However, we have to accept that the method of funding is unlikely to change in the short to medium term.It’s better to see these costs as an opportunity to educate clients about the three layers of security provided by using a financial adviser: firms being authorised and regulated by the FCA, contributing to the FSCS, and having PII cover. And they predict that the use of their statutory powers is only going to increase.

SJP ‘frustrated’ at FSCS levy hike. Improving how we promote our services as well as the protection available to clients will allow firms not only to survive but also to thrive, and to emerge from the pandemic as one of the elite groups of Covid ‘winners’.Consolidator Independent Wealth Planners UK has bolstered its Hertfordshire hub through the acquisition of Carnelian Capital Management Limited. IWP has been on an active acquisition spree this year and has plans to build a £500m regional hub in Cornwall. If you continue browsing, we assume that you consent to our use of This is a reduction from 65 per cent in 2018. Developing a new integrated serviceOur mission is to ensure everyone in the UK can easily access the information they need to make the right financial decisions for them throughout their lives, making the most of their money and pensions. We know advisers see the FSCS and professional indemnity insurance as a cost and a burden, especially since the latest FCA bill arrived. Boring Money’s Advice Report for 2020 shows satisfaction levels remain extremely high, although its detailed interviews suggest highly disparate levels of service.Some 26 per cent of advised customers reported having had no contact with their adviser since lockdown started. Trust and value go hand in hand and value creation without trust is unsustainable.But trust is also about security because, once you lose faith in a company and its products, no amount of security will restore your trust.

All rights reserved.Registered in England and Wales with number 06439194 to improve your user experience. We use cookies: By using this website, you consent to their use. The Money and Pensions Service (MaPS) brings together three respected financial guidance bodies: the Money Advice Service, The Pensions Advisory Service and Pension Wise. Those clients who invest in the likes of London Capital and Finance, MJS, Blackmore, Basset and Gold and other such schemes fail to get this protection, or latterly are sweating to find out if the FSCS will entertain their claim.We don’t promote these benefits enough. The acquisition brings scale to Richmond House Wealth Management and IWP’s presence in the South East. Probably not a single one of them thought to ask themselves: What will happen should this apparently fantastic product go kaput? Most consumers don’t think to check for themselves and (as far as I’m aware) there’s no requirement for any marketing literature to make plain that neither the product or the firm operating it are not authorised by the FCA and that, in the event of it failing, no statutory protections will apply.Consider all the people who invested directly in those LC&F bonds. The Money and Pensions Service (MaPS) brings together three respected financial guidance bodies: the Money Advice Service, The Pensions Advisory Service and Pension Wise. There is also a growing demand for digital providers over the traditional advice firms.One thing that stands out is the wide variation in the quality of service from advisers. Back in 2016, Andy Haldane, the Bank of England Chief Economist, […]Ascentric’s assets dipped in the first half of the year, latest results for the platform show, as current parent Royal London continues to work through its sale. Assets under administration dipped 4.3 per cent to £15.5bn in the six months to the end of June, primarily due to volatile market conditions arising from the Covid-19 […]Pick your three most important decisions of the day and ask yourself questions about themAccording to the Pensions Regulator’s annual commentary and analysis report released this month, 785 potential non-compliance cases were referred for investigation, with 23 auto-enrolment compliance notices issued. The organisation was set up by the UK Government and is paid for by a statutory levy on the financial services industry. 2019/20 is our transition year, and started with a UK-wide listening phase to help shape our UK Strategy for Financial Wellbeing.MaPS is the largest single funder of free debt advice in England and also works alongside partners across the UK to make debt advice easier and quicker to access, and to improve standards and quality across the sector. Compared with going it alone our clients also say they value aspects such as trust and the quality of their relationship with their adviser over technical elements such as tax planning or investment management.The CFA report shows that 28 per cent of 8,520 people surveyed used to take financial advice but no longer do, which means there are 11 million adults with pensions and investment products but no adviser.In other words, research continues to inform us that there are plenty of opportunities out there.


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