Is professional indemnity insurance killing the advice market?

February 10th, 2020

The Financial Conduct Authority (FCA) is not happy with advisers. Again.But up and down the country advice firms are trapped in a Catch-22 situation.The regulator’s latest Dear CEO letter flagged major concerns advisers are not holding enough professional indemnity (PI) insurance for the business activities they carry out.Of course, the FCA is talking about cover for defined benefit pension transfers. At issue are three practices it has seen in adviser firms:1) exclusions for certain...

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Why don’t women give financial advice?

December 20th, 2019

Why don’t women give financial advice?Women and wealth management are like oil and water – they don’t mix. Throw a dart into the world of financial advisers and you will hit an older, white man. So what is going on?Study after study tells the same story. Research by NextWealth and the Personal Finance Society (PFS) in November 2019 found out of 482 PFS members, just a fifth (20%) of financial planners were female.This is worse than even the Financial Conduct Authority’s...

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How the SM&CR affects you hiring from 9th December 2019

November 29th, 2019

There’s nowhere to run, nowhere to hide. Senior managers in the financial advice world are about to be subject to much higher levels of scrutiny – and responsibility. But if you are an adviser who wants to move jobs, or a firm looking to recruit, the changes affect you too.On 9th December the senior managers and certification regime (SCMR) comes into force. It puts the liability for bad behaviour squarely on the shoulders of the senior people in an advice firm. A big part of this...

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