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Financial News

  • Meet the Adviser Champions: Morningstar's Dan Kemp September 21, 2017
    Advisers understand client needs better than everyone else, says Dan Kemp, though he argues they could be even more successful if they used behavioural science to better understand and evolve client behaviours. The Morningstar chief investment officer, who was for almost a decade a financial adviser himself, says he finds it "incredible that clients open up and […]
  • OMW and CII launch DB transfers training programme for advisers September 21, 2017
    Old Mutual Wealth (OMW) has partnered with the Chartered Insurance Institute (CII) to launch a defined benefit (DB) pension transfer training programme, in response to the more rigorous rules proposed by the regulator. The programme consists of a series of training events aimed at pension transfer specialists, starting from 2 October. It will cover best practice steps, […]
  • LifeSearch reveals UK's 'worrying' lack of life insurance cover September 21, 2017
    More than two-thirds of the UK adult population either have not purchased any life insurance (57%) or are unaware whether they have or not (11%), research from LifeSearch has found. According to the firm's Health, Wealth & Happiness Report 2017, just over a quarter (27%) of over-55s had life insurance and were the most under-insured out […]
  • Fed plans October start for 'gigantic' balance sheet reduction September 21, 2017
    The US Federal Reserve is to start paring back its multi-trillion dollar balance sheet next month, in an historic move that will see the unwinding of the quantitative easing programme launched amid the 2008 global financial crisis. As expected the Federal Open Market Committee (FOMC) kept rates on hold at a range of 1% to […]
  • Scam fears prompt new parliamentary inquiry into pension freedom September 20, 2017
    Concern over the rise in scams is among the reasons prompting a new Work and Pensions Select Committee inquiry into whether the pension freedom reforms have achieved their objectives and if policy changes are needed. The committee, which is chaired by Birkenhead MP Frank Field, said this would follow up an inquiry it conducted shortly after the reforms […]
  • FCA: More investigations under MiFID II won't mean more resources September 20, 2017
    Undertaking more investigations after the introduction of the Markets in Financial Instruments Directive II (MiFID II) will not require additional resourcing, according to the Financial Conduct Authority (FCA). Speaking this afternoon at the AFME European Compliance and Legal Conference, the FCA's executive director of enforcement and market oversight Mark Steward said the incoming European-led regulation […]
  • Pressure builds on platforms for urgent solutions to MiFID II '10% rule' September 20, 2017
    Discretionary fund managers (DFMs), advisers and investment platforms are facing renewed pressure to draw up new contractual agreements and finalise the details of how they will work together to implement the "challenging" MiFID II '10% rule', in time to meet the implementation deadline of 3 January 2018. The legislation requires firms providing portfolio management services […]
  • Warning sounded on 'non-compliant' protection schemes ignoring SPA increases September 20, 2017
    Employers are 'in danger of having group risk protection policies that are not legislatively compliant' as the state pension age increases, Group Risk Development (GRiD) has warned. Following the removal of the default retirement age (DRA), group risk insurance benefits (group life assurance, group income protection and group critical illness) can legally cease at age […]
  • FCA: 'We do not seek to prescribe your business model…up to a point' September 20, 2017
    The Financial Conduct Authority (FCA) has said it does not want to "prescribe" firms' business models in its incoming senior managers regulation - but there are caveats. In a speech to the City and Financial Summit in London, the regulator's director of supervision - retail and authorisations, Jonathon Davidson, said firms' strategies had evolved at […]
  • Sentiment towards UK equities dives to 18-month low September 20, 2017
    Investor sentiment towards UK assets has reached lower levels than in the aftermath of the General Election or the UK's vote to leave the European Union, according to the Lloyds Bank Investor Sentiment index for September. The monthly index, which measures net investor sentiment towards an asset class, showing the difference between those with a […]
  • European Wealth CEO Morton steps down September 20, 2017
    European Wealth chief executive John Morton has stepped down from his role and will be replaced by non-executive director Marianne Ismail on an interim basis. Morton was appointed as chief executive in August 2016, having joined European Wealth as executive chairman in 2010 when the group was set up. The news came a week after […]
  • S&W hires Barings sales director Finch September 20, 2017
    Smith & Williamson has appointed Matthew Finch from Barings as an associate director to promote the firm's DFM and managed portfolio services. Finch began working at Barings in 2009 as a sales director for UK retail, joining from Credit Suisse Asset Management. At Smith & Williamson, he will work in the outsourced investment services team […]
  • Majority of advisers could miss GDPR deadline, Intelliflo warns September 20, 2017
    The majority of Intelliflo's Intelligent Office (iO) users have yet to start planning for the incoming General Data Protection Regulation (GDPR), meaning many face missing the deadline, the firm has warned. The back-office provider found two-thirds (67%) of the 270 surveyed iO users do not yet have a plan in place to ensure GDPR is […]
  • Mike Morrison: Needs and objectives September 20, 2017
    DB transfers must be a collaborative process between advisers and clients so, says Mike Morrison, it is tough to see how creating a distinction between the latter's 'needs' and 'objectives' will help In the past, I have been known to be overly precise with words and their meanings - though admittedly,  while to me it […]
  • Peter Toogood: Fund groups know the writing is on the wall September 19, 2017
    Peter Toogood, CIO at The Adviser Centre, has said asset managers are about to face huge changes very quickly, but warned many firms are not equipped to respond effectively to the evolving landscape. As groups feel the ongoing pressures of increasing costs, more onerous regulations and the rise of passives, asset managers will be forced […]
  • Tim Sargisson: The real key to your business's sustainability September 19, 2017
    For many advisers, business sustainability revolves around a ruthless focus on technology but, argues Tim Sargisson, while new technology comes and goes, the principle of being customer-centric remains It was a pleasure to be asked to be a panellist in a recent roadshow discussion on the subject of business model success stories. Chaired by Personal […]
  • TPAS sees customer costs fall, engagement levels rise September 19, 2017
    The Pensions Advisory Service (TPAS) has reported increased demand for its guidance service, while costs per customer have gone down. In its annual review out this week the body said costs per visit have fallen from £36 in 2015/16 to £31 in 2016/17. The cost per customer serviced online has also fallen from £2.20 to £1.59 on the […]
  • Third of directors have experienced 'investigation or claim' - research September 19, 2017
    One-third (33%) of company directors worldwide have experienced a claim or investigation, according to Allen & Overy and Willis Towers Watson's annual directors survey. That figure is part of a rising trend, with more directors reporting being part of an investigation or claim over recent years - up from one-quarter (27%) in 2016 and one-fifth […]
  • M&G to rename £2.1bn Global Basics fund and widen investment universe September 19, 2017
    M&G has proposed to rename its £2.1bn Global Basics fund to Global Themes as it removes the restriction to invest the majority of the fund in basic industries. Currently, the fund must invest at least 70% of its portfolio in basic industries, such as mining and manufacturing.  M&G is now planning to change this, subject […]
  • PA unveils major new adviser-focused event for 2018 September 19, 2017
    Professional Adviser has today revealed a significant new addition to its growing calendar of events and roadshows tailored specifically for financial advisers - PA360. Taking place in The Brewery in the City of London on 24 April 2018, the PA360 conference will feature a strong line-up of dynamic speakers ranged across three channels designed to […]