Industry news and views from Panacea and our partners.
Panacea Comment_
Simplified advice or guidance? Its not what you say, its about who is responsible.
The Oxford dictionary define advice as a noun meaning guidance or recommendations offered with regard to prudent action.
Summer madness, Kipper und Wipper, stock market crashes?
Seemingly every summer, around August, when all the City pin stripped great and the good are sunning themselves, the smaller boys are given free reign to express themselves with some unrestrained, energetic, dangerous play.
RDR learnings
At the beginning of August, the You could not make it up season got well underway with HM Treasury and the FCA launching a review to examine how to plug the advice gap (their own regulatory actions had caused). Well, they missed that last bit out in the announcement.
Not a 7 from Len, are you getting value for your FCA fees?
Regulatory fee demands are, from an advisory firms perspective, never welcome, they do not even have a Marmite element about them.
Paralysed by Gunfire, but Denied Care
Having recently returned from a holiday in the US, I thought that IFAs would be interested in reading about this very sad case written, reported on by reported on by RONI CARYN RABIN on JULY 20, 2015 10:31 AM
Panacea Adviser: Find a Paraplanner
We are delighted to welcome Prestige Paraplanning to our Paraplanner Directory. If you are looking for an outsourced Paraplanner this is an excellent place to visit.
Marketing madness and at what a cost
The marketing of financial services products via television, online and radio must be one of the very best examples of regulation gone mad that one could find.
Panacea Adviser Virtual Paraplanner Awards 2015
Panacea Adviser launched its dedicated Paraplanner website in 2013 as Paraplanners are now seen as an important cog in the product (advice) decision-making process.
Heathrow, a third runway or a third way
We hear that the airports commission has, after 3 years and £20m, recommended a third runway for Heathrow.
banks, will they ever learn?
In the Fools & Horses 1981 Christmas episode Del observes Ive heard your line of patter my son. If they dont know Adam Ants birthday or the Chelsea result its goodnight Vienna, innit?
Were in the money, are you paid enough?
You may have seen that BWD have recently released their Salary and Benefit Census and I am delighted to offer you a complimentary personal copy of the 2014/2015 report to download.
Coulda, woulda, shoulda? At last an Ombudsman refuses to apply rules retrospectively
A breath of fresh summer air blew through the world of Ombudsmanning when the Pension ombudsman Tony King recently made a ruling in relation to a pension liberation claim where a transfer was requested one month before the Pensions Regulator issued guidance to providers about such cases.
FSCS levy. We're captive on the carousel of time
Mark Neale the boss of the FSCS is looking for advisers to come up with a cunning plan to better fund the behemoth. A particularly timely comment given that life and pension advisers are being levied for some £100m for the 2015/16 year, up 75% on a prediction some 3 months before and some 3 times the amount levied on them for the previous year.
Pension freedoms. Doing something stupid not knowing it is really stupid
I read with some interest and considerable concern the awful story of a unicyclist in Hoe Street, London E17 who collided with and got trapped under a route 210 London Bus. What followed was a fantastic example of people power from some 50 or so people who tried and succeeded to lift the bus of the trapped man allowing him to be taken to hospital, in a very serious condition.
If you aint cheating, you aint trying
So Barclays has been hit with the biggest UK bank fine in history. Although top of the league, they join another six banks who between them have been fined some $6bn for a stitch up of the foreign exchange markets.
Is vulnerable the most inappropiate and overused word in UK today?
Christopher Woolard, director of strategy and competition at the FCA has recently commented on the roll out of the recently published FCA paper on the treatment of vulnerable consumers.
FundsNetwork: Helping you with your clients last minute applications
Visit us at one of 13 locations nationwide on 2 April to drop off your clients last minute ISA and pension applications. For clients who arent sure where to invest, our ISA Cash Park is available to ensure they secure this years allowance.
Thought leadership, MAS and the Nanny State
We hear that the Department of Educashun has just published a guide to help parents know what to expect during their childs first five years in UKplc.
Doomed? Trail removal matters, fears for the few as well as the many
Many readers will be aware, we have been concerned for some while about the impact that the removal of trail will have on businesses. The impact is varied, the threat real, in fact more real than even we realised.
What's French for en-suite facilities?
In an episode of the 1980s TV series Minder, Arthur Daly is seen trying to sell the landlord of the Winchester Club, Dave Harris, a watch. Arthur says, At that price its a steal, to which Dave replies, Thats what worries me Arthur.
Its a funny old game
I read that despite some 40 years of being told that butter is not good for you the processes that led to this conclusion were flawed, lacking in any solid trial evidence to back it up.
Hasta la vista, baby
Having until the end of 2012 owned a home in Spain for almost 10 years, I along with many others who have had the same experience will certainly know that the rain in Spain does not stay mainly on the plain.
The New Year is traditionally a time when many people reassess their professional roles and decide a change may be worth pursuing. For many people I suspect this involves looking for a new job indeed recent research published by the Institute of Leadership and Management (ILM) revealed that 37% of workers say they are planning to leave their current jobs in 2015, a significant increase on the 19% who answered the same way in 2014 and the 13% in 2013.
Won't you please, please, please help me?
Rewind back two years and you would have found very little optimism amongst many would-be first-time buyers that they were about to get a first foot on the property ladder anytime soon.
FCA fines skim. You can only milk a cow so long before you're left holding the pail.
I had the good fortune to meet former US President Ronald Reagan a good few years ago while walking along the beach in Santa Monica. Although in his declining years he cut an impressive figure and gave me a very snappy salute and a smile. In his prime he had an interesting take on Governments and taxation, saying a Government's view of the economy could be summed up in a few short phrases: If it moves, tax it. If it keeps moving, regulate it. And if it stops moving, subsidise it.
Clive Adamsons FCA departure is costing how much?
As they say, it is always the cover up that causes the problem. Bob Woodward, one of the now very famous journalists that uncovered what was going on in the great political Watergate/ Nixon scandal of 1972 said The fact of the Watergate cover-up is not nearly as interesting as the step into making the cover-up. And when you understand the step .?
Panacea Adviser hits the awards shortlists for 2015
We are really pleased to announce that we have been shortlisted for: Professional Adviser 'Best Support Services' award 2015 The Professional Adviser Awards aim to recognise and reward excellence in the financial services industry. And for FS Tech awards 'Best Use of Social Media' 2015
What do the FOS, Schools and NHS have in common?
Well, if recent reports and our survey results last year are to believed the common ground is that people lie to gain advantages that are not theirs to have . This is a damning indictment of UKplc today. It demonstrates very clearly that if you do not qualify for something that is not by right yours, a simple little white lie will see that brilliant regu-phrase a positive outcome.
While shepherds washed their socks by night
My musings surrounding some of the more ridiculous aspects of todays financial services industry have attracted some attention over the last year.
Under every stone lurks a politician. Aristophanes
The 28th October was an interesting day, and it was the day that I realised that politicians could not care less for anyone, let alone financial advisers. As the late Max Bygraves said, I wanna tell you a story.
Misdemeanor, cost of conduct and those poppies
RBS announced that it has set aside a further £780m to cover the costs of conduct issues, including the PPI miss-selling scandal.
You can have data without information, but you cannot have information without data.
In todays day and age data collection is de rigueur everyone is at it from the supermarkets who appear painfully deluded about the way we shop today, to the regulators that police our (and every other industry) who can sometimes appear not to have a clue what to do with the information, right up to the Secret Service of the most powerful nation in the world who believe it is necessary to capture every single communication that ever existed.
Making Virtual a Reality in 2015
Getting more done in less time - this is one of the important priorities most adviser firms have post RDR as time is money!
Got my mojo working but it just won't work on you
So, how did financial services lose its mojo and how it can get it back ?
Panacea Adviser launches mobile version of website
Panacea is delighted to announce the launch of a mobile version of its website, which is compatible with all mobile phones and tablet devices.
Hello darkness my old friend. The sound of Davis Enquiry silence.
Earlier this year, seven months ago in fact, the FCA independent directors appointed Clifford Chance litigator Simon Davis to conduct an inquiry into the announcement via The Telegraph, by Clive Adamson, of an investigation into the insurance industry on the 27th and 28th March.
Back seat drivers
I had a catch-up meeting recently with Keith Richards (not that Keith Richards) and the conversation turned to rebuilding trust in the industry along with some thoughts on the rights and wrongs of how best to do it.
Cobbs paradox
Cobbs Paradox could be another descriptive for the regulation of financial services in the UK today. Cobbs Paradox states, We know why projects fail; we know how to prevent their failure so why do they still fail?
What happened to Howard
What has happened to that well trusted and respected we give you extra brand Halifax?