Arguably the biggest story of the Christmas break is the decision by M&G to sue Royal London over the sale of Ascentric, as FTAdviser reports.
In a lawsuit filed at the High Court, M&G claimed Royal London had “exposed its customers to inappropriately risky investments, with an inappropriately high percentage of their pension funds in those investments”, according to documents seen by the Financial Times.
Central to the dispute appear to be CFB Bonds with a face value of about £27m which were purchased by 553 investors and included in Sipps, some recommended by advisers.
FOS has now ruled against Ascentric in one case.
It is often difficult to get to the heart of such matters but it still sometimes feels as if we don’t have a totally clear line of responsibility in terms of Sipps, portfolios and responsibilities.
It would be good to see this resolved as such matters clearly do not help with reputations.
The Government has set up a commission into adult social care, or long term care as the government terms it.
The independent commission will be chaired by crossbench peer Baroness Louise Carey. The Government says long-term changes are unlikely to be delivered before 2028 when the commission delivers its verdicts. FTAdviser reports.
Writing in the Guardian, health secretary Wes Streeting, said: “It will take time, but Casey’s work will finally grasp this nettle and set our country on the path to building a national care service that meets the urgent need of our generation, guarantees quality care to all who need it, and lasts long into the future, no matter which government is in power.”
Advisers are unlikely to hold out much hope for significant changes especially if it costs a lot of money and things have not picked up economically.
Ruffer partners shared a reduced £90m profit pot in 2025 in a 5% decline in the profit pool following a tough 12 months for Ruffer, whose flagship trust recorded its worst-ever performance. 54 partners share the £90m as Citywire reports. Better than a poke in the eye.
IFA Magazine publishes the view of Tiffany Wilding, Managing Director and Economist at PIMCO considering the Trump Presidency.
“Correcting imbalances that have built over decades could be an economically painful transition, both domestically and outside the U.S. This raises an important question for Trump’s second term: How much U.S. equity market underperformance is Trump willing to tolerate?”
Not a bad question.
