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Barclays UK CEO to chair MAPS advisory group
The Advisory Group was established in May 2020 and ensures that MAPS - the government-backed personal finance guidance body - focuses on helping the public invest and save wisely. The group also provides oversight on progress towards the UK Strategy for Financial Wellbeing's 10-year goals. The group meets quarterly and advises the MAPS executive and board on efforts to help millions make the most of their money and pensions. Sir Hector Sants, MAPS chair and a former CEO of the Financial Services Authority, said:... more
Barclays UK CEO to chair MAPS advisory group
Warning over under-35s having 'too many' pensions
A survey of 1,000 people carried out for HL by Opinium in April found that 35% of the under 35s already have three or more pensions and could have several more by the time they retire. In contrast, only 23% of people aged between 55-64 have three or more pensions and 44% of people overall have just one pension. Helen Morrissey, senior pensions and retirement analyst at Hargreaves Lansdown, said that losing track of pensions risks "Derailing" retirement planning. She said: "A combination of job hopping and moving... more
Warning over under-35s having 'too many' pensions
Evelyn hire to help boost international Financial Planning
Mr Reeves rejoins the company after four years at Deutsche Bank where he was head of UK Wealth Planning & Intermediaries. He was a partner in the London Financial Planning team at Tilney which formed part of Evelyn Partners. He will report to Mark Pollock and will work on helping with pre-arrival planning for clients looking to come to the UK, structuring advice for clients to leave the UK. Mr Reeves says he is 'excited to re-join the business. He is'really excited' and is 'extremely excited' for the company.... more
Evelyn hire to help boost international Financial Planning
PruFunds to be sold via platform for first time 
M&G Wealth says it is the first time the Planet range has been offered as a choice on any UK investment platform. The M&G Wealth Platform, formerly Ascentric, has £17.5 billion in assets under administration. M&G Wealth says the addition of PruFund Planet is part of a "Significant ongoing programme of enhancements to the platform" that will continue into 2023. It is the first time that the PruFund Planet range has been available as an investment option for an ISA. Shanti Kelemen, chief investment officer at... more
PruFunds to be sold via platform for first time 
Editor’s Comment: Thank you Mr Sunak
The number of higher rate taxpayers could be well over 7m by 2025, according to HMRC figures. The number paying the highest rate tax has risen very rapidly in three years from 421,000 to 629,000. With inflation heading towards 10% we are already in an inflationary wage spiral which will push up most wages significantly over the next 12-18 months and mean many more people caught by higher rate tax. The changes to how higher rate rate tax is viewed will be profound. The change will be significant.
Editor’s Comment: Thank you Mr Sunak
45% say advisers 'key source' for financial advice
M&G Wealth’s ‘The Family Wealth Unlocked’ report looks at intergenerational planning and wealth transfer. It found that financial conversations were ‘back on the table’ with couples and families seeking advice from each other. The report also highlighted a growing trend among UK savers for digital financial advice. Over a third said they would turn to financial influencers – so-called ‘finfluencers’ and 22% refer to websites and a quarter (25%) use search engines. The number of people who use... more
45% say advisers 'key source' for financial advice
1 in 5 could pay higher rate tax in 3 years - prediction 

The number of higher rate taxpayers has soared by nearly 2m to 6.14m since the last election and could soar by a further 3m by 2025, according to a former Pensions Minister.

The increase since 2019 - revealed in latest HMRC figures - has been called “stunning” by LCP pensions consultant and former Pensions Minister Sir Steve Webb who forecasts an even bigger rise to come.

Sir Steve predicts an additional 3m higher rate taxpayers will be created by 2025/26, taking the total to over 7m or

... more
1 in 5 could pay higher rate tax in 3 years - prediction 
Chartered Financial Planner joins Continuum

National adviser firm Continuum has recruited Chartered Financial Planner Simon Hewitt to help spur its growth plans.

Mr Hewitt has worked in most areas of Financial Planning but specialises in estate planning and tax planning.

He operates from Wimbledon in South West London as well as in North Wales due to family connections in the area. Continuum says in the post-pandemic world, he can deal with clients across the UK using a hybrid working model.  

Before becoming a Chartered Planner,

... more
Chartered Financial Planner joins Continuum
Origo to launch Pensions Dashboards connector

The industry-backed fintech company Origo is planning to launch a Pensions Dashboard connector tool in the autumn to enable providers to connect more efficiently to the planned Pensions Dashboards.

The Origo Dashboard Connector is due to go live in September and will provide a "cost-effective" way for pensions providers to connect to the government’s Pensions Dashboards which are now in development.

The government-backed Pensions Dashboard tool is designed to give consumers access to all

... more
Origo to launch Pensions Dashboards connector
FSCS probes pension transfer firm with Portuguese links

The FSCS has joined forces with the FCA and Financial Ombudsman Service to investigate a Telford-based pension transfer adviser with links to a Portuguese expat specialist company.

The FSCS says it is now considering customers’ claims against Nationwide Benefit Consultants Ltd (NBCL).

NBCL is no longer a registered firm but its address is listed on the FCA Register as M54 Space Centre, Telford, Shropshire.

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NBCL was incorporated as a business on 15 December

... more
FSCS probes pension transfer firm with Portuguese links
Artemis founder Stuart to hand over fund reins 

Derek Stuart, one of the UK’s best known fund managers and a founder of Artemis Investment Management, is to step back from co-managing one of its leading funds to spend more time on charity work. 

He has been a manager of the Artemis UK Special Situations Fund since its launch in 2000.

He will hand over the fund management reins at the end of next year to his co-manager Andy Gray and new joiner Henry Flockhart.

After the end of next year he will be focusing on chairing the Artemis

... more
Artemis founder Stuart to hand over fund reins 
Morningstar to rename Praemium after £35m takeover 

Financial research and investment management company Morningstar is to rename Praemium as the Morningstar Wealth Platform after its £35m acquisition of the formerly Austrlian-owned platform.

Praemium has sold its operations in the UK, Jersey, Hong Kong and Dubai to Morningstar. 

The deal adds more than 100 new staff to Morningstar who will move across from Praemium’s UK and international operations.

Praemium UK is used by nearly 500 IFA firms and includes Wealthcraft, a full-service,

... more
Morningstar to rename Praemium after £35m takeover 
AXA UK chair quits to head Scottish Widows 

AXA UK chair Scott Wheway is to step down immediately to take up the role of chair of Scottish Widows group from 12 September.

Mr Wheway will also become a non-executive director of Scottish Widows' parent Lloyds Banking Group from 1 August, subject to regulatory approval. 

He is currently chair of Centrica plc and AXA UK plc. After stepping down from AXA UK he will remain chair of Centrica plc. He joined AXA UK as chair in 2017.

Mr Wheway

... more
AXA UK chair quits to head Scottish Widows 
1 in 10 have reduced pension contributions

One in ten (11%) UK adults had paused or reduced their pension contributions in March, according to a new report.

Almost a quarter (24%) of the over 500 Britons surveyed by YouGov on behalf of Scottish Widows in March had already dipped into their savings.

Over a third (35%) planned to cut back on non-essential leisure and holiday spending, while others were being forced to make harder decisions, such as cutting back on essentials like food and utilities (16%).

Over half (57%) of those

... more
1 in 10 have reduced pension contributions
FCA warns lifetime mortgage firms about ‘exploitation’ risk

The FCA has written a ‘Dear CEO’ letter to lifetime mortgage providers to warn them that it will intervene if firms fail to tackle "exploitation" risks to consumers.

The watchdog is concerned about a number of practices in the sector, including concerns that some procuration or introducer fees paid to advisers may be creating a “conflict of interest.”

While the FCA says that overall the sector has coped well with the pandemic challenges, it is concerned that some equity release and

... more
FCA warns lifetime mortgage firms about ‘exploitation’ risk
Evelyn Partners co-founds accounting and advisory network

Financial Planning firm Evelyn Partners, formerly known as Tilney Smith & Williamson, has joined forces with CliftonLarsonAllen to launch a global accounting and advisory network.

CLA Global will launch on 1 July.

The partnership between the two firms is expected to make CLA Global a top 15 global accounting and advisory organisation.

The network plans to add additional member firms throughout this year.

Sancho Simmonds, a partner at Evelyn Partners, will be co-CEO along with

... more
Evelyn Partners co-founds accounting and advisory network
Evelyn co-founds accounting and advisory network

Financial Planning firm Evelyn Partners, formerly Tilney Smith & Williamson, has joined forces with professional services firm CliftonLarsonAllen to launch a global accounting and advisory network.

CLA Global will launch on 1 July.

The partnership between the two firms is expected to make CLA Global a top 15 global accounting and advisory organisation.

The network plans to add additional member firms throughout this year.

Sancho Simmonds, a partner at Evelyn Partners, will

... more
Evelyn co-founds accounting and advisory network
Revenue increases 488% for Kingswood

Revenue increased 488% year-on-year to £149.7m for Financial Planner and wealth manager Kingswood for the year ended 31 December 2021.

Kingswood attributed the growth to the integration of UK and US acquisitions.

Operating profit increased by £5.5m for £6.3m, a rise of 688%.

Group assets under management and advice increased 15% year-on-year to £6.8m. Kingswood said 10% of the growth was driven organically, and 5% through acquisitions.

Kingswood has completed nine UK acquisitions

... more
Revenue increases 488% for Kingswood
NS&I Green Bond pulled in £228m

NS&I’s new Green Bond pulled in £228m, according to the government-backed savings body’s Annual Report for 2021/2022.

The amount raised helped NS&I deliver £4.4 billion of net financing to the government over the past year.

NS&I said Green Savings Bonds, which help raise funds towards tackling climate change, were “successfully launched” although critics said the amount raised was modest.

NS&I launched Green Savings Bonds in October 2021, following the Chancellor's

... more
NS&I Green Bond pulled in £228m
Innovation Open Day to be held at FCA HQ

The FCA is to hold a tech-focused Innovation Day at its London HQ in July to showcase what it is doing to nurture new financial technology developments.

The regulator said the day will “showcase what’s next for our innovation agenda.”

The day will feature a mixture of keynotes, panel sessions and presentations, as well as an exhibition area where attendees can meet the FCA’s innovation teams.

The day is also designed to inform those considering using the FCA’s innovation services such

... more
Innovation Open Day to be held at FCA HQ
FCA fees for Planner firms rise 5.6% for 2022/23
For block A.13, total fees collected will rise to £86.8m for 2022/23. This is higher than the £82.3m proposed by the regulator in its previous consultation. Appointed representative fees will be held steady at £3,266. Minimum fees for advisory firms will increase to £1,500 for 2022-23. There will be further rises to $1,750 in 2023/34. The FCA has received calls to consider extended payment terms. The regulator said it will not consider extendedpayment terms. FCA said it had received a'significant amount'... more
FCA fees for Planner firms rise 5.6% for 2022/23
ISAs and SIPPs show surprise sales surge in 2021

Sales of ISAs almost double in 2021 and SIPP sales were up by 15% during the year, retail investment data from the FCA has revealed.

Despite the pandemic the figures suggest that sales of investment and pension products fare remarkably well with investors using their spare time to invest.

ISA sales nearly from 389,674 to 769,247 during the year and SIPP sales leapt by 15% year-on year,up from 740,418 plans in 2020 to 851,963 in 2021.

Pension income drawdown continued to be a mainstay

... more
ISAs and SIPPs show surprise sales surge in 2021
FNZ adds cash savings option with Bondsmith investment

FNZ, the platform engine behind many UK investment platforms, has added a cash management and savings solution with an investment in fintech Bondsmith.

The Series-A investment in Bondsmith sees its solutions integrated into FNZ’s platform engine.

The platform engine has added cash savings as an investable asset class.

Bondsmith is looking to make holding cash assets on platforms more popular by offering a range of savings solutions to increase the opportunity for competitive returns.

The

... more
FNZ adds cash savings option with Bondsmith investment
Almost 1 in 5 in England and Wales age 65 or older

The population of England and Wales is ageing, with almost one in five (18.6%) of people age 65 and over, according to the first Census 2021 estimates.

This is a rise from 16.4% since the 2011 census.

The local authorities with the highest percentages of the population age 65 and over were North Norfolk (33.4%) and Rother (32.4%).

East Devon had the highest percentage of the population age 90 year and over (1.9%) followed by Rother (1.8%).

London had the largest percentage of

... more
Almost 1 in 5 in England and Wales age 65 or older
Hargreaves Lansdown makes move into Open Banking
A solution from Ecospend will allow Hargreaves Lansdown clients to make secure payments directly to the investment platform without the need for cards. The investment platform said it plans to adopt more Open Banking services in the future. George Rodgers, senior product manager at Hargreaves Lansdown, said: "Offering an Open Banking payment method is a step change in the payments experience that Hargreaves Lansdown offers its clients. Our clients can expect a simpler payment journey as well as instant settlement... more
Hargreaves Lansdown makes move into Open Banking
Novia assets rise 6% under new ownership
Total assets under administration were £8.95bn at year-end, an increase of £533m. Revenues rose 14% to £27.8m. Adjusted EBITDA rose 31% to £6.7m. Novia Financial was acquired by private equity firm AnaCap in April last year. AnaCap plans to combine the Novia and Wealthtime platforms under the Wealthtime brand in the second half of this year. The combined platform business will continue to be led by Wealthtime and Novia CEO Patrick Mill. Amber Financial Investments, acquired by the private equity firm in... more
Novia assets rise 6% under new ownership
PFS challenges FCA approach to British Steel compensation

It has asked the regulator to ditch plans to mandate lump sum compensation.

The professional body said lump sum compensation does not address the central issue of BSPS members giving up a guaranteed income.

It has called for the Department of Work & Pensions to work with the Pension Protection Fund to ensure clients are re-admitted to the BSPS or admitted to the Pension Protection Fund.

It has also called for adviser to have a right of appeal to an independent qualified transfer specialist

... more
PFS challenges FCA approach to British Steel compensation
Chase de Vere on acquisition hunt as profits top £23m
Operating profit for 2021 was £23.59m according to its financial results published today. Company turnover increased to £102.46m, another best ever figure. Chase de Vere said the growth in profit and turnover was driven by the acquisitions it has made in recent years including Medical Money Management, Ferguson Oliver, Nestor Financial Group, Principal & Prosper Limited and Cameron Chase. Kathleen Gallagher, CEO at Chase de Vere, said the firm is currently hunting for further acquisitions. She said: "An important... more
Chase de Vere on acquisition hunt as profits top £23m
Complaints about advisers to FOS fall

A total of 1,823 new complaints about financial advisers were logged in 2021/22, in comparison to 2,774 complaints in 2020/21.

The proportion of all complaints against financial services firms registered against financial advisers held steady at 1%.

Of 2,150 complaints against financial advisers resolved, 32% were upheld in favour of the client.

The most complained about product area for financial advisers was stocks and shares ISAs, where there were 187 complaints, 31% of which were

... more
Complaints about advisers to FOS fall
Progeny acquires Fry Group for international expansion

The acquisition marks Progeny’s first expansion into international markets.

The Fry Group is a Financial Planning, tax and estate firm with 191 employees across the UK (London, Worthing, Cheltenham and Exeter), as well as four international offices in the United Arab Emirates, Singapore, Hong Kong and Belgium.

The firm was founded in 1898.

On completion of the deal Progeny’s total assets under management will be boosted by £5.5bn.

David Pugh, CEO of The Fry Group, said: “The

... more
Progeny acquires Fry Group for international expansion
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