It is very clear that the advice profession has come a long way since the RDR was implemented a decade ago.
However, reviewing the reforms, tens years on, advisers remain concerned about the advice gap with one describing it as a division in inclusivity, as FTAdviser reports.
The Treasury select committee has approved the new FCA chair Ashley Alder “despite his inexperience” of the UK financial services market. He says improving staff morale will be one of his priorities.
The following story caused some discontent among advisers on social media.
New Model Adviser reports that the FCA did not stop the sale of an IFA fined £2.4m for British Steel transfers.
Pembrokeshire Mortgage Centre sold its client book to a firm run by a Pembrokeshire director’s daughter. The regulator was informed but did not stop the transfer.
The consolidators continue to grow. Fairstone has completed the acquisition of Devon-based Sabre Financial adding more than £200m in funds to the group. Kingswood has acquired Berkshire-based Barry Fleming & Partners for £6.2m.
Michael Klimes discusses the flawed concept of social care in the Money Marketing weekend essay quoting recent personal experience.
The Institute for Fiscal Studies has suggested that all pensions be subject to basic income tax on death.
The IFS argues that the UK has a “bizarre situation” where pensions are treated more favourably by the tax system as a vehicle for bequests than for retirement income.
This is one for advisers to keep a close eye on as the IFS can be remarkably influential.
