Hello. Sometimes I come to this with no idea what I am going to write about. Sometimes, that becomes the whole point. Sometimes, I ‘ll encounter something, anything, in the week and become convinced that’s what I’ll write about. The how will be a constant battle, but something will have to appear at the end.
I had one such reaction seeing that the Wurzels’ 1976 number one “I’ve got a Brand-New Combine Harvester” turned 50 years old.
I think, especially in the UK, the 70s was a weird decade that was both indicative of the times we were living in – but also nothing to do with it.
Perhaps that is saliently captured by the fact that, when asked why the song beat Rod Stewart and Dolly Parton to number one, the Wurzels’ manager replied: “It was a song that spoke to the everyman.”
The everyman of 1976 probably wasn’t a farmer trying to appeal to the object of his desire through loaning farming equipment she can use on her much superior amount of land, but because the everyperson needs their equivalent of frolicking.
I see a lineage of this in Clarkson’s Farm. I mean I hate the guy – I once had a very pleasurable dream in which I keyed his car – but I am not surprised the show is popular. Watching it is basically a bunch of folk in a circle going holding hands and singing “we love big machinery – it goes chug, chug, chug. Now let’s go to the overpriced pub, pub, pub.”
Anyway, I think IGBNCH was popular because it speaks to a particular type of silly that was popular at the time*. However, there is also something universal in the escapism of it, and it mirrored an aspirational desire that was quite prevalent at the time to escape whatever was the 1970s. A metaphorical aspiration to frolic in the expanse of a field from behind the wheel of a combine harvester, because the lights keep going out and you’ve run out of candles.
What came next was arguably too much frolicking – thank you Thatcher – but that’s an insight for another day.
I have said before that financial services needs to communicate better with consumers. Now, I am not saying the answer is to write the equivalent of a song about a farmer trying to appeal to the object of his desire through loaning farming equipment she can use on her much superior amount of land. But, as Rich points out below, there are a lot of policy decisions and economic conditions that parts of the industry could be well placed to cater for in meeting the financial needs of the public.
People want to retire, in the UK we are hard-wired to want to buy houses, and people want their kids to be alright despite it all. They want security and, by god, do they want to frolic – even just a little bit. Despite what the AI overlords might tell you, comms will need to speak to that. And, for the record, I am not sure Savvy the Squirrel is the one to lead us. Ain’t nothing frolicsome about squirrels. **
*see also Chas and Dave for a more urban iteration. Not sure I ever thought I’d write that.
**definitely never expected to write that.
The news:
LANG CAT & CLIENT MENTIONS
Advisers urged to prepare for wave of D2C clients
Rich in MM.
Source: Money Marketing
Andrew Tully: When constant tinkering undermines saving
Nucleus’ Andrew Tully has got policy tinkering in his sights.
Source: Money Marketing
Breaking the last-minute tax planning cycle
From Sophie Hall of Wealthtime.
Source: Professional Adviser
The ‘computer says no’ flaws in risk ratings
7IM co-chief investment officer Shanti Kelemen gives her thoughts on MPS.
Source: Citywire WM
Staff aren’t confident making decisions about workplace pensions
Some research from Cushon.
Source: Money Marketing
Revealed: FCA puts MPS in-house funds under the microscope
Alex Funk of PortfoltioMetrix a source in this one.
Source: Citywire NMA
Phoenix sells stake in Mobius to private equity firm Motive
Mobius says the investment will speed up its growth plans.
Source: Corporate Adviser
Morningstar: CGT, GIAs and the practical pressure on MPS growth
Steve Owen in MM.
Source: Money Marketing
intelliflo unveils agentic AI-powered advice platform
Some big news from intelliflo.
Source: Professional Adviser
ADVISERS
FCA asks advisers if they charge fees to deceased clients
A lively comment section on this one.
Source: Citywire NMA
Targeted Support could boost adviser client numbers
According to financial planning firm Continuum.
Source: Financial Planning Today
Advisers green-light reforms to pension transfer regulations
Fun fact, one of the first things I discovered about advisers joining the lang cat was how much they hated the traffic light system.
Source: FT Adviser
How should advisers respond to the change in transfer of wealth?
The CII reckons planners are underprepared.
Source: FT Adviser
The owners have had a big payday: What about the advisers?
A tale of two cities?
Source: Professional Adviser
PROTECTION
ProtectZ speakers call for simpler language after FCA market study
Source: Money Marketing
Majority haven’t considered financial impact of dementia diagnosis
According to research by Zurich.
Source: Money Marketing
INVESTING AND WEALTH MANAGERS
FCA takes action against Woodford for ‘potentially unlawful activities’
The ongoing saga.
Source: FT Adviser
Fixed income, football and Scotland at the World Cup
Scotland and bonds.
Source: Professional Adviser
MPS beats traditional ‘bread and butter’ multi-asset funds
According to research from Charles Stanley.
Source: Money Marketing
Downing Fox’s Evan-Cook: ‘We could see Woodford repeated on a market scale’
Active asset manager questions passive investing.
Source: Portfolio Adviser
REGULATION & POLICY
HMRC IHT late-filing penalties jump by a third
John Rawls loved that.
Source: Money Marketing
IHT on pensions: Advisers on a new way of working
A bit of insight on how the advice process is adjusting.
Source: Professional Adviser
FCA guidance suggests fake reviews could breach consumer duty
Uh huh.
Source: FT Adviser
Govt grilled on ‘serious confusion’ over cash-like investments in Isas
Updates due very soon. Definitely soon. Very soon.
Source: FT Adviser
Govt to reform transfer regulations and add Ssas scam protections
Source: FT Adviser
AI
AI adoption concentrated and acting as ‘accelerator’ not ‘decision-maker’ in asset management
According to Morningstar.
Source: Investment Week
‘I wouldn’t let AI near our suitability reports’ – planner Shaw
Some boundaries for AI use.
Source: Citywire NMA
AI is not a silver bullet’: Advisers warned against chasing the hype
Source: Money Marketing
TFAS launches adviser technology and AI support programme
Adviser and AI crossover episode.
Source: Money Marketing
‘I quit my £50,000 job because AI was making my brain rot’
A frightening read.
Source: The Times
PENSIONS & RETIREMENT
HMRC makes surprise change to guidance on VAT recovery on pension investments costs
Everyone loves surprises, especially from HMRC.
Source: Professional Pensions
Radical plan to hand under 40s state pension now
Gen X meltdown in 3, 2..
Source: Financial Planning Today
Employees ‘value free tea and coffee’ more than increased pension contributions
Who knew.
Source: FT Adviser
Government publishes consultation on DB surplus flexibilities
Pensions and Policy crossover episode.
Source: Professional Pensions
TRADE & ECONOMY
UK economy contracts as Iran war impact felt
By 0.1% in April.
Source: BBC News
CRAZY CAT STORIES
Leo the cat becomes Bracknell celebrity after daily shop visits – BBC News
Another week, another cat goes for its messages.
Source: BBC News
Sean McKinven is PR account executive at the lang cat
