Some ructions at Nucleus following its replatforming to FNZ a couple of months back. There have reportedly been apologies to clients over failed income payments. Citywire New Model has the news.
A visit to Trust Pilot also reveals frustrations among customers.
It feels as if this falls into the unacceptable category, rather than the sort of teething problems that may come with the move to a different system.
The underlying tech provider FNZ made waves last week launching a new Select service model for clients, with the Core service remaining for others.
FNZ group president Roman Regelman rejected the characterisation of a two-tier service describing the model as a “business choice” rather than a divide between clients.
He told Money Marketing: “I would not call that two-tier in the sense of have and have-nots. All clients will receive excellent service, stability and support. But clients that opt for the premium service will get additional benefits.”
I teased out a few more issues in terms of advisers using platforms ultimately using FNZ concerning what choices they may be making in terms of select or core, on Octo Members.
Sipp provider Heritage has been declared in default with 129 complaints as FTAdviser reports.
The Association of Investment Companies (AIC) has urged the Financial Conduct Authority (FCA) to tighten UK Listing Rules. The trade body argues that activist investor Saba Capital has exposed gaps in protections for shareholders. Some trusts are choosing to wind up rather than be taken over.
Money Marketing reports on the AIC's call.
Chief executive Richard Stone said: “Saba’s admission that it wants to replace Baillie Gifford and become the investment manager for Edinburgh Worldwide highlights a potential conflict of interest that the current Listing Rules are not designed to tackle.
“The current rules consider conflicts between a board and its manager, but do not cover situations where a substantial shareholder may seek to replace the board and become the manager.”
A warning from Man Group that an energy market-driven recession and an AI correction could combine. To quote at length from their own website: “The US would be especially vulnerable if this leads to a global recession. The economy is running structural deficits during what has been a period of robust growth. A recession would cause a decrease in revenues and an increase in outlays via economic stabilisers. A spike in interest rates driven by a potential funding crisis or resurgent inflation would make the servicing cost on that debt considerably worse.
"Nobody likes to invoke the spectre of another Global Financial Crisis (GFC), but this scenario feels like a possibility if the conflict continues to pressure the energy complex. “Given elevated equity valuations, particularly in the US where the Shiller CAPE ratio stood at roughly 39 at the beginning of March against a 40-year average of 25, slower growth and more normal valuations could result in a 30% drawdown1 from pre-war peaks (note the S&P 500 currently sits about 9% off its all-time high).”
Interesting that Man insists this is not a forecast at this stage. Many of the grimmer outlooks from investment banks and asset managers have tended not to be given the status of forecast yet.
