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Tessa Pollock
Professional Adviser quotes Informed Choice managing director Martin Bamford saying that advisers “should be quite worried” about the financial impact of any new claims. Lawyers representing Harlequin investors estimated the saga would cost the financial services industry £120m. Chapters Financial chartered financial planner Keith Churchouse said: “It always comes down to … due diligence and experience, it is important...
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FT Adviser reports that the FCA has highlighted fund ratings and model portfolios a particular area of concern in its newly launched study of the platform market : https://www.ftadviser.com/regulation/2017/07/17/mps-and-fund-ratings-brought-into-fca-platform-study/ The key points are: “the FCA said it would conduct further analysis on fund ratings” “as well as covering the £600bn platform industry, the FCA said...
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We recommend Citywire’s Secret CIO series. The most recent of these is: https://citywire.co.uk/wealth-manager/news/the-secret-cio-when-i-would-avoid-a-fund-manager/a1038826?re=48333&ea=496874&utm_source=BulkEmail_WM_Daily_PM&utm_medium=BulkEmail_WM_Daily_PM&utm_campaign=BulkEmail_WM_Daily_PM The article expands on key questions in the fund manager selection process – a process AssetQ supports by taking on the heavy lifting, enabling the fund manager interview to maximise the effort from both interviewer and fund manager. For example, AssetQ distinguishes...
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The CWC Research managing director, Clive Waller expressed his concerns regarding time-poor advisers making these important decisions at the PortfolioMetrix’s ‘The Mix Forum’ event: https://www.professionaladviser.com/professional-adviser/news/3009166/five-ways-the-adviser-business-model-must-adapt-clive-waller?utm_medium=email&utm_campaign=IFA.SP_01.Update_RL.EU.A.U&utm_source=PA.DCM.Editors_Updates&im_edp=sigmacity.com&im_company= The key points are: a decreasing number of advisers made their own fund selection decisions Generally, advisers don’t have the time to do all they need to do and run the...
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This Professional Adviser article presents the Diminimis founder and consultant, David Gurr’s concerns with great clarity. https://www.professionaladviser.com/professional-adviser/news/3009123/advisers-need-to-check-agreement-terms-with-dims-consultant-warns? The key points are: There is confusing terminology used by the regulator in regard to outsourcing ‘outsourcing’ in the regulatory sense meant you have to have the “appropriate permissions” to outsource, but that only applies to the DIM “If...
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The FCA’s consultation paper regarding streamlined advice came out last week (https://www.fca.org.uk/publication/guidance-consultation/gc17-04.pdf)   The key takeways from the 51 pages are: Section 2.6 “MiFID II contains obligations which require a product distributor to understand the financial instruments it offers, recommends or sells; assess the compatibility of the financial instruments with the needs of the clients to...
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