Good morning and welcome to your Morning Briefing for Wednesday 6 September 2023. To get this in your inbox every morning click here.
New CEO for Sesame Bankhall
Sesame Bankhall Group has appointed Richard Harrison as its new CEO, to succeed current interim CEO John Cowan, who will resume his role as chair of the board.
The dog ate my homework
In her first Editor’s View column since she got back from Maternity leave in the summer, Money Marketing editor Katey Pigden looks at what the changes to the Financial Conduct Authority’s AR regime changes could mean for the networks.
An AI world
Host Lois Vallely speaks to Bravura’s principal business consultant Jonathan Hawkins and head of product Andrew Zietara about the rise of artificial intelligence, and how it can benefit advisers. They discuss the opportunities and limitations of using AI in financial advice.
Quote Of The Day
As the typical automatic enrolment saver gets older, we think it’s crucial that the decumulation options for these workers are significantly improved.
– Phil Brown, director of policy at People’s Partnership, provider of The People’s Pension, comments on Government proposals to improve access to decumulation products for Defined Contribution savers
Stat Attack
Research from investment, protection and retirement specialist LV= highlights how many protection policyholders are taking advantage of the additional benefits included in their protection policy. LV= Wealth and Wellbeing Research Programme found that over four in ten working adults felt more stressed and anxious in the last year. It also found:
9%
2.8 million UK adults have taken time off work for mental health reasons. Out of the protection policyholders who sought mental health support in the last 12 months, only
59%
did this using the benefits included in their protection cover.
77%
aren’t aware that insurers offer mental health support as an additional benefit.
Over two thirds
of adults aged 25-44 are comfortable accessing mental health support remotely.
Source: LV=
In Other News
AXA Investment Managers has announced the appointment of Jeroen Bos as global head of AXA IM Equity, effective 1 November 2023.
He will take over from Mark Hargraves, who will pursue a new professional endeavour outside of the AXA Group.
Based in London and reporting to Hans Stoter, global head of AXA IM Core, Bos will be tasked to deliver on AXA IM’s equity growth ambitions and to grow the investment, commercial and financial performance of the equity platform.
Prior to joining AXA IM, Bos was global head of sustainable investing at Credit Suisse Asset Management, leading its sustainability efforts across the firm.
Prior to this, he was head of equities and responsible investing at NN Investment Partners. In his career, Bos has also held a number of global equity portfolio manager and equity analyst roles.
New research sponsored by Guardian, conducted by cancer charity, Young Lives vs Cancer, finds the financial cost of having a child with cancer is significant, with the average additional costs for young cancer patients and their families hitting almost £700 a month.
These hefty additional costs – referred to in the report as ‘the cancer premium’ – often coincide with the need for those affected to reduce hours or take time off to attend treatment or look after their child. This results in a simultaneous financial impact – referred to as ‘the cancer penalty’.
Of the almost £700 a month of additional expenses for households following a young person’s cancer diagnosis, travel was found to be the biggest single additional expense at a monthly average of £250, reflecting the need to get to appointments and treatment.
Not only are these additional monthly costs high, but they’ve also risen in recent years, with the figures in 2023 representing a 15% increase for young cancer patients and their families compared to similar research run by the charity in 2017.
On top of the cancer premium, over two thirds (71%) of the young cancer patients and their families contacted during the research had experienced loss of income or earnings because they needed to make changes to their work schedule, with the average loss reported as more than £6,000 a year.
Employee benefits provider Unum UK is joining the crusade against period poverty by teaming up with community partners the Hey Girls network to launch a period dignity scheme across its UK sites.
Unum UK will be stocking free, sustainable products in all bathrooms to help reduce period poverty and the shame and stigma that exists around menstruation.
All products purchased through the partnership will be matched with a donation to community partners through Hey Girls including foodbanks, women’s refuges, and homeless shelters to support those who need it most.
This partnership is part of Unum’s ongoing commitment in prioritising employees’ health and wellbeing.
From Elsewhere
How digital cash got caught up in the culture wars (Financial Times)
Fund manager Ashmore reports profit falls 6% on outflows (Reuters)
Pound attempts comeback after a bruising day (Bloomberg)
Did You See?
“It’s a refreshing surprise when the chief executive of a well-known company offers to make you a cup of tea. This immediately makes me feel at ease as I conduct my first MM Meets. The tea-maker in question is Standard Life CEO Andy Curran.
“The room where Curran and I talk — at parent company Phoenix Group’s head office in Farringdon — is called ‘London’; each meeting room is named after one of the UK capital’s famous bridges.
“For a second, I assume Standard Life and the Money Marketing offices share a similar trait, the meeting rooms at our base being named after capital cities, such as London and Tokyo.”
Reporter Darius McQuaid spoke to Standard Life chief executive Andy Curran for the September MM Meets interview.
He said he wants Standard Life wants to regain the ‘fantastic relationship’ it had with advisers two decades ago — and he is prepared to put in the work.
