Hello, it’s that time of the week.
So The Economist asked last week: America’s bankers are riding high. Why are they so worried? Well, last Friday exposed some weakness in American regional banks that has hit stock markets and banks internationally – it’ll be interesting to see what materialises in terms of Trump’s game of trade chicken with China.
Anyway, this edition’s treats include Celtic’s ex-shareholders, inflatable frogs fighting fascism, people’s thoughts on the future of ESG, lots on pensions and possibly the $35trn end of the world as we know it.
To the news:
LANG CAT & CLIENT MENTIONS
PE firm says some advice firms regret launching in-house platforms
Advisers’ platform regrets, with some insights from Ben on the matter.
Source: Citywire NMA
Why now is the time to take back control of your client data
Clifton COO Carley Shute discusses the benefits of having data operations in-house in the era of Consumer Duty.
Source: Money Marketing
Ben Lester: The potential in servicing US clients
Morningstar Wealth’s head of distribution talks untapped adviser markets in US nationals living in the UK.
Source: Money Marketing
Juan de Palacios: A blueprint for the next generation of platforms – Wealthwise
A view from Allfunds on the lessons for UK platforms from the European market, from more of a compliance angle.
Source: Wealthwise
Nucleus’ Third Financial extends Titan Wealth deal to launch adviser as a platform service
Advised platform Third Financial has extended its partnership with Titan to provide an adviser as a platform solution to its wealth planning division.
Source: Professional Adviser
ADVISERS
From youth mentor to advice: Mark Singh’s journey to financial advice and empowerment
Seems like an interesting guy and positive for the profession to have people with a plethora of life experiences operating within it.
Source: Professional Adviser
INVESTING & WEALTH MANAGERS
Lindsell Train UK Equity the big victim in Evelyn MPS rebalance
Sat there looking at this headline, wondering what is making it so familiar beyond the normal. Then realised Lindsell Train until recently were Celtic’s second largest shareholders.
Source: Citywire WM; The Celtic Star
In search of a new identity: Is ESG investment a cooling market?
What’s the way forward for sustainable investing?
Source: Professional Adviser
REGULATION & POLICY
Revolut’s full UK banking licence held up by concerns over global risk controls
Revolut’s full UK banking licence is being held up by regulators’ concerns over whether its risk controls can keep pace with the rapid growth of its overseas operations.
Source: FT
FCA omitting protection from targeted support ‘feels wrong’ – FTAdviser
Protection Distribution Group member Roy McLoughlin, although passionate about targeted support, feels it is a mistake to overlook protection as part of the proposals. Another member of the protection industry said the regulator rarely considers protection as a priority, the FCA goes “aye, what he said.”
Source: FT Adviser
PENSIONS & RETIREMENT
Germany to allow retirees to earn €2,000 a month tax-free
If they continue to work past retirement age, or in other words, not fully retire.
Source: FT
Rachel Reeves to launch ‘Sterling 20’ pension scheme group
Will include local government pension funds.
Source: Professional Pensions
State pension age review will consider ‘automatic adjustment mechanism’ – FTAdviser
Raising state pension age will not be part of it but considered thought to go into addressing issues surrounding “intergenerational fairness.”
Source: FT Adviser
Why there could be just four ‘retirement income champions’
And here’s me having just stuck on a coupon with Ladbrokes for five.
Source: Professional Adviser
AI
Is there a future for AI in mental health solutions? – FTAdviser
Paul Murray, life & health re chief executive for Swiss Re, wonders what “responsible” AI in mental health might look like. Spoiler alert, it’s guardrails.
Source: FT Adviser
L&G partners with Microsoft on AI service platform
“AI-powered customer service platform aimed at improving interactions for both customers and employees.” Does that mean minimising contact between customers angry about their money and confused customer service staff?
Source: Money Marketing
TRADE & ECONOMY
Rachel Reeves to confirm changes to ‘outdated’ planning system | Planning policy | The Guardian
Ministers are making it easier to build windfarms, reservoirs and large housing developments as part of a series of changes to the government’s planning and infrastructure bill designed to bolster the confidence of developers.Reeves hopes to get it through swiftly as she is hopeful that the OBR may be able to factor in a further £3bn of breathing room.
Source: The Guardian
Chancellor reconsidering Cash ISA reforms in Budget
Here we go again. Reportedly, and I mean REPORTEDLY, it is getting halved from the current £20,000 limit to £10,000.
Source: Investment Week
UK GDP edges up 0.1% in August ahead of key Budget | Money Marketing
It’s not a total nightmare.
Source: Money Marketing
No need for a moral panic about the welfare system
“There is nothing wrong with politicians suggesting a radically less generous welfare state, but the moralising should stop,” writes Chris Giles. ” There is precious little truth in a picture of Britain as a country where hordes of shirkers collect benefits from the rest of us. Costs are not spiralling. Projected total welfare payments, at around 11 per cent of national income a year, are lower than when David Cameron was prime minister even though there are more pensioners.”
Source: FT
Gita Gopinath on the crash that could torch $35trn of wealth
Not to worry anybody or anything–
Source: The Economist
No one tell AJ Bell.
Source: The Guardian
UK forecast to be second-fastest growing economy in G7 – IMF – BBC News
Reeves will at least be somewhat happy to hear this – even if it is modest. Less rosy is the inflation picture.
Source: BBC News
Central banks stoked the dotcom bubble. They’re doing it again for AI
Questor considers the central bank’s role during the dotcom bubble and what it can tell us about AI.
Source: The Telegraph
CRAZY CAT STORIES
The island of cats has a cat problem. Change might be on the way
Anyone considered that maybe it’s a human problem?
Source: The Independent
OUTSIDE THE TRADE
Will inflatable frogs defeat fascism? – by J. P. Hill
Not sure, I hope so I guess.
Source: J.P Hill Substack
What a headline.
Source: The Guardian
Sean McKinven is PR account executive at the lang cat
