The Government's plan to fund social care reform by raising National Insurance contributions perhaps by as much as 2 per cent has sparked criticism from the FS industry over its “regressive” nature, which will see younger workers shouldered with the cost, reports Financial Adviser.
It will certainly be interesting to see how this is added to the mix in terms of advice. Most advisers on social media appear to be opposed, but it will be potentially a boon to older clients if more money comes into the system, standards in homes rise and choice improves.
Raising NI breaks a manifesto pledge but perhaps not as controversially as a rise in the income tax rate.
Acute observers will note that a rise in income tax is arguably on the cards already with the threshold freeze.
It is also interesting to see the trade website’s use of the term ‘rumoured’. I think it is pretty clear several national newspapers have been told about the rise in some detail by officials in Downing Street.
It is always interesting to see who is buying who and indeed who is moving to which firm.
South African wealth manager AlphaWealth has acquired a majority stake in Wimbledon-based Holborn Financial.
As part of the acquisition, Holborn Financial founder Emyr Blease will continue as managing director and Nigel Speirs, former head of Quilter Private Client Advisers, will join as chairman. The new Sanlam perhaps?
A little bit of star quality comes to financial planning in Edinburgh.
Former Scotland and Lions and rugby player Gavin Hastings has partnered with a Surrey-based advice firm to launch a financial planning business in Edinburgh.
Hastings Investment Management will act as an appointed representative of Guildford based advice firm Price Ferguson.
Baillie Gifford’s head of UK equities and manager of its £1.1bn UK Equity Alpha fund Gerard Callahan is to retire at the end of next April, drawing a 31-year tenure at the company to a close.
They do tend to keep their managers for a long time. Interesting to see whether the replacement is home grown.