Catch up on Money Marketing’s most popular stories this week. The FCA has made a British Steel IFA pay £106k for poor advice and ‘I feel sorry for advisers’ says AJ Bell due to the LTA situation. Read more below:
FCA makes British Steel IFA pay £106k for poor advice
The regulator has prohibited Mark Abley from offering pension transfer advice due to his association with County Capital Wealth Management Ltd (in liquidation) (CCWM). Additionally, Abley has been instructed to pay £106,100 to the Financial Services Compensation Scheme (FSCS) in order to contribute to the compensation owed to CCWM’s customers, rather than the FCA.
‘I feel sorry for advisers’ says AJ Bell due to LTA situation
Rachel Vahey, head of policy development at AJ Bell, expressed sympathy for advisers amidst the current situation with the lifetime allowance (LTA), stating: “At the moment, I feel sorry for advisers.” She made these remarks in an interview with Money Marketing. Chancellor Jeremy Hunt took action during the spring Budget 2023 (15 March) by abolishing the pensions LTA in an effort to stimulate economic growth.
FCA bans another British Steel IFA for advice failings
Denis Lee Morgan of Pembrokeshire Mortgage Centre Limited (in liquidation) (PMC) has been banned by the Financial Conduct Authority (FCA). The ban encompasses several restrictions, including the prohibition of advising customers on pension transfers and pension opt-outs, as well as holding any senior management role within a regulated firm.
Söderberg & Partners raise £171m to support expansion
Söderberg & Partners has successfully raised £170.9m to fuel its ambitious international expansion plans. The Swedish wealth management firm intends to utilize this capital infusion to facilitate and sustain its ongoing expansion efforts, with a particular focus on entering new markets, including the UK and Spain.
Standard Life appoints ex-LV exec to lead intermediary distribution
Warren Bright has been appointed by Standard Life to the newly established position of Head of Retail for Intermediary Distribution. With 25 years of experience in the life and pensions sector, Bright will assume the responsibility of cultivating relationships with the financial adviser community.
FCA draws British Steel saga nearer to closure
The FCA has concluded approximately 30 investigations involving British Steel advisers and firms. In an update, the regulator stated that it is currently in the process of determining suitable sanctions for instances of misconduct that were identified during the investigations.
Titan Wealth acquires Square Mile
Titan Wealth Holdings has confirmed its acquisition of Square Mile, an investment research and consultancy firm. The completion of this acquisition is contingent upon obtaining regulatory approval. Notably, all 21 members of Square Mile’s team will continue in their respective positions following the acquisition.
Govt to sign financial services agreement with EU
Chancellor Jeremy Hunt has signed a financial services cooperation agreement with Commissioner Mairead McGuinness today (27 June). Hunt was in Brussels for a series of meetings with European Commissioners, marking the first visit by a chancellor in over three years. The purpose of the visit was to enhance relations with the European bloc following the UK’s departure from the European Union.
Charles Stanley tackles advice gap with 15-minute financial coaching
Charles Stanley Direct aims to address the advice gap by introducing financial coaching services, enabling individuals throughout the UK to access professional financial guidance. The investment firm has launched OneStep Financial Coaching, offering a complimentary 15-minute call with a certified financial planner to address queries related to personal finances.
The ‘backdrop of Consumer Duty is good culture’ says FCA
“Good culture is the backdrop of the Consumer Duty,” expressed Julie Ampadu, the Cyber Information Co-Chair of a trade association affiliated with the Financial Conduct Authority (FCA). Ampadu further disclosed that the FCA has coined the slogan “getting to grips with Consumer Duty” for the new legislation. However, she acknowledged that some firms find the new regulations to be “overwhelming.”
