Good morning and welcome to your Morning Briefing for Monday 25 September 2023. To get this in your inbox every morning click here.
Cyber attacks spike
UK financial services firms reported a more than a threefold increase in the number of cyber security breaches to the Information Commissioners Office (ICO) in 2023 compared to the previous year.
Reporter Darius McQuaid reports on data published by international law firm RPC.
Standard Life pensions dashboard
Standard Life has become the first UK provider to offer a commercial pensions dashboard, in partnership with open banking platform Moneyhub.
The dashboard will be embedded into Standard Life’s existing customer app, which is also powered by Moneyhub’s open finance capabilities and incorporates a financial wellbeing tool called Money Mindset.
Advice guidance boundary rules
Whisper it quietly, but we might finally be about to get some tangible proposals tailored specifically at addressing the UK’s financial help gap, says Andy Bell – writing for Money Marketing.
He continues to say improving engagement and understanding is “essential” to ensure more people make the most out of their money. It is particularly crucial for the millions of people who choose to keep their pension invested while taking a flexible income via drawdown.
Quote Of The Day
Investors are looking closely at Latin America due to its positive real interest rates.
– Nicolas Forest, chief investment officer at Candriam, comments on emerging market central bank policy
Stat Attack
New research from software company Red Marker has highlighted the continuing tensions between the legal/compliance and marketing teams across the financial services sector.
This is in no small part made worse by archaic approval processes for marketing materials which are simply not fit for purpose in today’s complex environment.
83%
Of senior compliance and marketing professionals across the financial services sector see their relationship as adversarial
81%
Of marketers think compliance is in the way of them getting their job done
83%
Of compliance specialists think marketing just wants someone else to take the blame when their content is challenged externally
Source: Red Marker
In Other News
Investment manager Triple Point has =launched a new offer for subscription for the Triple Point Venture VCT to raise £10m, with an over-allotment facility of a further £20m.
The additional capital will allow the company to fund a pipeline of new investments in ambitious early-stage companies and provide follow-on funding for existing portfolio holdings.
Now in its sixth year, the VCT gives investors access to a diversified portfolio of more than 45 already growing B2B startups across 20 different sectors.
It looks to invest in businesses which deal with other businesses (B2B), rather than companies that deal with consumers (B2C), given B2B companies are acquired at almost double the rate of their B2C peers, allowing the VCT to maximise potential returns for investors.
The VCT identifies businesses that are finding solutions to corporate challenges within growing markets, where there is a sustainable long-term demand for their product or service.
From Elsewhere
UK to delay implementing global banking reforms (Financial Times)
Richest oil states should pay climate tax, says Gordon Brown (BBC)
India’s JSW Steel slows stake buy in Canada firm on diplomatic spat ( Aljazeera)
Did You See?
Our Weekend Essay is a guest post from Martin Quinn, who works for Money Marketing’s sister brand headlinemoney.co.uk and is a campaign director of the Payment Choice Alliance.
He argues that we need a payment choice act in the UK passed. Why is cash important?
For one it teaches kids how to save up, putting coins in their money box, which should start them on the journey of saving and spending.
How would the tooth fairy manage in a cashless society? Write a cheque (so 1980s) or write an IOU, no a shiny coin all the way.
More serious is the many vulnerable groups who are not ready or equipped for a cashless society. The elderly who might struggle with remembering PIN numbers or don’t use online banking rely on cash.
What about people who are financially controlled by a partner, being able to squirrel away cash is a lifeline, and the ability to spend it? (More on that in a minute).
