Newsround returns. Not with a whimper with a bang. Or something like that, I’m sure from his banking desk that’s how T.S Eliot pictured things reversed. And it’s a bang because I am sure everyone was wandering around with nothing to read.
The Budget, gilts, crumpets. All those things we go around pretending we know what they are all about with varying degrees of confidence and convincing-ness. Is it a cake? Is it a bread of some sort? How the **** did anyone come up with that? What in god’s name are all the holes for? I mean, talk about a trypophobic’s nightmare.
An Autumn/Winter Budget carves out a load more speculation time for folk to pretend they ken what they’re talking about, for markets to get queasy, for consumers to do silly things under mild instruction from a finfluencer and bonds – they definitely do something amidst all that. Bonds and gilts are hot topics in this one, particularly seeing it is the three-year anniversary of the infamous mini-Budget, ‘member that. Some predictions, some ignore-the-predictions and a lot of don’t tax me, tax them; so as as I am led to believe, the usual.
So read all about it:
LANG CAT & CLIENT MENTIONS
Saturn upgrades AI meeting notes to help reduce compliance risk – FTAdviser
Saturn AI says its new Meeting Notes 2.0 has been developed to better recognise nuance in human interactions.
Source: FT Adviser
Cultural shift: Preparing for ISA simplification
Wealthtime’s MD talks how ISA changes may materialise this Budget.
Source: Professional Adviser
Industry pushes for greater liquidity and transparency with Private Markets Forum launch
Winterflood is a founding partner of the forum that hopes to aid the government’s growth agenda and the development of PISCES, ensuring “efficiency, transparency and robustness.”
Source: Investment Week
Andrew Tully: IHT on pensions roll-out continues to ‘defy logic’
He instead advocates for “using income tax or a one-off ‘death tax'”.
Source: Professional Adviser
Morningstar Wealth on the IFA Magazine podcast chatting retirement income and all that good stuff.
Source: Wealth DFM
People Moves: Ortec Finance names SJP’s John O’Driscoll to spearhead UK advice tech expansion
The Dutch fintech targets financial planners.
Source: Professional Adviser
PortfolioMetrix’s Starkey: My issue with wealth benchmarks
Rob Starkey speaks to Citywire about his thoughts on wealth benchmarks. Data lags, confusing equity risk bands and the lack of adequate ESG comparators are among the common gripes. Slightly unorthodox desk arrangement – but does it work because it looks like they’re having a conversation at work? Who knows, but this Celtic fan approves of the sublimation of Citywire’s usual blue for green.
Source: Citywire WM
Platform innovation: Terry Huddart on intelliflo’s Wealthlink
Oor Terry on the back office tie-up with SS&C Hubwise.
Source: Professional Adviser
FCA and HMRC pension tax-free cash cancellation stance ‘belies belief’
The FCA has issued a reminder to firms that no cancellation rights exist for pension commencement lump sums after HM Revenue & Customs (HMRC) highlighted potential tax charge issues in its latest newsletter.
Source: Professional Adviser
ADVISERS
Starting Out: How aspiring advisers can boost their work experience chances | Money Marketing
Amanda Newman-Smith talks to advice firms to get their thoughts on how advisers can boost internship prospects.
Source: Money Marketing
Gillian Wilson: Looking at long-term care differently | Money Marketing
It is doubtful that making it easier for some people to attach a granny flat to their house will fix the social care crisis. Definitely contentious that it isn’t anything to do with the state (see file Thatcher’s List of F-Ups We are Still Paying For), however planned you like your economies. But the core message of advisers anticipating clients’ needs is interesting and strong.
Source: Money Marketing
Training provider cautions ‘high’ exam costs posing barrier to young adviser talent
Speaking to Professional Adviser, Crescens (made me double take; an obscure biblical figure who accompanied Paul during his second Roman captivity is what I found. Comes from the Latin “growing” or “increasing” which, in all fairness, appears to be quite apt.) George CEO of Wiser Academy said the cost of exams, particularly Chartered Insurance Institute (CII) qualifications, continues to restrict accessibility and diversity.
Source: Professional Adviser
Phil Bray: Client reassurance matters more than Budget rumours | Money Marketing
Amid a long Budget season that will lead to hyperbolic rumors and questionable advice from unregulated sources, Phil sets out how advisers can approach reassuring clients to hold steadfast in their strategy.
Source: Money Marketing
PLATFORMS
Exclusive: Fundment builds platform for Rathbones-owned Vision
Fundment is building the offering for the network of around 140 appointed representatives.
Source: Citywire NMA
Network Flying Colours launches platform with Seccl
The network aims to support both its full service proposition and a new, lower-cost solution for clients with less than £150,000 in investable assets.
Source: Money Marketing
INVESTING AND WEALTH MANAGERS
WH Ireland sells wealth management division for £1m – FTAdviser
Oberon Capital is buying the division which, assuming the approval by WH Ireland shareholders, will see the two offices in Poole and Manchester with £850m AUM come under the control of the listed wealth manager.
Source: FT Adviser
How top hedge funds can pay traders $100mn
Some very cool, engaging and (stops to think of a diplomatic way of saying this) eyebrow-raising graphics used in this one.
Source: FT
Private markets need to work for savers as well as politicians, Royal London says
What a novelty.
Source: Citywire NMA
Deep Dive: Bond market has become ‘a critical counterweight to fiscal exuberance’
An interesting look into what the past and present whims of the gilt market tell us about the current debt environment.
Source: Investment Week
Pimco bets on fall in UK inflation to open door to deeper rate cuts
Bold.
Source: FT
HSBC claims quantum trading breakthrough
While the results from the HSBC and IBM team are only theoretical and based on historic data, the findings suggest quantum computing could have a significant impact on trading in over-the-counter markets without a centralised broker.
Source: FT
Retail investor demand for crypto grows as FCA set to lift ETP ban
According to WisdomTree, 40% of investors would be more likely invest in crypto if the opportunity was offered in their auld hole in the wall, adviser or platform of choice. I am sure there’ll be thoughts, perhaps even quibbles and a smattering of objections.
Source: Professional Adviser
REGULATION & POLICY
Rachel Vahey: Lifetime Isa reform is long overdue | Money Marketing
AJ Bell’s head of public policy restarts the debate surround Lifetime Isa reform. Although research shows most people who have used it have liked it, Vahey suggests the exit fee is too harsh and the dual-purpose contradictory.
Source: Money Marketing
Tech-positive approach ‘hallmark’ of the FCA – FTAdviser
“Open Finance will rely on more seamless data sharing which could help consumers by unlocking product innovation, supporting consumer financial inclusion, offering more choice and better information,” said Jessica Rusu, chief data, information and intelligence officer at the regulator.
Source: FT Adviser
Phil Young: Advisers just don’t care about targeted support
Phil Young wonders if advisers will remain sanguine as targeted support develops.
Source: Citywire NMA
‘Difficult but necessary’: govt responds to petition to stop IHT on pensions – FTAdviser
The Rawles Reform (as I now call them) shows no sign of abating.
Source: FT Adviser
AI
New AI tool for high net-worth wealth advisers for global clients – FTAdviser
The tool aims to automate administrative tasks such as onboarding, billing, month-end reconciliations and tax processing. It also hopes to assuage reticence stemming from fears about data security by becoming ISO 42001 certified, which meets global standards for cybersecurity, transparency and anti-bias.
Source: FT Adviser
Digital adviser ‘Aida’ passes CII diploma in financial advice – FTAdviser
Aida, founded by Helena Wardle at Money Means (also a High Inquisitor at Catwalks past), passed the CII diploma in financial advice after outperforming adviser averages and Chat GPT.
Source: FT Adviser
PENSIONS & RETIREMENT
Britons are taking their lump sum despite having no plans for it – FTAdviser
Research by Aegon reveals many are taking out their lump sum to languish uninvested. Aegon reckons this may highlight those engaging with their pension and financial services provider are more likely to have sought some kind of advice. Maybe an opportunity for targeted support.
Source: FT Adviser
IHT advice demand to surge as advisers rethink decumulation strategies
Inheritance tax on pensions will have a two-fold effect of fuelling demand for advice and forcing advisers to entirely rethink their approach to decumulation, according to BNY Mellon Investment Management’s Richard Parkin.
Source: Professional Adviser
TRADE & ECONOMY
US collects $1.36bn in tariffs on British goods
The amount is six times more than the previous year and suggests UK manufacturers are being squeezed hard by the effects of President Trump’s duties.
Source: The Times
Richard Buxton: The case for a 2% income tax rise
An interesting assessment. I think Rangers may win a league game before Reeves touches income tax.
Source: Citywire WM
Bosses demand Reeves launch income tax raid
“Please don’t tax us. Tax them instead.”
Source: The Telegraph
CRAZY CAT STORIES
Woking cat honoured after helping owner ‘through grief’ of loss – BBC News
A nice story in this dark world.
Source: BBC News
Theatre loving cat from Powys wins UK’s Cat of the Year award – BBC News
A ginger cat famous locally for his travel exploits has been named the UK’s cat of the year in a nationwide competition.
Source: BBC News
OUTSIDE THE TRADE
Scotland would be a first Russian target, experts warn | The Herald
There were more comforting headlines I read on the Monday back from being on holiday.
Source: The Herald
I saw there were folk considering where to eat in Glasga after HomeGame. Not sure the infamous “TikTok bandits, machete threats and dismal doner meat” filled institution, which people seem to think is closed (but actually isn’t) will be top of the list. A place that boasted a 1.8 TripAdvisor score and such reviews as, “Came for the shits and giggles. Got both.” Passed by it many times and weans being chased and polis outside were not unusual sights.
Source: The Bell
Another in a long line of wonderful columns by Tim Harford meditating on whether we are using the right maths in our economics. Includes a timely, albeit surprising, anecdote about his former university tutorial partner Liz Truss.
Source: FT; Wealth DFM
Job ads analysis finds less flexibility than in post-pandemic period as employers ‘push for more face-to-face time’.
Source: The Guardian
Muirhouse shopkeeper brandishing baseball bat is ‘sick’ of thieves
He really showed those empty boxes of crisps.
Source: The Edinburgh Minute
Sean McKinven is PR account executive at the lang cat
