The big story of last week was on the front page of the Financial Times and it makes for rather grim reading for the IFA sector both for those who have been conducting pensions transfer business until recently and those concerned about FSCS bills.
A freedom of Information request lodged by consultancy firm Buck last year shows that the FCA is planning to write to 1,841 financial advisers outlining potential harm in their defined benefit transfer advice. This is 76 per cent of advisers conducting transfers between 2015 and 2018.
There are a host of questions of course including how the expected redess will be calculated, what percentage of transfers within firms may have gone wrong and whether rule changes will have addressed these issues. There is clearly a risk of a full scale review. Much to ponder. But whatever else being the splash in the Financial Times is not good news for anyone.
Liontrust’s head of multi-asset says John Husselbee says that the Woodford fund changed its spots. Probably a reasonable assertion.
The government should increase its scrutiny of the FCA once Britain leaves the EU and ensure Britain’s financial sector remains globally competitive says the International Regulatory Centre led by former Treasury minister Mark Hoban.
The FSCS says it expects to spend £4m on 'communications', which includes advertising, for 2019/20 (ending in April) and £3.8m for 2020/21, as it tells Professional Adviser. The trade paper asked the question following adviser concerns about consumer advertising on Twitter. The Ombudsman did not tell PA how much the specific campaign cost.
An IFA makes an offer for a robo-adviser. Richmond Wealth, a firm with offices in the City of London and Northern Ireland, has contacted Moola with the offer to take on some of the staff, and buy some of its assets.
