Artificial intelligence. Is there a bubble? Yes, who knows, certainly, aye but…who cares?
We had a brief respite over the summer where financial services got a bit sick of AI and there was an unofficial pact not to talk about it for a couple weeks. Hell is other people saying the same things about AI over and over again, or something like that.
But AI is back and probably not going away.
There’s also some quick out the traps Budget speculation, lucky you. It’s like that first mince pie in December: less thoughts about the final self-loathing box of January discount ones, where you’re just sick of them but for some reason you persist through with just enough brandy cream that has to be used up, the better.
Anyway, the news:
LANG CAT & CLIENT MENTIONS
Mike Barrett: The importance of humanising customer support | Money Marketing
Mike in MM writing about the importance of humanity in customer service.
Source: Money Marketing
Recruitment and staffing issues keeping advice business owners awake at night
Stats from SOTAN the main focus in this one.
Source: Professional Adviser
Supply-side problems and the cost of providing retirement advice
The Advice Gap earns a mention here.
Source: FT Adviser
Why Monzo froze investments for two weeks during replatforming
Polson with some diplomatic Monzo meditations.
Source: Citywire NMA
Aberdeen, intelliflo and ZeroKey team up on adviser tech
Building on the recently launched intelliflo/ZeroKey tie-up, the collaboration will enable automated data exchange between intelliflo and Aberdeen Wrap
Source: Money Marketing
Scottish Widows Platform partners with Origo
Origo has entered a live beta stage of the new Origo Asset Migration service.
Source: Money Marketing
Are platform model debates becoming too self-serving?
Third Financial managing director Chris Williams ponders platforms.
Source: Professional Adviser
Private markets education ‘paramount’ for retail investors | Portfolio Adviser
Morningstar analyst Dan Haydon says education in semi-liquid investing is going to be vital.
Source: Portfolio Adviser
ADVISERS
How stripping out advice fees has changed SJP’s fund performance
St James’s Place has long argued its ‘all-in’ fee meant comparisons between the performance of its funds and those of rivals were unfair. Citywire looks at whether anything’s changed.
Source: Citywire WM
INVESTING AND WEALTH MANAGERS
‘Bowie bonds’ go mainstream as Wall Street chases returns
Investors including Blackstone, Carlyle and Michigan’s state pension fund have raised at least $4.4bn of debt backed by songs this year, a record amount that brings once-niche “Bowie bonds” into the mainstream as Wall Street hunts for yield.
Source: FT
Exclusive: BlackRock gears up to list bitcoin ETF in UK
From 8 October, retail investors will once again be allowed to buy these products in the UK, putting the country in line with other major European markets.
Source: Citywire WM
Tom Browne sits down with Antonia Medlicott who does a lot of financial education over social media.
Source: Money Marketing
Hargreaves Lansdown opens up access to private markets through pensions
UK’s largest ‘DIY’ investment site will offer exposure to unlisted assets for as little as £10,000. FT Adviser hears the mixed thoughts of advisers.
Source: FT; FT Adviser
REGULATION & POLICY
Tax penalty facing pension fraud victims is ‘huge injustice’ – FTAdviser
HM Revenue & Customs has remained ‘resolute’ in its pursuit of tax penalties that will end up being paid out from compensation awarded to pension fraud victims.
Source: FT Adviser
‘Fundamentally’ different advice profession risks reputational damage from football scandal
When stories of alleged advice failings make their way into the public consciousness, they risk being “really damaging” to the reputation of trained advisers who are meeting regulatory standards, professional body representatives have said.
Source: Professional Adviser
Outraged Scottish farmer says IHT will ‘kill’ UK’s farming industry – FTAdviser
More outrage than is usually expected from Ayrshire farmers apparently.
Source: FT Adviser
FCA cuts data reporting to ease burden for 11,000 firms
The FCA has proposed further reductions to data reporting requirements, aiming to ease the regulatory burden for around 11,000 retail intermediary firms.
Source: Money Marketing
AI
Faith in God-like large language models is waning
The Economist looks into whether companies might prefer SLMs in the future to LLMs ’cause they’re cheaper and adequate for specific agentic services. “As one venture-capital grandee puts it, you may need a Boeing 777 to fly from San Francisco to Beijing, but not from San Francisco to Los Angeles.”
Source: The Economist
FCA not planning to introduce ‘extra’ AI regulations
Someone could say it’s the teeniest bit contradictory to say both that it’s a fast moving and evolutionary technology and any rules that currently exist will definitely be able to mitigate any further innovation.
Source: Investment Week
What if the AI stockmarket blows up?
The Economist wonders if an AI bubble burst is worth worrying about and who should be worrying about it. Dougald Lamont goes Hell Yeah. All of us and reckons the US is allegedly in the “fourth superbubble [I rolled my eyes too] of the last hundred years.”
Source: The Economist; Dougald Lamont Substack
PENSIONS & RETIREMENT
Chancellor risks ‘Omnishambles’ Budget if she raids pension tax relief, says LCP | Money Marketing
More concerns about Reeves going for pensions.
Source: Money Marketing
Pensions minister: A better system will restore faith in society – FTAdviser
Torsten Bell addressing delegates at the inaugural Social Market Foundation’s Pension Conference in Westminster last week.
Source: FT Adviser
Could dashboards be the answer to Millennial pension apathy?
Dashboards could be a catalyst for pensions engagement and interest among millennials, if they can evolve to meet their full potential, writes Paul Muir
Source: Professional Adviser
The industry must address an upcoming crisis of renting in retirement – FTAdviser
A look at the struggles of renting in retirement.
Source: FT Adviser
ECONOMY
Rachel Vahey: Five (other) possible Budget announcements
It has begun, the speculation only about the fiscal event but 10ish weeks away.
Source: Professional Adviser
Keir Starmer tightens grip on UK economic policy with powerful ‘Budget board’
Sir Keir Starmer has tightened his grip on economic policy with the creation of a powerful ‘Budget board’ linking top ministers and officials from Number 10 and the Treasury, with a remit to boost growth and avoid another bust-up with business.
Source: FT
UK economy flatlines in July in grim news for Rachel Reeves | Economic growth (GDP) | The Guardian
Yikes.
Source: The Guardian
CRAZY CAT STORIES
Lincoln cat travels over 30 miles to Nottingham pub – twice – BBC News
Wee man isn’t kitten around.
Source: BBC News
OUTSIDE THE TRADE
Is the decline of reading making politics dumber?
“YouGov, a pollster, found that 40% of Britons had not read or listened to any books in 2024.”
Source: The Economist
Who exactly ruins local pubs? – by Isaac Rangaswami
A fascinating look into pubs, gentrification and feeling resentful of TikTok discovering your favorite pub. Do you know we can blame Thatcher for some of this as well? She thought breweries owning pubs and supplying a wide variety of their own beers was something straight out a Bolshevik’s playbook. Much better that PE backed chain bars that all look the same proliferate up and down the country and supply 15 variations of lager.
Source: Isaac Rangaswami Substack
Which lobbyists have MPs in the family? | PR Week UK
The number of lobbyists related to MPs has increased 18% from last year, reports PR Week.
Source: PR Week
Sean McKinven is PR account executive at the lang cat
