Pension Panic, AI Optimism and the Changing Face of Financial Advice
It is clear that people have been reacting to a perception that the government, certainly under the previous Chancellor Rachel Reeves planned to restrict tax free cash in some way. ThisisMoney encapsulates the issue with its headline – The £40bn pension pot panic: Burnham urged to rule out Budget raid on tax-free lump sums after surge of withdrawals under Rachel Reeves.
AJ Bell have made a lot of the running in asking for the Chancellor – now John Healey – to rule out a move on tax free cash. An interesting debate to consider.
Four in 10 financial advisers expect demand for advice to increase over the next five years as AI becomes more prevalent, a study by M&G has found, as Money Marketing reports.
A further 39% expect demand to remain unchanged, meaning eight in 10 advisers believe demand will either increase or stay at current levels. Just 18% expect it to fall.
Overall, an optimistic view.
The Chancellor John Healey is, no doubt, receiving many letters. One suggests he reverses the cut to the tax relief on VCTs. It is from a Conservative MP Alan Mak, but has cross-party support as FTAdviser reports. Very sensible.
FNZ has hired a turnaround and restructuring specialist Conor McElhinney. It is clearly a very important company given how many platforms it underpins.
Intelliflo is advocating for tech-enabled advice which is always available. CEO Nick Eatock asks whether it’s the end of the road for the annual review, in Professional Adviser.
The FCA is seeking to harness the support of the financial services industry to get more protection sold and increase societal resilience. The Protection Distributors Group, the Association of British Insurers and the Association of Mortgage Intermediaries have all been asked to help drive, respectively consumer engagement, medical information, and adviser engagement.
Octo Members deems it the biggest story of the week for its transformational potential.
The Institute and Faculty of Actuaries has published an AI Manifesto, setting out how actuaries can support organisations in building artificial intelligence systems that can be robust, trustworthy and sustainable over the long term, Corporate Adviser reports.
Perhaps advisers need a manifesto.