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Policy watch…
The Financial Conduct Authority (FCA) released its 2023/24 business plan this month which confirmed, among other things, that £5.3m will be spent on ‘embedding’ Consumer Duty across the industry.
The Financial Ombudsman Service also confirmed that it will proceed with a proposed change to the way it reports how its cases were solved.
The regulator published a new consultation on 5 April, proposing to collect £94.6m in fees from advice firms in 2023/24. Feedback is due by 11 May.
Lastly, the FCA has called for an open debate on the risks of cryptocurrency, as well as the limits of regulation and policy around the area. Executive director of markets and international Sarah Pritchard spoke at an event in London on 25 April and suggested the regulator was keeping a close eye on cryptocurrency’s fast evolution.
What else has been going on…
Rathbones and Investec Wealth announced near the start of the month that they would merge to create a £100bn-strong business.
Meanwhile, Sussex advice firms Antrams Financial Services and Pembroke Financial Services also announced a merger on 11 April – a deal that will see the combined business manage £1.5bn.
Hargreaves Lansdown announced it would scrap fees on investing in shares and exchange-traded funds, in a move that will see the total cost for investors reduce.
Fraud was also back in the spotlight, with the FCA alleging on 5 April that four individuals defrauded investors out of approximately £1.4m over a two-year period using investment schemes that were not genuine.
The deals have continued to get signed with Apollo Private Wealth buying fellow St James’s Place firm Debra Wait Wealth Management this month.
Finally, some light-hearted research from Aviva this month found that the most common first name for a financial adviser in the UK is ‘David’.
Spotlight on PA360…
We held our flagship annual London conference on 26 April at The Brewery – a busy day with over 40 presentations and panel discussions with leading industry experts.
Our news from the day looked at advice as the most rewarding profession, whether it is sustainable for advisers to use just one platform, and if diversification is essential for navigating recessionary conditions.
To read all our coverage, click here
On the features front…
In another busy month for features and opinion pieces, we are continuing to champion Consumer Duty focused content, with a 20 April feature on the differences from Treating Customers Fairly and a 25 April piece on getting ready for the next stages of implementation.
One piece looked at what advisers need to know about generational marketing, and we also looked at how business assets are divided on divorce.
Finally – is the 60:40 portfolio still relevant? Our 14 April feature examines this.
A day in the life of an adviser…
Our series continued this month with contributions from Winchester-based Alice Shaw, Newcastle-based Paul Blight, and London-based Dale Scorer.
To take part contact [email protected]
PA’s May events diary…
Wednesday, 3 May: Digital Working Lunch with Baillie Gifford – ‘Invest in progress’
Wednesday, 3 May: Regional Working Lunch in Worcester – ‘The rational case for optimism’
Thursday, 4 May: Regional Working Lunch in Sheffield – ‘The rational case for optimism’
Wednesday, 10 May: Regional Working Lunch in Exeter – ‘The rational case for optimism’
Wednesday, 17 May-Thursday, 18 May: PA Management Retreat
Wednesday, 24 May: Regional Working Lunch in Norwich – ‘How to invest in a rapidly changing world’
Thursday, 25 May: Regional Working Lunch in Glasgow – ‘How to invest in a rapidly changing world’
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