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Weekly Updates
Our Industry Commentator with his top news links each week.
Featured
21 July 2019
The FCA held its annual meeting last week producing lots of headlines about disgruntled consumers upset about a range of issues including LCF, Lendy and Woodford. Very different issues for very different firms of, course, though much of the national coverage generated more heat than light. There were a few stories of note.
14 July 2019
The FSCS continues to twist and turn in a bid to allow LC&F mini-bond’s investors access to the FSCS funds as Money Marketing reports.
07 July 2019
Interesting to see who is coming to the defence of the advice sector over pension transfers.
29 June 2019
23 June 2019
Nutmeg has convinced around 1000 customers to crowdfund the business to the tune of £2.5m. As Money Marketing, reports for £25,000, investors are entitled to VIP customer support, and for £50,000 Nutmeg will lower its fees for the duration of the investment. For £100,000, crowdfunders will be able to take part in a roundtable with the firm’s chief investment officer.
16 June 2019
Advisers and consumers are increasingly worried that the volume of cold calls is increasing significantly. Protection specialist Alan Lakey is very worried about the increase in cold callers discussing insurance. He believes at least some of these are from British-based firms.
10 June 2019
Woodford Investment Management has suffered a brutal week and no mistake. Following last week’s shock shuttering, the firm has faced huge criticisms, withdrawals of mandates, legal threats and huge reputational damage.
02 June 2019
There are a lot rumblings of discontent around firms’ qualifications in the press recently and this week it is the turn of chartered status for firms. Rowley Turton’s Scott Gallacher declares himself very disappointed that neither the CII nor Unbiased have taken swift enough action to stop firms coming up in the ‘chartered’ search when they are not.
27 May 2019
Advisers must be wondering if they will ever see a sensible pensions policy emerge again. Chancellor Philip Hammond has ruled out scrapping the tapered annual allowance when speaking to MPs about the situation regarding NHS pensions and doctors taking early retirement.
19 May 2019
It seems only to fair to ask whether we are in the midst of a regulatory crisis. There has been a constant stream of bad news regarding missales and bad behaviour. Advisers’ patience may be running out with what seems to be the FCA's inability to catch the bad guys until it is too late.
12 May 2019
Advisers are deeply unhappy at reports that the FSCS is looking at ways to compensate savers in collapsed London, Capital & Finance mini-bonds as the BBC reported in the middle of last week.
06 May 2019
This is very important if arguably rather late in the day – the regulator has confirmed it is working with the Financial Services Compensation Scheme, the Financial Ombudsman Service, the Insolvency Service and Scotland’s Accountant in Bankruptcy to collate and share data on individuals and companies to combat phoenixing. If this produces results, it would be excellent news.
29 April 2019
The British Medical Association has called for urgent reform of the NHS pension scheme suggesting that the current taxation rules have created a perfect storm encouraging doctors to retire early.
21 April 2019
An adviser whose firm went into liquidation and has prompted £11m of payouts from the Financial Services Compensation Scheme is now running a claims management company as FTAdviser reports.
14 April 2019
The FCA has written a Dear CEO letter warning firms which validate financial promotions under the Section 21 rules to be careful they understand the product and the target market.
07 April 2019
There is a lot a debate about PI and the market hardening, a story covered very skilfully by Professional Adviser. The website relates that advisers insured with Collegiate are set to miss the PI deadline partly due to issues with cover for Defined benefit transfers.
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