Good morning and welcome to your Morning Briefing for Wednesday 26 July 2023. To get this in your inbox every morning click here.
Misleading adverts
The Advertising Standards Authority (ASA) has pulled a TV advert from Age Partnership for the reason it was likely to “mislead” people.
Age Partnership is an equity release and retirement income service provider.
Its advert suggested family solicitors were a suitable source of financial advice when considering an equity release policy.
Recruitment techniques
When Covid-19 hit, advice firms adapted their recruitment process by hiring remotely.
Interviews were conducted by video call, and ‘meeting’ candidates on a screen in their home environment made it seem less formal.
Has the pandemic permanently changed the interview process for advice firms?
Quote Of The Day
Britain has undergone an investing boom, with two million more people investing in 2022 compared to 2020.
– Laura Suter, head of personal finance at AJ Bell, comments on the latest FCA Financial Lives report
Stat Attack
New figures show the reality of rent rises for tenants and landlords.
76%
Of landlords said they have raised the rent with the main reason cited by
51%
Being to cover higher mortgage costs
24%
Said they raised rents on the advice of their letting agent
Source: Landbay
In Other News
Phoenix Group, the UK’s largest long-term savings and retirement business, has provided a £58m long term financing package, arranged by Macquarie Asset Management.
This is to support a joint venture between Bromley Council and Pinnacle for the planned acquisition of more than 200 affordable homes.
The financing features a 55-year inflation linked loan and will enable London’s largest borough to increase the availability of affordable housing within its community.
The properties have been earmarked to house those currently homeless or in temporary accommodation providing a longer duration of tenure.
Evelyn Partners has announced that asset and wealth management consultancy firm Liqueo has adopted its employee financial wellbeing service – Evelyn Partners Moneyhealth.
It gives UK employees of Liqueo access to a state-of-the-art digital platform with built-in financial coaching by qualified professionals.
Evelyn Partners Moneyhealth provides staff at all income levels the ability to take control of their personal finances.
They will get extensive guidance on saving, budgeting, debt, credit scores, tax, mortgages, financial planning, investing and more.
Liqueo are specialists in business change and solution deployment across asset and wealth management.
Operating from its offices in London, New York and Dubai, the company has practices in key areas including: advisory, front office, risk, private markets and compliance & regulation.
From Elsewhere
Joe Lewis: Tottenham Hotspur owner charged over alleged insider trading (BBC News)
NatWest boss Alison Rose resigns over Nigel Farage Coutts account row (The Guardian)
British economy will outperform Germany this year, IMF admits (The Telegraph)
Did You See?
Platform provider Transact has issued a fraud warning after a small number of client cheques were intercepted by fraudsters working in the postal system.
It said high value cheques were intercepted, doctored, and later paid into the fraudster’s account.
Transact said the fraudulent activity is external to it and that the relevant authorities are currently investigating.
“We cannot be sure the problem is going to be resolved in the short term,” Transact’s clients service team said in an email sent to clients seen by Money Marketing.
