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Editor’s Comment: A duty to think again

As the next stage of the FCA's Consumer Duty looms in July - when legacy products and sales will be included - some new research suggests the Duty may be rather more of a burden on Financial Planners and advisers than first thought.

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FSCS bill for Hartley exit costs rises £2m to £38m

The FSCS's estimated costs in paying exit charges to allow trapped Hartley Pensions clients to transfer their money elsewhere has risen by £2m to £38m and could rise further.

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Direct to consumer platform sales continue to fall

Gross and net flows for direct to consumer investment platforms continued their downward trend in 2023, hitting their lowest point in the fourth quarter of 2023, according to a new report.

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IFAs complain Consumer Duty has made it harder to advise clients

 

Six months after it was implemented, over two fifths (45%) of IFAs believe the Consumer Duty has made it harder to advise clients.

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HNW clients expect Labour to win election

 

High Net Worth investors - those with assets of more than £250,000 - expect Labour would if a general election if it was held this week, according to new research.

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Hartley Pensions in default as £36m in exit costs loom

The Financial Services Compensation Scheme (FSCS) has declared SIPP and SSAS provider Hartley Pensions in default.

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2 in 3 advisers say clients fear outliving their pensions

Over 2 in 3 (71%) financial advisers report that fear of outliving their pension savings was the primary concern expressed by retirement clients, according to a new report.

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New business drops 38% for Hargreaves

Net new business dropped 38% year-on-year to £1bn for Hargreaves Lansdown for the six months ended 31 December 2023 (H1 2022/23: £1.6bn).

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Pre-tax statutory profit slumps 84% at Jupiter

Statutory pre-tax profit at Jupiter Asset Management slumped by 84% to £9.4m for the year ended 31 December 2023 (2022: £58m) against a tough economic backdrop.

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Abrdn launches Money Market MPS

Investment provider Abrdn has launched a new MPS product, the Abrdn Money Market MPS, to meet client for a low risk MPS alternative to cash products.

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