Good morning and welcome to your Morning Briefing for Thursday 27 July 2023. To get this in your inbox every morning click here.
Tech firepower
Fintel has announced the acquisitions of two technology platforms to bolster its service proposition.
It has acquired Competent Adviser that is a learning platform that helps advisers meet regulatory compliance rules.
And Fintel has also bought MICAP that provides independent advice tools for investment products.
Transfer times
My Pension Expert has found that on average a transfer between pension pots takes almost one month.
It is calling on the government and pension sector to work together to address this.
Quote Of The Day
IHT is an increasing source of revenue for the Treasury, and more and more families are falling into its trap. I don’t see that situation changing, even if property prices begin to slide in the short term.
– Jon Sullivan, IHT advice policy consultant at Wesleyan, the specialist financial services mutual, on the latest IHT figures
Stat Attack
HMRC have released their annual report on average inheritance tax bills – available here.
17%
More people were paying inheritance tax compared to previous tax year (2020/21 figures)
3.7%
Of estates paid inheritance tax, broadly in-line with last year
16%
Is how much IHT liabilities rose to in tax year 2021/22 that equates to £5.76bn
Source: HMRC
In Other News
A new report by leading supply chain finance platform Demica reveals that ESG (environmental, social and governance) has been, and still is, a priority for those within the trade finance industry.
In fact, the report reveals that ESG is still dominating corporate agendas, as most respondents say that they’ll be prioritising it in the next 12 months.
Demica’s 2023 Benchmark Report for Banks in Trade Finance surveyed nearly 200 trade finance bankers globally and reveals that most respondents (54%) said that they were offering favourable rates based on ESG ratings, in order to drive ESG in trade finance transactions.
A third of respondents (33%) also said that they are focusing on improving SME access to finance and 32% said that they’re focusing on negative screening and refusing to fund certain industries.
However, when it comes to individuals and their involvement with ESG, over half of respondents (55%) said that they haven’t been personally involved in any ESG-focused transitions.
Out of those who say that they have had involvement, 19% say that they’ve been involved in receivables finance, and 16% have been involved with payables finance.
Respondents were asked about how their risk departments are changing the limits on non-ESG-friendly sectors, and a significant percentage of respondents indicated that they would be making changes to their risk limits on non-ESG-friendly sectors.
From Elsewhere
Fed raises interest rates to highest in 22 years (BBC News)
Barclays profits hit by drop in dealmaking (Financial Times)
Shell’s ‘obscene’ $5bn profits prompt outrage amid climate crisis (Guardian)
Did You See?
Is time on your side as an adviser if you have a lot of experience? Yes it is according to Mel Kenny.
He writes: “I feel as if I am reaching peak attraction.
“Such a weathered look in the advice space is well placed to soak up the trials and tribulations of complicated lives and make them easier.”
