Hello.
I watched the first episode of Industry season four recently. It’s an interesting TV show for me in many respects. When I watched the first two seasons when they came out, I appeared to be the only person in the world that had seen it.
Admittedly, the first season came out when I was in Aberdeen during Covid which is a poor barometer for the rest of the world and the second season was in post-covid Aberdeen which is still a poor barometer; otherwise we would all be eating rowies (and English readers wouldn’t have to look up “what’s a rowie?” “What’s a rowie Aberdeen” “Is it a croissant or a pancake?” “What do you mean it’s both?”).
However, in the lead up to this season my TikTok has been full of floating heads trying rank the characters by sheer awfulness. The conclusion: everyone in investment bank TV is evil, but some are eviler than others – a far cry away from the reality, I am sure.
Another interesting aspect is I am now watching it as someone who works in financial services. Not that our side is anything like that, but it is interesting actually having a little bit more clue what the characters are talking about. My dad is a couple episodes in (though doesn’t reckon it’s for him) and remarked about how he’d seen a show recently where John Hamm is a hedge fund manager who gets fired and becomes a bank robber or something, i.e. a late middle-aged person who has their anchor identity challenged and negotiates that existential calamity.
He pointed out that Industry was largely about younger people trying to stamp out identities and the stupid and flawed ways they try to achieve this, as well as teasing out the stupid and flawed motivations for it. While almost all the characters chase ambition and renumeration without meaning, often looking for inadequate forms of validation, parts of our world could be more easily sold as opportunity driven – the ability to work with people towards goals, working within a collective group, running a business, a chance to grow something etc. Just some thoughts what with our focus on New Blood.
The News:
LANG CAT & CLIENT MENTIONS
Pension dashboard is a prize worth waiting for – FTAdviser
Anthony Rafferty from Origo on the case for the pensions dashboard.
Source: FT Adviser
Financial planning career appeals to only 21% of young people
Based on research we’ve carried out with Morningstar Wealth.
Source: Professional Adviser
7IM SIPP passes £7bn milestone as demand for flexible pensions grows | Money Marketing
7IM’s SIPP assets have surpassed £7bn as demand for flexible retirement solutions continues to rise.
Source: Money Marketing
ADVISERS
HENRYs at risk of missing out on HERO status
Advisers concerned that high earners lack clear wealth strategies.
Source: Professional Adviser
‘We get daily attacks:’ How advice firms are stepping up cybersecurity
“We get our website attacked on a daily basis,” says Celtic Financial Planning director Robert Lewis.
Source: Citywire NMA
IFS proposes alternative to ‘complex and costly’ disability trusts – FTAdviser
They suggest making it closer to the Australian system.
Source: FT Adviser
PROTECTION
Why are protection firms exiting the market? – FTAdviser
The number of life insurance firms exiting the UK market “generates a larger shadow than is fully justified”, according to iPipeline product strategy director Paul Yates.
Source: FT Adviser
PLATFORMS
Transact cuts platform costs in updated pricing approach
From April, Transact is extending family linking to siblings, partners of siblings and nieces and nephews.
Source: Professional Adviser
INVESTING & WEALTH MANAGERS
Is the major investment disaster the potential hit to his future returns?
Source: Daily Mail
21% of UK adults have no financial aspirations for the year ahead
According to SJP.
Source: Money Marketing
Pessimism is the world’s main economic problem
Conspiracy against the human race.
Source: The Economist
Apollo targets UK DC pensions market with L&G hire
Investing and wealth managers/pensions and retirement crossover episode.
Source: Citywire WM
Gillian Hepburn: Back to the Future of model portfolios | Money Marketing
A look back into the history and towards the future of MPS.
Source: Money Marketing
Industry sounds new alarm bell over Reeves’s ISA reforms | Money News | Sky News
Suspicion that cutting the cash ISA limit will achieve nothing. The government’s response: you’re wrong.
Source: Sky News
Trust registrations surge to 835,000 as IHT pressures intensify | Money Marketing
Some 121,000 new registrations were recorded in 2024/25 as families and advisers attempt to mitigate IHT liabilities.
Source: Money Marketing
REGULATION & POLICY
TISA urges FCA to rethink targeted support fees and levies proposals
TISA warns the FCA’s proposals could disincentivise firms from providing targeted support, having unintended consequences for the rollout.
Source: Professional Adviser
AI
Advice Guru launches AI business planning tool – Money Age
‘Guru’ brings to mind someone who sits atop Mount AUM using the mystical forces to weave cashflow modelling.
Source: Money Age
PENSIONS & RETIREMENT
Two-thirds of young people back WASPI compensation – IFA Magazine
With MPs returning to Westminster last week, new data released by WASPI campaigners reveals overwhelming support from 18-34 year-olds for compensating the 3.6 million women affected by State Pension age changes.
Source: IFA Magazine
Providers to contact tens of thousands over lost pension age transfers
Since November 2021, tens of thousands of people who transferred their pension and had a protected pension at age 55 are believed to have accidentally lost the benefit. Something something money falling behind a sofa.
Source: Citywire NMA
Lords warn pension schemes bill could ‘distort markets’ before becoming law – FTAdviser
Concerns that pension providers are already being swayed by the draft pension schemes bill were raised in the House of Lords last week.
Source: FT Adviser
PensionBee urges action to close gap between retirement expectations and reality – FTAdviser
Calls to make people more aware of the reality of whether they can retire or not. I’m guessing it won’t be fun to find out after putting a downpayment on the place in Santa Ponsa.
Source: FT Adviser
TRADE & ECONOMY
We all lose when earning £100k doesn’t pay
The Times headline of the week to get the middle classes going “yes, you’re right, I am the victim”.
Source: The Times
Oil price soars as Trump threatens 25% tariffs on Iran’s trading partners
You wouldn’t think there’d be potential legal trouble around Trump’s tariffs.
Source: Investment Week
Does it still pay to be a landlord? – Investors’ Chronicle
Hope not.
Source: Investors’ Chronicle
Some good numbers for a change.
Source: The Guardian
US Fed Chair Jerome Powell under criminal investigation – BBC News
Here’s an LSE blog on why this may be worse than you think.
Source: BBC News; LSE
Uncovered: Secret room beneath Chinese embassy that poses threat to City
It’s seemingly quite close to fibre cables used in the city. “China won’t say what the basement is for. It could be legitimate classified communications equipment – but that can hide a multitude of sins,” according to Professor Alan Woodward, a security expert at the University of Surrey.
Source: The Telegraph
CRAZY CAT STORIES
He looks very amusing in his little hat.
Source: VGT TV
OUTSIDE THE TRADE
How many firefighters does it take to rescue a swan from ice? – BBC News
21 Apparently.
Source: BBC News
I spent £720 on ‘VIP’ tickets to Elvis Evolution experience – it was diabolical
Alina Khan, formerly of FT Adviser, pens this one. My dad, a big Elvis fan, was once kicked out of an Elvis conference at Marco’s, or wasn’t thrown out but “beat a diplomatic retreat when they announced it was going on for another hour.”
Source: The i
Based on a report from the Reuters Institute for the Study of Journalism, which included the views of 280 media leaders from 51 countries. It found media executives around the world fear search engine referrals will fall by 43% over three years.
Source: The Guardian
Fair enough for giving it a go – but London Black is a thoroughly underwhelming pint.
Source: The Guardian
Sean McKinven is PR account executive at the lang cat
