Welcome to our round-up of the biggest stories from the world of finance over the last few weeks, including new regulations for financial advisers, what rising mortality rates mean for pensions and the three things Brits can’t do without…
IFAs in the dark on new regulation
New Consumer Duty regulation comes into force at the end of July, but one in five financial advisers don’t know anything about it, according to research by Royal London reported by Professional Adviser. Under the new regulation, firms are expected to provide consumers with a higher standard of care. That’s likely to mean a focus on greater transparency, improved customer experiences and businesses competing to provide more value for money.
Rising mortality rates and pensions
The pandemic, its knock-on effects on the NHS and the rise in the cost of living have all contributed to a likely long-term increase in mortality rates and may lead to pension scheme companies reducing life expectancies, according to a report by LCP. Trustees and sponsors will be paying close attention to the data as it continues to emerge.
The things we love
Things Brits would never give up to save money? Their cars, phone contracts and holidays abroad. That’s according to research from MetLife UK, who also point out that more than 8 million adults have had to cancel outgoings during the cost of living crisis.
This week, the Guardian reported on a number of “money-saving” tips put forward by government ministers, celebrities and energy companies, each resulting in backlash. Is it time public figures left the financial advice to… well, actual financial advisers?
Is no-one safe from scammers?
Nearly a quarter of all wealthy investors (those with an investible wealth of more than £100k) have been approached by scammers, according to a research report by ReasearchAndMarkets.com. Meanwhile, the FT reports that fraudsters impersonating top UK finance influencers have stolen thousands of pounds from Gen Z social media users.
At Almagrove, we help IFAs, asset and wealth managers and their clients raise funds quickly. To find out more, read our stories.