Catch up on Money Marketing’s most popular stories this week. Joe Wiggins is rejoining SJP as the director of investment research and Standard Life has re-entered the annuity market. Read more below:
Former SJP staffer hired for newly created research role
Joe Wiggins is rejoining St. James’s Place (SJP) as the director of investment research. In his new position, he will be responsible for leading a team of researchers dedicated to ensuring that the investment strategies offered to clients align with their specific needs. With nearly two decades of experience in investment management, Joe Wiggins will officially join the SJP team on September 12.
Standard Life re-enters annuity market
Standard Life has re-entered the annuity market with a product designed for customers seeking a secure and guaranteed pension income. This product is accessible through various channels, including both advised and non-advised options, such as industry quote comparison portals and leading specialist annuity brokers.
Greg Moss: Advisers are just Kens
Moss compares financial advisers to Ken, the male counterpart of the fashion doll Barbie. He argues that advisers are often seen as mere accessories to the financial products they sell, rather than as professionals who provide valuable advice. He also criticises the financial services industry for its focus on products rather than people, and for its treatment of advisers as “distributors” rather than consultants.
Paul Lewis: Sipp discrimination losing investors thousands of pounds
Paul Lewis discusses how strict rules introduced to prevent pension fraud are actually discriminating against cautious and sensible investors, who are losing out on a guaranteed 6.2% return on their pension funds. Lewis argues that this is unfair and that it is costing investors thousands of pounds a year. He calls on the government to review the rules and to make them fairer for all investors.
Canadian pension fund giant buys majority stake in 7IM
Ontario Teachers’ Pension Plan (OTPP) plans to purchase a majority stake in Seven Investment Management (7IM). Caledonia Investments (Caledonia) is selling its stake in 7IM. The transaction is pending Financial Conduct Authority approval and is expected to close in late 2023 or early 2024.
Sesame Bankhall Group names new CEO
Sesame Bankhall Group has named Richard Harrison as its new CEO, pending FCA approval. With over two decades of leadership experience in financial services, he will transition from his current role as chief distribution officer at Wesleyan Assurance Society.
Tony Wickenden: Everything we know about Labour’s tax plans
Tony Wickenden, summarises the Labour Party’s proposals for changes to the UK tax system. Wickenden notes that these are just proposals, and it is not yet clear if or when they would be implemented. The Labour Party would need to win the next general election in order to implement these changes.
Leader: A gentle ‘Dear CEO’ letter from me as FCA shows interest in cash savings
Editor Katey Pigden, pens a letter to platform bosses as the Financial Conduct Authority (FCA) has shown interest in cash savings, writing to CEOs of major banks to ask how they are ensuring that customers are getting a fair deal. The FCA is concerned that low interest rates are making it difficult for people to save money, and it wants to ensure that banks are not taking advantage of this.
MM Meets: Standard Life CEO Andy Curran: ‘We have been distant from IFAs for too long’
The Standard Life CEO wants to regain the ‘fantastic relationship’ the company had with advisers two decades ago — and he is prepared to put in the work.
Income in retirement — smoothed With Profits could be key
Smoothed With Profits (SWP) funds could be a key investment option for retirees looking to generate a stable income. SWP funds offer a guaranteed income stream, even if the underlying investments fluctuate in value. This can help retirees protect their income from market volatility and ensure that they have a steady stream of income to live on.
