Many advisers will be watching the situation at James Hay and Nucleus carefully. Advisers learned last week that the Nucleus name will be retained when the platforms combine.
There is a lot of coverage and analysis around the trades and a sense that James Hay wants to get on the front foot, communications-wise.
Talking about James Hay’s new strategic partnership with FNZ, which will eventually see the platforms migrate to FNZ technology, James Hay CEO Richard Rowney said: “Those things take a reasonable amount of time to design and to build and to get right. I think you’re talking summer of 2022, before you get to a point where we’ve got effectively a new platform that we can have out in the marketplace.”
Six nucleus directors are leaving the business which may also unsettle advisers.
Campaigners led by Woolwich leaseholder Steve Day have created what they believe to be a solution to the cladding remediation costs currently threatening many of them with bankruptcy.
The campaign hopes to amend the Building Safety Bill.
It would place the responsibility for remediation costs on those who failed to make the grade in construction standards - rather than on leaseholders.
Always difficult to understand the chances of such amendments but for a new set of mortgage prisoners, it is clearly worth the attempt.
Retirement guidance tool Guiide is launching an adviser signposting service for defined benefit transfers in a bid to frustrate scams in this area.
The service, due to launch next month, provides guidance to members to explain the advice process behind DB transfers, the risks involved and the regulator’s views of this market.
It is a shame such services did not launch a few years’ ago.
Two Avacade directors have been told to repay commission from £68m of unregulated investments as the FCA wins in the Court of Appeal as Citywire reports.
Craig Lummis and his son Lee Lummis were directors of Avacade and Alexandra Associates, introducer companies that promoted unregulated investments including Brazilian property and tree plantations.
The activities of the two companies led to £91.8m being transferred from pension funds into Sipps, with £68m going into products from which Avacade earned commission.
Proper advisers will be hoping they have the funds to pay the money back.
Welsh MP Nick Smith has written to FCA chief executive Nikhil Rathi asking him to implement a consumer redress scheme for steelworkers.
The Pridham Report sees BlackRock attract the highest level of gross fund sales with HSBC Global Asset Management leading on net sales in the second quarter of this year.
