Industry news and views from Panacea and our partners.
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Miracles happen, or is it just wishful thinking?
The restoration of trust in the industry is vital for its success going forward. But trust works both ways. Firms should have trust in the regulator and the regulatory process that should be nurtured by a mixture of clarity, fairness and pragmatism.
Advice 4 you
Earlier in the year we explored the Waterbed effect, a phenomenon that has the natural (not necessarily intended) potential, to squeeze one part of a complicated and complex regulated business model to cause a serious bulge elsewhere in the process.
Still Pete Tong at the FOS?
From the 7th July to 12th August this year, we conducted a survey amongst financial advisers asking them for their experiences of the Financial Ombudsman Service, its perceived fairness and how the overall complaint system could be amended in order to deliver greater efficiencies and fairness.
So who exactly have the FCA had extensive industry engagement with on Social Media use?
In the early part of August we read with some interest the FCA consultation paper on Social media, and commented at the time The FCA has produced a consultation paper regarding its intent to impose rules on firms use of social media and customer communications. It is an interesting, and as usual dry, slightly confusing and condescending read. In light of this we made this FOI request as all did not seem right in its sourcing of input or reference sources to write the paper
FCA attempts to regulate the Internet
The FCA has produced a consultation paper regarding its intent to impose rules on firms use of social media and customer communications. It is an interesting, and as usual dry, slightly confusing and condescending read.
Working for yourself is the dream?
What they dont tell you about being an entrepreneur is that too often it leads to disappointment. At this very moment, a significant number of people are dreaming about leaving their jobs and going into business for themselves.
Simplified advice or Simplified Solutions
The acronym KISS was coined by Kelly Johnson, lead engineer at the famous Lockheed Skunk Works.
Phew wotta scorcher
Well, UKplc has plumbed new depths regarding taking responsibility for your own actions with assessments made by Health and Safety Stasi Public Health England to keep people safe.
Will Wonga Linga Longa
So, Martin Wheatley has sent the boys round to deal with that scourge on UKplcs hard working families - the Payday lender.
Hospitality or inducement. Summer feeding frenzy, but not for you or I
Summer in UK.plc can be fantastic when the weather is good. And with summer we see the season slowly start with the Derby, Royal Ascot, Queens Club tennis, Glastonbury and ending with an orgasmic weekend rush of Henley regatta, Wimbledon finals, the British Grand Prix and Le Tour with some post coital inhaling of fresh air at Cowes Week in August.
Longstop matters - who cares
I exchanged some tweets, phone calls and e-mails over the last few days regarding the e-petition for Fair Liability for Financial Advice.
Summer Madness, has UK.plc finally lost the plot?
Being born in the 50s has some benefits, the best ones being that my generation in the most part had access to decent education, work was an aspiration, common sense forged life skills. Benefits were something that came with a job, bastards were illegitimate children and not a form of abuse hurled at you for doing nothing wrong, the police were actually on the streets, a pension was income in retirement, not a place to stay in France, Ethics was a code of conduct and not a county north of the Thames .. well the list could be sooooo long.
panacea survey
Nice FOS, bad FOS, couldn't care about them FOS. What do you think, is all now rosy in the garden?
FSCS, data protection and the longstop
Advisers may be concerned to know about the recent FSCS handling of personal data when claims are received, the adviser has retired and the firm in question was NOT in default of the scheme.
Preparing for Life After Trail
A free guide from Panacea to help you understand what it means and what to do next. The adviser community and their clients are seeing a system that has worked quite well indeed for the mass market, and for very many years, being swept away.
Take That
Whos been a naughty boy then? Gary Barlow is the latest potential gong returnee joining an ever lengthening line of celebrity victims being hung out to dry for sins various, all determined by a baying social media fuelled mob and on this occasion under the direction of one Margaret Hodge MP, that self proclaimed leader of the tax paying great and the good.
Take That
Whos been a naughty boy then? Gary Barlow it would seem. The latest potential gong returnee in an ever lengthening line of celebrity victims being hung out to dry for sins various, determined by a baying social media fuelled mob and on this occasion under the direction of one Margaret Hodge MP, that self proclaimed leader of the tax paying great and the good.
Retirement Options
In the UK we have a number of towns that would immediately relate to having sizeable retirement populations. My sister, married to a US citizen, sent me some interesting observations on US retirement options.
The communist state is alive and well in Canary Wharf
The new rules for mortgages have arrived and already we are hearing examples of the problems it is causing and undoubtedly will continue to cause until the Polit bureau in Canary Wharf give some credit to those who may wish to decide for themselves if they are able to take on mortgage responsibility and for lenders to make a decision as to whether they want to lend based on better relevant assumptions than lifestyle choice influencers that can easily change after the event when the deal is done.
Responsibilities, resignations, retributions
Yet again we see industry calls for responsibility in office from those who regulate.
Panacea Adviser launches industry Top Tweeter Awards
2014 is proving to be a breakthrough year for financial services engaging with Twitter.
British Friendly partners with Panacea Adviser
Panacea Adviser today announced that income protection specialist, British Friendly has joined its growing list of partner protection firms.
Is regulation breaking UK plc?
Regulation, we are told, is a vital part of society, it is local, national, European and some cases global yet despite it ever invasive, viral presence in UK society it seems that the more we regulate the worse it gets.
How much is that doggie in the window?
So, three in four firms failed to provide the required information on the cost of advice. There has been much focus on the restoration of trust in financial services and it would not be unreasonable to assume that clarity on the how much bit could be seen as a cornerstone. The FCA is looking at how this is explained or quantified by advisers. The advisers may be looking at it from a client querying perspective as in explaining how much and why!!!!!!?????
Trail matters & FCA meeting
Following our recent survey on trail and the snapshot poll we did late last year, I can report that we have now had a meeting with the FCA to discuss adviser concerns.
Time for a socio rethink
'Fifty shades' author E L James said, ''Language evolves and moves on. It is an organic thing. It is not stuck in an ivory tower, hung with expensive works of art and overlooking most of Seattle with a helipad stuck on its roof.''
Stupid is as stupid does
Pensioners should be trusted to use their retirement savings however they want. I must confess to being a little annoyed at what many saw as a condescending remark from pensions minister Steve Webb. This was from the same vein of political wisdom that stretches back to John Gummer, now Lord Debben (yes, the APFA chairman) and his beef burger moment
The Panacea Advisers View
At Panacea we are always looking at ways to help advisers and continue to develop the site to make it the go to place for any assistance, advice or guidance.
The ballroom has shut
May I rewind you to the 19th July 2010 for a told you so history lesson on the route map to statements emerging last week surrounding the success of RDR.
My name is .
We have been asked by a number of community members if they can post comments under an anonymous tag or with a screen name persona.
Black or white, rich or broke We'll cut prices at a stroke
In a move likely to shake up the financial services industry, Cushty.com has announced the first-ever low net worth (LNW), online advice model.
Happy 7th Birthday Panacea Adviser!
Given its social status, we have decided not to go with tradition and celebrate five or ten but to celebrate seven years of Panacea! In the last seven years we have seen our community grow from 100 advisers, supported by just seven providers to an active community of over 17,000 today, supported by some 42 providers and other firms (a multiple of seven)
We aint got no education
I was having a very interesting conversation last week about graduate training programs for those wishing to enter the financial advice profession. As an industry, we have to encourage new entrants-despite the obstacles that regulation and associated costs throw up.
Keep your eyes on the prize guys
The Panacea community is made up mostly of men, recent research would suggest 93% (as one would kind a expect) the age demographic is that 45% are within the 50-59 age group and 24% are over 60.
Traffic wardens, investment bankers and easy targets
I drove into London last month, fed up with the journey by train (door to my City meetings takes some two and a half hours) to travel just under forty miles.
Like our New Facebook Page & Win a Case of Wine
Panacea are delighted to have launched a Facebook page as part of our effort to broaden the Panacea community and to bring you additional choice.
FSCS, Stick a pony in me pocket, I'll fetch the suitcase from the van
An adviser contacted me recently regarding a very interesting dinner party conversation about the FSCS and its supposed pot less state.
Revisting the highland clearances
Please forgive me for seeing some similarities between the post RDR adviser number fallout, the pre RDR divisions of the anti and pro RDR lobbies, the so called at the time silence of networks, AIFA (APFA) and the Highland Clearances.
Safeguarding the future of your business Life after Trail
As many of you will be aware, earlier this month, in conjunction with New Model Business Academy, Panacea Adviser hosted a panel debate examining how advisers will fare once the end of trail commission comes into play and how advisers can prepare for the future of their business.
The Waterbed effect
The Waterbed effect is a phenomenon that should increasingly cause concern to those who regulate the industry and those it regulates in regard to pricing and the detriment the post RDR world has wrought upon the intended beneficiary- the consumer.