There is a great deal of talk in ‘politico-regulatory circles’ and by that I mean politicians, regulators, trade bodies and campaigners about the growth agenda and stopping regulation getting in its way.
I would argue that that message or view has not, in any significant way, made its way to those making policy for advisers. Here the story is of rather a lot of regulation, statements, reviews and indeed warnings.
Consumer Duty, especially, means that sector by sector and business area by business area, most activities are being reviewed. Currently on the agenda is retirement advice and its thoroughness, adviser remuneration when it comes to reviews (ask SJP), practices in protection especially loaded commissions, and now finally (for now) the supervision of ARs.
Here is the latest covered in some detail by Money Marketing.
The FCA says some firms are “taking a tick-box approach” to monitor their Appointed Representatives (ARs) despite enhanced rules introduced in December 2022.
The recent review involved a telephone survey with 251 principals and in-depth assessments of documentation from 23 firms.
It found some firms were taking a bare minimum approach to complying with its rules by relying on basic information such as website checks or using self-declarations from ARs. One in five principals had not carried out a required self-assessment or annual review of their ARs, a third were not using data or MI and most had not reassessed their onboarding procedures.
We still seem to be in the territory of cajoling and warning.
The big question is when does this translate into more forceful regulatory action across all these areas.
As M&G puts its adviser platform up for sale, the trade websites are competing to add more detail.
Citywire New Model Advisers discusses who the main contenders are and positing Seccl, Fidelity and Wealthtime’s private equity backer AnaCap.
FTAdviser suggests that M&G’s decision to merge its wealth and life businesses, and sell its adviser platform, should be seen in the context of the platform and the wider wealth businesses losing a combined £9m in the six months to the end of June 2024.
Merging wealth and life does read like something of a challenge.
The Treasury has launched a call for evidence regarding its forthcoming Pensions Investment Review as Corporate Adviser reports.
This invites providers, consultants, consumer groups and other stakeholders to submit data, information or other feedback relating to the first phase of this review, which will be led by the Emma Reynolds, the minister for pensions
This first phase will look at how to boost investment into the economy, increase savers returns and tackle waste in the pension system and focus solely on the DC workplace pensions and the Local Government Pension Scheme (LGPS).
This feels like a smart move. Again, as Corporate Adviser reports 'The Only Way Is Essex' star Gemma Collins will front the latest ‘Pension Attention’ campaign, run by the Pensions and Lifetime Savings Association (PLSA) and the Association of British Insurers (ABI).
The campaign will feature Collins in a parody beauty ad, designed to address concerns many people have about ageing – and encouraging them to put savings before cosmetic concerns.
