Good morning and welcome to your Morning Briefing for Friday 14 July, 2023. To get this in your inbox every morning click here.
Male allies
This is a generalisation but there are two approaches you can take in politics: being partisan and playing to your base.
Or you can attempt to reach across the aisle and build coalitions where you can.
The second approach is favoured by Amanda Newman Smith in this must read leader for the magazine.
There is a lot of wisdom here.
Sexism and finance
And on the related theme the Treasury Select Committee has launched a new inquiry into “sexism in the city”, which looks at the barriers faced by women in financial services.
The inquiry will examine the progress made in removing the gender pay gap and what role the government and regulator should play in “combatting sexual harassment and misogyny”.
MPs will also explore the role the government and regulator hold in acting as gender diversity role models.
Quote Of The Day
The recent increases in mortgage rates were already having a significant impact on homeowners across the UK, with many forced to cut back in other areas to cover the costs, and the bank of mum and dad increasingly being called in to help pay mortgage rates for their adult children. Our research suggests further hikes could have a significant long-term impact on many households.
– Mike Stimpson, partner at Saltus, on the latest news that mortgage rates have reached a 15-year high
Stat Attack
New research has revealed financial services companies can improve staff wellbeing, productivity and retention by facilitating positive relationships in the office.
41%
Said that simply talking to a colleague helps improve productivity at work
40%
Say working alongside a colleague in the office improves motivation
28%
Find working alongside a colleague in the office helps them deal with stress
Source: BRITA VIVREAU
In Other News
The Pension Protection Fund has published its 2022-23 Annual Report and Accounts highlighting significant progress against its 2022-25 Strategic Plan.
The fund – which protects 9.6 million members in defined benefit (DB) schemes – achieved its key objectives over the last year.
That includes strengthening its financial position, maintaining high customer satisfaction levels, completing payments for the majority of PPF and FAS members needing an uplift as a result of the Hampshire judgement or uncapping, and continuing to drive sustainability through its responsible investment approach.
Oliver Morley, PPF chief executive, said: “As we mark the end of another eventful year, I am pleased to report that we’ve been successful in achieving our objectives for 2022/23.
“Despite all the challenges we’ve seen over the year, including market volatility, we’ve continued to deliver on our mission, move forward with our Strategic Plan, and meet our goals.”
From Elsewhere
More than 120 senior Credit Suisse investment bankers flee for rivals (Financial Times)
ChatGPT owner in probe over risks around false answers (BBC News)
Sunak offers at least 6% pay rise to millions of public sector workers (The Guardian)
Did You See?
The Financial Conduct Authority has written to platforms to uncover how much of the interest they receive through cash and bank deposits they pass on to their customers.
The survey is looking to understand in greater detail how interest on customers’ cash is treated in the investment platform market.
And to understand how platform firms have considered their approach to this interest in line with the Consumer Duty.
It has also asked some Sipp firms the same questions.
Respondents need to reply by 27 July and it has sent the survey to 39 investment platform and Sipp firms.
