Industry news and views from Panacea and our partners.
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Mifid 2 and financial services marketing
What do you see as the impact of MIFID 2 on marketing practices and processes, especially in relation to marketing service agreements in 2018. Thoughts and perspectives on your expectations of providers or indeed any provider perspectives would be welcome.
Brexit conspiracy theory, they thought it was all over. It is now.
Winston Churchill said, The best argument against democracy is a five-minute conversation with the average voter. I have been reading a very interesting book by Sunday Times journalist Michael Hume called 'Revolting. It is a tome exploring in some detail how the establishment elites are or might be seen to be undermining democracy.
Politicians and Pyrrhic victories
As the dust settles on the political mess that surrounds us, I, like you no doubt, have been reflecting on what learnings (that wonderful word that those who should be responsible trot out when they have messed up) have been coming out, a little before Thursday and now in the swirling dust cloud of verbal spin, catch phrases, excuses, retributions, pollsters and egos.
Adviser Champions
Advisers need to embrace technological change - and they need to do so in "so many areas" - says Panacea Adviser's founder and CEO Derek Bradley in this latest Adviser Champions video interview.
Marx and spenders
I tend to have a rather cynical view of politicians, formed with some up close and personal encounters with a number of high profile ones over the years.
How much has the shiny new logo cost this time?
In 2013, a Panacea FOI request exposed the rebrand cost for the FSAs change to the FCA. It was £1,061,423 including VAT.
We had to destroy Ben Tre in order to save it
For those not old enough to know too much about the U.S. involvement in the 1960s Vietnam war, and some of the madness surrounding it, this quote has gone down in history as an example of the some of the insanity that was Vietnam. As with many examples of madness in what should be a sane world, this quote, which I was reminded of recently, is well worth considering alongside Callum McCarthys 6 pillars of wisdom speech at Gleneagles in September 2006.
Weve got to start thinking beyond our guns- those days are closing fast
When contemplating the future of the financial advice industry, I cant help but be reminded of the late sixties movie The Wild Bunch. Set in 1913 Texas, the film follows an ageing gang of outlaws looking for one final score as the traditional American West disappears around them.
Happy 10th Birthday Panacea Adviser
In February 2017 Panacea Adviser celebrates its 10th birthday and what a ride it has been, from humble beginnings to over 25,000 individuals today that influences control over half of all assets under management in the UK advisory space!
Compliance and the Stupidity Paradox
Compliance is an important part of the whole world of financial services and indeed many other worlds of business and governments.
What you have become is the price you paid to get what you used to want
I have borrowed for inspiration from a quote from Mignon McLaughlin who wrote The Neurotic's Notebook 1960 as I think it sums up very well where we are in the UK right now both in a society sense and a financial services sense.
Save our NHS, but how?
I had a very interesting discussion over the weekend with a Labour party activist, campaigning under a specially erected party tent in the centre of my hometown, Wokingham.
IFAs and the Gig economy
A recent UBER court ruling has really put the cat amongst the pigeons regarding the status of self-employment within the workforce.
9 out of 10 advisers prefer to employ a paraplanner rather than outsource. Why is this?
Following a recent poll on our website, almost 9 out of 10 advisers we surveyed said they prefer to employ a full-time paraplanner. We are looking to speak to a couple of advisers who could help us establish the following.
Brexit, Trump. Pragmatism next?
Certain sections of the metropolitan elite are still in denial about Brexit and our virus is about to hit the USA. A reversal of the theory that when America sneezes, we get the flu.
FSCS levy and some blue sky thinking.
We hear that the new chief executive, Andrew Bailey, has confirmed the introduction of a product levy will be considered as part of the regulator's upcoming consultation on the funding of the Financial Services Compensation Scheme.
FSCS and the release of data, your data
Advisers may be concerned to know about the continued, contentious handling of personal data by the FSCS where claims are received. In particular where the adviser has retired and the firm in question was NOT in default of the scheme some 20 years later.
A banking morality tale
Wells Fargo Fined $185 Million for Fraudulently Opening Accounts. The following first appeared in the New York Times last month and showed that old banking habits die hard. In fact the scandal was been so great that the US Senate, House Financial Services Committee decided to intervene.
I met her in a club down in old Soho.
With the summer now well and truly over, some startling news emerged that women having NHS funded sex changes are also being given NHS fertility treatment so they can have babies after they become men.
Boring is as boring does
I recently had through my door a local magazine, you know, the type that has all sorts of information in a glossy A4 format about local stuff and people that these days the internet is the go to to find out about.
Tattoos and the workplace
Now I do understand that as the generations roll on, standards and expectations in business do not always meet with what would have been deemed acceptable in my younger days, but after my recent meeting with my new business banking relationship manager, something appeared very wrong in the world of banking and possibly elsewhere.
Regulation, will we ever get it right?
Regulation should not be pursued at any cost and in such a way, applied like a tattoo only to be regretted when the effect of the alcoholic induced stupor that fuelled its creation has gone away. The NHS is an example of regulation on acid.
Brexit, What next for MiFID?
The Markets in Financial Instruments Directive (MIFID) was an EU regulation initiative that aimed for harmonisation of financial services regulation in Europes 31 member states.
Its much more complicated than that
Despite last minute attempts by Germany to woo a UK stay vote with some very tempting offers
The fat lady sings
Well the day has arrived and the nations fate now lies in the penciled hands of the trusted British voter.
What is the point of fines on corporate bodies
Some time for some focus and an application of common sense and fair play? Second World War veteran Major James Fyfe, who signed up aged 17 and fought at Dunkirk, fell of a trolley at Royal Berkshire Hospital and broke his neck in March 2011.
Longstop matters, dual standards and South Thanet
The campaign to see that longstop protection should be re-instated for financial advisers seems to have been kicked into the long grass once again, this time by way of the actions and resolve of the FAMR and the FCA.
The chiefs remain in Edinburgh and London but the people are gone
Please forgive me for seeing similarities between the latest post A day adviser number fallout and the Highland Clearances. For those who do not have a knowledge of the clearances, they were forced displacements of the population of the Scottish Highlands during the 18th and 19th centuries that led to mass emigration to the Scottish Lowlands, coast and the North American colonies.
When will Barclays rebrand to Martins Bank
We hear that RBS is to rebrand some 300 of its branches as Williams & Glyn. It is a funny thing with banks, with names changing to reflect the challenges, successes and failures.
The Donalds Got Yer Troosers
I was in Florida in late January and early February this year, viewing with a certain fresh air of incredulity, the first of the caucuses and primaries in what has proved to be a very unpleasant opening act for the November US presidential elections.
Treasury banks on UK numeracy levels to win the Brexit vote
Algebra was never my strong point at school. I have just about managed to lift my jaw from the floor after attempting to understand and draw succour from the impressive equation issued by George Osbornes HM Treasury analysis: the long term economic impact of EU membership and the alternatives.
Nationalise financial services?
We hear that The Competition and Markets Authority (CMA) has announced that energy suppliers will soon be forced to open up their consumer databases to allow competitor firms to offer those on standard variable rate tariffs better deals.
Money laundering, mythical beasts, oligarchs and data dumps
The Chupacabra is a native creature of Panama. The name comes from the animal's reported penchant of attacking, killing and drinking the blood of goats.
Yadda Yadda Yadda
A great article in Investment Week noted that The Financial Conduct Authority (FCA) has said it is ready to intervene on the use of language confusing to consumers, if the industry does not develop a credible solution.
Your site, your choice
When Panacea Adviser (Panacea) was launched in 2007, the project ethos was to create a site that you could use easily, quickly, with useful, timely and relevant information from a whole array of financial services provider and support firms made available all in one trusted time-saving place.
Who is actually responsible for the RDR mass-market advice mess?
It was Sir Callum McCarthy's infamous Gleneagles speech in September 2006 which laid the groundwork for the overhaul of the UK financial services retail distribution business model, something now referred to as the RDR.
Best of 2015
These are 20 of our most read Panacea and partner firm stories from Panacea Adviser from 2015 and well worth another look in this most special of post Christmas, pre New Year 'downtime'. What all 2016 bring?
Quicksand in the sandbox
At a recent Wealth Management conference, FCA chairman John Griffith Jones, observed that the acting FCA ceo, Tracey McDermott , is concerned that regulated businesses are spending too much time on dealing with regulation rather than taking care of the business.
The computer says .NO.
Because on the 18th November the Barclays reputation took another battering when New York Department of Financial Services regulator (NYDFS) levied an extra $150m fine on them because of the way they treated their foreign exchange customers. That took the overall Barclays Foreign Exchange NYDFS fine total to $635m. A level of fine the HM Treasury must salivate over.
FSCS funding, the third way
The Tory party conference can always be relied upon to deliver some interesting sound bites.