Global insurance services firm Charles Taylor has entered the international fund administration services market by agreeing to acquire a closed book of international life assurance business from Zurich International Life Limited and Allied Dunbar International Fund Managers Limited from Zurich Insurance Company Ltd.

New figures from the ABI, which is holding its annual conference today, reveal that £131 million is now being paid every day paid to customers by UK insurers and long-term savings providers.

Moneyfacts UK Savings Trends Treasury Report data highlights that all cash ISA averages have fallen below the 1% barrier for the first time on Moneyfacts records.

Andrew Bailey, chief executive of the FCA, told the ABI’s annual conference today that reform of professional indemnity cover for advisers and the way the FSCS is funded are on the agenda for the FCA and he urged ABI members to engage with the regulator on any changes.

A Financial Planning firm attached to Chartered Accountants is set to be taken over in a deal worth £3.6million, it emerged this morning.

Financial Express is to implement FinaMetrica’s risk tolerance score technology, it was announced this morning.

FinaMetrica’s methodology for mapping risk tolerance scores has been introduced as part of FE’s asset allocation tools.

According to FinaMetrica, this allows advisers to make an ‘apples-to-apples’ comparison between a client’s own risk tolerance and the inherent risk in the investment strategy required to achieve their goals.

The FE FinaMetrica module is available for no extra costs, the company said, adding that advisers just need to contact FE to activate the new feature.

FinaMetrica said in a statement: “The FE FinaMetrica classification automatically breaks down a broad range of equity and fixed income asset classes to enable a quick overview of a client’s current allocations.

“Advisers can view the overall growth versus defensive assets split within client portfolios, enabling them to identify if a particular portfolio fits with the client’s risk tolerance comfort zone.”

Paul Resnik, co-founder and director of FinaMetrica, said: “There is a growing body of evidence to suggest that investors with unframed risk and investment expectations run underperforming portfolios, as they will be more prone to make more emotional responses that can lead to value diminishing market timing.

“At FinaMetrica we believe there should be no investment surprises in a client-focused world and we are confident that our work with FE will help ensure that investors are able to give truly informed consent before making any investment decisions.

“It is our belief that this latest development from FE marks an important step in the right direction for adviser firms of all shapes and sizes, from one-man operations through to larger scale enterprises.”

More than a million FinaMetrica risk tolerance profiles have been completed to date, he said.

Matt Surfleet, commercial director at Financial Express, said: “We are excited to be working with FinaMetrica as part of our drive to constantly look for ways to improve our service for both advisers and their end clients.

“Risk profiling certainly looks set to become a key addition to our existing toolkit for advisers given the continued focus that is being placed on client suitability throughout the financial services market, making this a really positive
development for our business.”

The Autumn Statement begins at about 12:30pm this afternoon and you can follow it live as it happens here on Financial Planning Today.

A consultation looking at a new law to ban pension cold calls has been announced by the Government this afternoon.

The Financial Planning sector is waiting with baited breath to hear if there will be any major announces from the Government today in the Autumn Statement.

Some of advisers’ concerns about the FOS have been based on misunderstanding, a trade body says, as it released a new guide to help members deal with the Ombudsman.