rob Gardner has described the approach in the following way - ‘In terms of asset management this is not passive. We are using a technique called “systematic”, which is really using algorithms, AI and machine learning.”
The report notes that it does use ETFs. Actually it is probably more interesting that SJP says these techniques helped inform its decision to require Neil Woodford to steer clear of illiquid stocks in his mandate for the firm.
The Citywire features suggests we are likely to see the end of the open plan office.
HMRC has won an appeal against TalkSport presenter Paul Hawksbee over his IR35 status and a bill of £140,000.
Emma Bond a paraplanner at the Time Bank examines the FCA paper on vulnerable clients.
Rathbones David Coombs explains the firm’s decision to underweight the UK having allocated towards it at the start of the year – the reason being the botched response to the virus including the failure to build an adequate track and trace system.
The coronavirus pandemic has changed how the world's healthcare systems and biotechnology companies will operate irrevocably as Covid-19 "isn’t going to go away", according to virologist and manager of the AUS$335m Platinum International Healthcare fund Dr Bianca Ogden.