Good morning and welcome to your Morning Briefing for Thursday 17 August 2023. To get this in your inbox every morning click here.
Platform sales down
The advised platform space has continued to see a steep drop in sales in the second quarter of 2023.
Net sales came in at £2.8bn, down 38% on the first quarter, according to consultancy firm Lang Cat.
Fundscape data released at the same time suggested a similar trend, describing platform sales overall as a “bloodbath”.
Insurers best practice list
The Protection Distributors Group has revealed its list of insurers which meet its best practice criteria.
However, the protection trade body said it was “disappointed with the overall time taken by insurers” to assess claims forms.
It added that the delay in the claims process can cause financial problems for claimants as well as additional worry and distress.
Partner pension contributions
Women typically save less for their pension than men because they’re more likely to take time out of work to bring up children.
Should their spouse or partner pay into their pension to equal things out?
Features writer Amanda Newman-Smith investigates.
Quote Of The Day
Superfunds have long been the talk of the market and it appears that the Government and Regulator’s direction of travel is positive in this regard.
– Chris Rice, head of trustee services at Broadstone, comments on last week’s updated guidance from TPR on superfunds
Stat Attack
Despite financial literacy being a crucial skill in today’s fast-paced world, many people still find financial jargon confusing and intimidating.
To help, City Index used Ahrefs, a search analytics tool, to find the top 50 most confusing financial terms based on their monthly search popularity.
| Rank | Finance term | Monthly average searches for the definition, globally |
Annual average searches for the definition, globally |
| 1. | Equity | 277,000 | 3,324,000 |
| 2. | GDP | 162,000 | 1,944,000 |
| 3. | Acquisition | 106,000 | 1,272,000 |
| 4. | Principal | 104,000 | 1,248,000 |
| 5. | Correlation | 82,000 | 984,000 |
| 6. | Asset | 73,000 | 876,000 |
| 7. | Net Worth | 41,400 | 496,800 |
| 8. | Gross Income | 40,000 | 480,000 |
| 9. | Overdraft | 30,400 | 364,800 |
| 10. | Investment | 30,000 | 360,000 |
Source: City Index
In Other News
SimplyBiz has announced the details of its autumn events programme offering over 150 options for its member firms over the next three months.
The schedule, which is the largest of its kind, includes a selection of virtual and physical events to meet adviser demand, with subjects including investments, regulation, lending, protection, technology, and pensions, with additional best practice forums for advisers to engage and share ideas.
SimplyBiz’s autumn round of Learning and Development Events (LDEs), which cover 20 venues across England and Wales for SimplyBiz Members.
And six venues in Scotland, Northern Ireland, and North England for Compliance First Clients, will feature key regulatory updates as usual, and updates from its senior management team, including Joint CEO, Neil Stevens.
Alongside the learning programme, a series of key training events are also running, including supervisor courses, SMF 16 and SMF 17 workshops, mortgage fraud prevention, and money laundering training.
From Elsewhere
Global investors dump Chinese securities as state support hopes fade (Financial Times)
European markets lower after Fed officials hint at further rate hikes (CNBC)
Sunak pledges to keep to pension triple lock despite signs of extra £10bn cost (The Guardian)
Did You See?
Inspirational speaker Nick Elston caught up with chief reporter Lois Vallely about the link between money and mental health, and how financial advisers can build trust and rapport with their clients.
He also talked about the importance of understanding the relationship non-financial people have with money.
