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10 months ago
co
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
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10 months ago
co
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
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10 months ago
co
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
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10 months ago
co
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
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10 months ago
co
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.
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10 months ago
co
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
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10 months ago
co
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
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10 months ago
co
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
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10 months ago
co
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.
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10 months ago
co
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.
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10 months ago
co
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
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10 months ago
co
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
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10 months ago
co
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
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10 months ago
co
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
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10 months ago
co
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
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10 months ago
co
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.
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10 months ago
co
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.
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10 months ago
co
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
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10 months ago
co
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.
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11 months ago
co
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
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11 months ago
co
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
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11 months ago
co
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
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11 months ago
co
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
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11 months ago
co
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
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11 months ago
co
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
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11 months ago
co
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
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11 months ago
co
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
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11 months ago
co
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
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11 months ago
co
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.
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