co

banner
co
co
co@www.financialplanningtoday.co.uk
1 Follower
|
489 Views
Share
Contact Info
co@www.financialplanningtoday.co.uk
co hasn't answered any questions yet. Follow them to see their activity in your feed!
503 Posts
Editor’s Comment: A missing spoonful of sugar…
Inflation is high and almost out of control, we are in recession and unemployment is forecast to rise next year while government borrowing needs to be brought under control to balance the books and avoid a loss of confidence in the UK economy. If there was one prize on offer in the Budget it was the promise that the Great Satan of inflation would be brought back under control once more. Inflation is the enemy of both savings and investment returns. In real terms everyone is poorer when inflation is this high.... more
Editor’s Comment: A missing spoonful of sugar…
FCA censures ex-CEO for money laundering failings
The FCA said that between 20 August 2010 and 21 July 2014, the bank failed to put in place adequate anti-money laundering systems and in 2015 failed to notify the authority of a suspected fraud. In relation to Mr Prodhan, who now lives in Bangladesh, the FCA said that between 7 June 2012 and 4 March 2014, he failed to take "Reasonable steps" to assess and mitigate the AML risks arising from a "Culture of non-compliance among SBUK's staff." The FCA said he also failed to ensure that there was a clear allocation... more
FCA censures ex-CEO for money laundering failings
3 in 4 advisers fail to evidence Financial Planning value
In an adviser survey on the impact of the Consumer Duty, wealth consultancy NextWealth says that advisers are too focused on investment performance. NextWealth surveyed more than 400 financial advisers in the summer about how they document their value to clients. The next most column evidence sent to clients to prove value was milestones against client goals and objectives, reported by just under half of advisers. Heather Hopkins, managing director of NextWealth, said: "Relying on performance data to evidence... more
3 in 4 advisers fail to evidence Financial Planning value
Autumn Statement: Planners react
He added: "The reductions to CGT limits and dividend allowances are likely to see a review of taxable General Investment Accounts and their overall tax efficiency."I am not surprised that this has been looked at as an opportunity to raise more tax and is an opportunity for Planners to look again at what can be achieved. She said: "This was a far-reaching Autumn Statement with a lot to take account of and factor into short- and long-term Financial Planning. None of these changes come in with immediate effect... more
Autumn Statement: Planners react
Autumn Statement: Tax-free allowance for dividends halved
Review of dividend allowances could lead Financial Planners to review approach to General Investment Accounts. Eight in ten adults said they would back tax rises to shore up the nation’s finances. Only 25% would back an increase in Dividend Tax, according to a survey by Opinium on behalf of AJ Bell. The dividend allowance was reduced from £5,000 to £2,000 in 2017.
Autumn Statement: Tax-free allowance for dividends halved
Autumn Statement: Hunt honours State Pension Triple Lock
While figures are yet to be confirmed, wealth manager Quilter recently forecast that if the Triple Lock was honoured the State Pension would rise to £203.85 from April and potentially £220 by 2024. The basic state pension would also be increased to £156.20 a week next year from its current level of £141.85. The Triple Lock refers to a 2019 Conservative Party manifesto pledge that the State Pension would rise in line with the highest of: the previous September's inflation figure, the average wage increase,... more
Autumn Statement: Hunt honours State Pension Triple Lock
Autumn Statement: Chancellor drags more into 45p-rate tax
The additional-rate income tax threshold will be cut from £150,000 to £125,140, a move which will mean more higher earners will be subject to the 45p tax rate. An average earner with a salary of £33,000 in 2021/22 before the income tax threshold freeze began will end up paying £27,378 in income tax as a result of the policy being extended to 2027/28, according to analysis from AJ Bell. Keith Churchouse, founder at Chartered Financial Planner firm Chapters Financial in Surrey, said the income tax rise for... more
Autumn Statement: Chancellor drags more into 45p-rate tax
Autumn Statement: Chancellor extends IHT threshold freeze
For homeowners, there is an additional residence nil-rate band for inheritance tax, currently £175,000 when the family home is inherited by their direct descendants such as children or grandchildren on their passing. With the appropriate planning in place, it is possible for a couple to leave up to £1m of wealth to their children or grandchildren without liability to inheritance tax, depending on the value of the net estate. Not only does it have tax benefits, it also means you get to see them enjoy their... more
Autumn Statement: Chancellor extends IHT threshold freeze
Autumn Statement: Chancellor slashes CGT allowance
There is currently a Capital Gains tax (CGT) annual allowance of £12,300, on which an individual pays no tax. This tax-free allowance will be halved to £6,000 for the 2023/4 tax year, with a further cut to £3,000 in the 2024/5 tax year. The top 100 taxpayers in the UK pay £3.83bn a year in income and capital gains tax. The top 10 taxpayers paid over £45.53bn last year. Over eight in ten (81%) of adults back tax increases to help improve the UK’s public finances.
Autumn Statement: Chancellor slashes CGT allowance
Casebook: Estate planning following a shock bereavement
... more
Casebook: Estate planning following a shock bereavement
Nearly 2,500 register for Festival of Financial Planning
The PFS, the professional body for Chartered Financial Planners, has released final details of the event programme. Paralympian Baroness Tanni Grey-Thompson will be the keynote speaker and will talk about her life and overcoming challenges. The full programme is now live onwww.pfsfestival2022.org and includes technical, skills and learning sessions from specialists and practitioners. Sessions include: FCA’s priorities for the consumer investment sector.
Nearly 2,500 register for Festival of Financial Planning
New Gen Z adviser SpringGen hits £1m milestone
It is now managing £1million in funds under advice. It was founded last year at Acumen's Aberdeen base by Chartered Financial Planner Jenny Madhoo, who developed the concept over 18 months. She was inspired to set up SpringGen after becoming frustrated with the lack of advice for young people. Jenny Madhoo said: "Now more than ever, with rising inflation and other cost of living challenges, it is crucial that young professionals have access to qualified financial advice at an affordable price. We are passionate... more
New Gen Z adviser SpringGen hits £1m milestone
Divorce rise increasing financial vulnerability risk - warning
Divorce, Dissolution and Separation Act 2020 came into effect across England and Wales. It enabled married couples to issue divorce proceedings without assigning blame. It was the first significant change in divorce law for 50 years. It has led to a spike in no-fault divorce applications, contributing to delays and backlogs in the civil law courts. Legal & General supported the production of the good practice guide entitled “Advising and supporting clients going through Divorce in England and Welsh. To download... more
Divorce rise increasing financial vulnerability risk - warning
Crisis forcing parents to bring forward wealth transfer plans
More than a fifth of parents said they were changing their wealth transfer plans. Some are bringing forward their inheritance plans to help their children now. Seven out of 10 said they had already given children money to help them through the current difficult times, or are planning to pass money to them early. A third of parents said they were worried about the ability of their children or grandchildren to cope and more than one in ten said they were no longer able to help them financially. Only a fifth are... more
Crisis forcing parents to bring forward wealth transfer plans
Editor’s Comment: FSCS cost and benefits must balance
Another firm failing can only mean the FSCS stepping in to pay the bill and extra cost for planners to meet the FSCS levy. While the FSCS and others will no doubt chase assets at these failed firms to try and recoup losses, most of the directors will get away lightly. The fact remains that for consumers and investors the FSCS mark is still worth its weight in gold in terms of building investor confidence. Whatever the pain, the FSCS guarantee of protection is an essential promise for small investors. The challenge... more
Editor’s Comment: FSCS cost and benefits must balance
2 in 3 advisers rely on pension drawdown
The majority of advisers say drawdown represents 25% to 50% of their firms' advisory business, according to the survey by actuarial consultants AKG. AKG surveyed 200 advisers on the growth of Centralised Retirement Propositions in the advice market. Adviser firms said rising inflation and increased market volatility was "Driving evolution" in adviser firms' CRP processes and propositions. A major challenge, according to many advice firms, is that advising clients in retirement and drawdown is "More risky and... more
2 in 3 advisers rely on pension drawdown
Guy Opperman returns to DWP
The last person to hold the Pensions Minister portfolio was Alex Burghart MP. Mr Opperman is seen as a popular and experienced figure and one of the longest serving pensions ministers in recent times. He served as the Parliamentary Under Secretary of State for Pensions and Financial Inclusion between 2017 and 2022. Key ministerial appointments by new Prime Minister Rishi Sunak at the DWP are: Mel Stride and Laura Trott.
Guy Opperman returns to DWP
FSCS declares SIPP adviser in default
The firm, Solutions Financial Services (UK) Ltd, was dissolved five years ago. It is the latest in a string of SIPPs and pensions advisers to have been declared as failed by the compensations scheme. The FSCS said there are two claims against the firm currently being processed. These are related to investment and SIPP products and are not BSPS related. The firm (FRN:402668) was an appointed rep.
FSCS declares SIPP adviser in default
Obituary: Ian Taylor - punk rocker entrepreneur
Ian once said that "people say it's an online business, but it's the offline stuff which is most difficult". Ian saw Transact, as he did many things, through the lens of the music he loved. Transact CEO, Jonathan Gunby, who worked closely with Ian, as friend and colleague, for over 30 years, remembers, "Ian was the smartest and one of the funniest people I have ever met. " IntegraFin CEO Alex Scott, who joined the business in 2009 said "From the first time I met Ian back in 1999, when Transact was being created,... more
Obituary: Ian Taylor - punk rocker entrepreneur
Global Planning body FPSB appoints new CEO
The Denver-based body has 203,000 members worldwide including 1,000 CFP Professionals in the UK. He will be promoted from his current role of head of stakeholder engagement. Mr De Gori has more than 20 years experience in financial services. He previously served as chief executive officer of Financial Planning Association of Australia (FPA) and the sixth largest FPSB Affiliate within the FPSB Network. For six years, he led teams.
Global Planning body FPSB appoints new CEO
Advisers face ‘difficult client conversations’ over cash gifts
Research among more than 200 adviser firms for Just Group's 2022 Care Report found that almost half - 42% - thought the price-squeeze would increase the number of clients looking to give a living inheritance in the short term. By contrast less than a quarter - only 24% - thought the cost-of-living-crisis would decrease the number of their clients looking to give a living inheritance. Two-thirds of advisers who reckoned clients would wish to hand cash to their grown-up kids said they would need to challenge their... more
Advisers face ‘difficult client conversations’ over cash gifts
Hunt heading for pension triple-lock row
October's CPI is due to be published tomorrow and is expected to be around 10%. The triple lock would mean that the state pension would rise in line with this figure, almost certain to be the highest of the three measures used for the triple-lock. That would give retired people a hefty increase in their state pension but last year the triple-lock - which uprates state pensions in line with whichever is highest of 2.5%, CPI inflation and wages growth - was suspended. Pensioners were instead given an increase... more
Hunt heading for pension triple-lock row
FSCS steps in as SIPP adviser fails
Thompson Prior LLP was declared failed by the FSCS this week. The firm joins a growing list of failed firms which specialised in pensions and SIPP advice. The failure declaration opens the door to clients of the firm (FRN 207510) to claim compensation. There are currently five claims against the firm, mostly pensions related. The claims are not believed to be related to the British Steel Pension Scheme. The firm was based in Bridgnorth, Shropshire. It was first registered with the FCA and is no longer authorised... more
FSCS steps in as SIPP adviser fails
Senior FCA exec Mark Steward to leave the regulator
The senior executive has been leading the FCA's data-led approach to market oversight since 2015. Since joining the City watchdog seven years ago, Mr Steward has led the delivery of some of the FCA's most complex, high-profile, and precedent-setting enforcement cases, with many notable successes against major global financial institutions and individuals. He also led the FCA's listing authority and oversight of the UK's publicly traded markets, a role in which he developed the FCA's data-led approach to market... more
Senior FCA exec Mark Steward to leave the regulator
What’s left from the mini-budget? More than you think
The Treasury later told the BBC that the controversial plan to remove the cap was going ahead. Meanwhile, plans to cut National Insurance contributions and a reduction in stamp duty, which are already going through Parliament, will also go ahead, as will the cancellation of the Health and Social Care Levy. A planned increase to the tax on dividends will also remain. Also set to stay are increases to Seed Enterprise Investment Scheme limits and reforms to Company Share Option Plans. Those changes came after the... more
What’s left from the mini-budget? More than you think
New Financial Planning co-ordinator for advice firm 
Kellie Williamson joins the 21-strong team at Acumen which is based in Burscough. Ms Williamson will support the firm’s team of financial advisers. Annual turnover is up 36% and the firm has £395m in funds under management, up 12.8% on the same time last year. Acumen Financial Partnership offers a range of financial advice services including investment guidance, life insurance, pension, pensions, mortgages, mortgages and equity release. The company has just had its most successful year. The firm was formed... more
New Financial Planning co-ordinator for advice firm 
Fidelity launches 2 bespoke funds for Financial Planner
The FIF - Fidelity Strategic Growth Portfolio has at least 70% exposure to lower risk investments. Both funds will be managed by Ayesha Akbar, Caroline Shaw and Sudi Gupta. The Financial Planning firm says it will blend the two funds and their risk profiles to meet clients' risk/return objectives. Fidelity has 2.5m customers globally, operates in 25 countries and has approximately £588bn in total assets and has around £588billion in total total assets. The company has 2,000 customers. filed in 25.5million... more
Fidelity launches 2 bespoke funds for Financial Planner
Transact inflows drop but firm shows resilience
Gross inflows for the three months were £1.5bn, down from £1.97bn. Net inflows to the Transact platform for the financial year ended 30 September 2022 were £4.4bn, down from £4.9bn in 2021. Alex Scott, chief executive officer said despite the falls he was pleased with the figures against a backdrop of a "Difficult market environment." He said: "The Transact platform is utilised by clients and advisers for long-term Financial Planning Transact platform outflows have remained relatively stable during the course... more
Transact inflows drop but firm shows resilience
FCA restricts twice as many investment firms
The restrictions included preventing firms from promoting and selling certain products or providing specific services like advice on defined benefit pension transfers. Sarah Pritchard, executive director of markets at the FCA, said: "We want to see a consumer investment market where consumers can invest with confidence, understanding the level of risk they are taking, and where assertive action is taken when harm is identified."We know that it will take time to see the full impact of all our interventions, particularly... more
FCA restricts twice as many investment firms
Full Text of Chancellor's statement to MPs
Treasury-led review into how we support energy bills beyond April next year. Review’s objective is to design a new approach that will cost the taxpayer significantly less than planned. Any support for businesses will be targeted to those most affected. And the new approach will better incentivise energy efficiency. There remain many difficult decisions to be announced in the Medium-Term Fiscal Plan on October 31st.
Full Text of Chancellor's statement to MPs
co hasn't asked any questions yet. Follow them to see their activity in your feed!
Nobody has given a recommendation to this agent. Be the first to recommend them!
This agent hasn't recommended anybody yet.
+ Reivew
Nobody has written a review for this agent. Be the first to review them!
You have no bookmarks yet. You can bookmark contents on Ratesfeed to find them easier!
co hasn't reshared any content yet. Follow them to see their activity in your feed!