Good morning and welcome to your Morning Briefing for Thursday 12 December 2024. To get this in your inbox every morning click here.
FCA sets out targeted support proposals to provide extra support for pension savers
The Financial Conduct Authority (FCA) has set out targeted support proposals to provide extra support for millions of UK savers to help them make better decisions about their pensions.
This is part of the wider review of the advice guidance boundary on investments, which is underway “to help make sure consumers are better supported”.
Engaging female clients is easier than you think
In the evolving landscape of financial services, engaging female clients is more crucial than ever, argues Finura financial planner Lydia Richmond.
According to the Centre for Economics and Business Research, women will control 60% of the UK’s wealth by 2025. Can advisers truly afford to overlook such a significant demographic?
Verve Foundation celebrates one year of Adviser Incubator
The Verve Foundation’s Adviser Incubator programme has celebrated the completion of its first full year.
The scheme is designed to tackle the advice gap by supporting new advisers who are looking to set up or grow their own businesses.
A total of 71 advisers have successfully completed the free programme since its launch.
Quote Of The Day
The FTSE 100 has opened a touch higher this morning, with investors keeping a close eye on interest rate dynamics across the globe. The European Central Bank is widely tipped to trim rates by 25 basis points and update its growth and inflation forecasts
– Hargreaves Lansdown senior equity analyst Matt Britzman on the FTSE 100
Stat Attack
Research from Killik & Co has found that younger people are significantly more open about discussing financial matters than older generations.
62%
of respondents aged 18-24 and 63% of those aged 35-44 said they feel open to discussing financial matters with their parents.
25%
of those aged 55+ feel open to discussing financial matters.
64%
of those aged 25-34 feeling open to discussing finances with their partner compared to 55% of 55+ year olds who feel the same.
60%
of households earning over £100,000 feel open to discussing their finances with a parent and 78% report feeling open to talking to their partner.
34%
of those who make £15,001 – £25,000 a year, feel open talking to their parents and 46% with their partners.
Source: Killik & Co
In Other News
Walker Crips Financial Planning (WCFP) announced the appointment of Lawrence Check as an associate director within its London office.
He brings over 16 years of expertise from Pannells Financial Planning. Check is a chartered financial planner, chartered tax adviser and holder of the Society of Trust and Estate Practitioners (STEP) certificate for financial services.
WCFP managing director Dominic Martin said: “We are thrilled to welcome Lawrence to the team. His impressive credentials, wealth of experience and client-centric approach align perfectly with our commitment to providing trusted, bespoke financial planning solutions.
“Lawrence’s expertise, particularly in complex pension arrangements and tax-efficient investment strategies, will be an invaluable addition to our London office and to the clients we serve.”
Quilter Investors has announced it is adding AllianceBernstein to its list of WealthSelect global partners following the appointment of the firm to the Quilter Investors Europe (ex UK) Equity Growth Fund.
The WealthSelect global partners is a group of leading asset managers appointed to offer a broad range of high-quality strategies across different asset classes, sectors and geographies. These funds are predominantly used in the Quilter managed portfolio service, WealthSelect.
Using sub-advised mandates in this way allows the WealthSelect portfolios to switch between fund managers without the need to buy or sell funds, which would usually trigger a capital gains tax charge and increased dealing costs.
AllianceBernstein joins the likes of Janus Henderson, JP Morgan, Schroders, Fidelity and others as one of the 20 global partners.
The fund is currently used in WealthSelect’s Managed and Responsible portfolios and has £321m in assets under management.
CCLA’s Better world global equity fund (BWGEF) has joined Square Mile’s academy of funds.
The fund has been distinguished by Square Mile Investment Consulting and Research with a Responsible-Positive Prospect rating.
The rating follows an extensive due-diligence process of both fund and investment manager. It recognises that CCLA’s BWGEF provides investors with a robust global equity proposition, managed by an investment firm long committed to diligent stewardship.
Square Mile said CCLA has led “pioneering industry engagement initiatives around systemic sustainability challenges to drive positive societal and environmental outcomes”.
BWGEF launched in April 2022 and aims to provide a total return over the long-term. It invests its assets in quality global companies with strong long-term business models.
The fund is available for investment by wealth managers and IFAs. It is also distributed through 41 UK intermediary and direct-to-consumer UK investment platforms.
From Elsewhere
China open to talks with Trump’s economic, trade team, commerce ministry says (Reuters)
Dollar’s surge sparks biggest fall in emerging market currencies in two years (Financial Times)
France’s political impasse amplifies economic challenges (Bloomberg)
Did You See?
The Financial Conduct Authority’s Sustainability Disclosure Requirements (SDR) are “supposed to be painful” for the fund-management industry, CCLA head of sustainability James Corah has insisted.
Last November, the regulator published its SDR consultation policy statement, which set out four labels introduced for sustainable funds.
It said that investors were “not confident” that sustainability-related claims made about investments were genuine.
Corah said the regulations were “intentionally painful” to ensure the asset-management industry builds a “higher bar for funds”.
“We’re all in this together,” he told Money Marketing. “Of course, there’s competition and a need for consumer understanding, which is important for driving competition and avoiding greenwashing.
“But the regulator’s goal is to nudge the sustainable finance industry to play a much more meaningful role in the transition to a better world.”
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