It can be difficult to really get to grips with the shape of the advice market – but this is interesting. A fifth or 90 of Tenet’s AR firms left the network in 2022 following what it describes as a quality drive. Interesting for the business, likely quite a shock for some advisers. Will they be scooped up?
The Pensions Regulator opens the stable doors to issue guidance regarding lifestyling and members of workplace DC schemes.
It sets out how trustees should communicate with savers to help them understand what a fall in their DC pension means for them while warning of increased scam risks.
The guidance also explains how trustees should strengthen the governance and oversight of DC schemes and ensure their investment strategies support stronger saver outcomes. (Forgive the sarcasm, but surely, given shifts in bond markets last year and many years of understanding of this specific risk, this is six months to late at least).
Shrewd business consultant Roderic Rennison warns advisers not to be duped by acquirers. Wisdom for the ages.
A ‘humbled’ Scottish Mortgage Trust admits to mistakes in the polycrisis as it has fallen 46%, as Citywire NMA reports.
The cost of pension tax relief has risen to £27bn, HMRC figures reveal.
The PFS dispute has moved to podcast land. FTAdviser features past PFS President Sarah Lord, who has been very critical of the CII’s actions discussing the dispute with advise consultant Richard Bishop, discussing the relevance of the articles underpinning the organisations.
Bishop’s view is that past mistakes were made by the PFS historically – long before this dispute no matter when you date it from - in terms of agreeing various powers for the CII not least in being able to appoint board members, though like many he is sceptical of what the CII will achieve with its recent approach.
Consultant Abraham Okusanya’s podcast is Unpacking the CII vs PFS Debacle with again with Sarah Lord but also Alasdair Walker who is seeking an PFS EGM to overturn recent developments.
Will the CII be taking part in any pods of this nature? Quite difficult to control of course especially in debate with others. No sign as yet.
The last indication from Alasdair Weeks, late last week, is that signatures were at 1,500 on Thursday with a reported 2,000 required. It will be interesting to see if the new PFS board with CII appointees agrees to this meeting. There are suggestions they could turn it down potentially on cost grounds. But would they dare?
I am still not sure we have seen enough questioning regarding such procedures and powers and indeed any questioning of these parachuted-in directors. I mean, they must have telephones.
Meanwhile advisers continue to peel away from CII structures. Two more Benjamin Beck and Jane Gow have quit the PFS planning panel.
It likely has limited bearing on the dispute, but certainly shows the strength of feeling. More next week no doubt. It will be interesting to look for any indication of the fourth planned CII appointed PFS director.
