Panacea Comment

Panacea comment for Financial Advisers & Paraplanners - FOS compensation hike. Hand me the black cap, will you.

We highlighted in November the need for firms to respond to an FCA consultation on a proposed FOS compensation limit hike of 200k taking the maximum pay-out to £350k. It was announced with very little time to respond. The consultation opened 16 Oct and closed 21 Dec so slightly over two months. Just one hundred firms, including Panacea responded more...

Panacea Comment for Financial Advisers and Paraplanners - Ethics matters

Financial advisers are fiercely proud of what they do and since RDR, most are 100% fee-based businesses. All are professional and most aspire to be treated as a profession. I have not been an IFA for over 14 years, as many of you will know, but I have always been fascinated with how firms present themselves and their proposition to their clients and prospective clients. And how that proposition can appear to competitors more...

Brexit comment for Advisers and Paraplanners - Can anyone imagine a large UK business being run like this?

Some headlines from last week to make you feel proud about British democracy, values and standards. 1. "May faces 'high noon' Cabinet meltdown on Brexit” 2. “Philip Hammond refuses to rule out QUITTING if the UK leaves the EU without a deal” 3. “Rudd threatens to walk out to back Remainer revolt" Now for a scenario to imagine as you look around your office today. more...

Regulatory update for Financial Advisers & Paraplanners - Feel brave enough FCA?

Being responsible is what the financial industry should be about Sadly we have now reached a stage that the responsibility now falls on all as the few who mess it up never have the resources to put things right. more...

Regulatory update for Financial Advisers & Paraplanners - A fourth way to fund regulation?

First of all Panacea followers, this is our 1,000th Bento. Given this landmark status, I felt that it should contain something special, and with that in mind, I would like to make a heartfelt suggestion or two about how the regulation and protections in the financial services industry could be re-engineered, for in regulatory parlance, better regulated firm and consumer outcomes. more...

Regulatory update for Financial Advisers & Paraplanners - A fourth way to fund regulation?

First of all Panacea followers, this is our 1,000th Bento. Given this landmark status, I felt that it should contain something special, and with that in mind, I would like to make a heartfelt suggestion or two about how the regulation and protections in the financial services industry could be re-engineered, for in regulatory parlance, better regulated firm and consumer outcomes. more...

Panacea comment for Financial Advisers & Paraplanners - Go immediately to jail, do not pass go

On day two of 2019 yet another IFA has been jailed for fraud. Neil Bartlett, 53, of Delamere Road, Ainsdale, used £4.5m of his victims’ money to fund some of the usual, favoured by all fraudsters, indulgencies of foreign travel, top hotels, prostitutes, exotic cars, boats and gambling. more...

Panacea comment for Financial Advisers and Paraplanners - FOS cunning plan to destroy smaller IFA firms.

The Financial Ombudsman service announced, on the 16th October, it was proposing that on 1 April 2019, yes, now just 4 months away, “the ombudsman service’s £150,000 award limit should increase by 133% to: • £350,000 for complaints about acts or omissions by firms on or after 1 April 2019 • £160,000 for complaints about acts or omissions by firms before 1 April 2019, and which are referred to the ombudsman service after that date They also propose that, from 1 April 2020 onwards, both award limits should be automatically adjusted on 1 April to ensure they keep pace with inflation, as measured by the Consumer Prices Index (CPI). For any complaints referred to the ombudsman service before 1 April 2019 the limit will remain at £150,000”. more...

Panacea comment for Financial Advisers and Paraplanners - FCA suggests clear out of sales dinosaurs

Arthur’s thought for the day: "You make contact with your customer. Understand their needs. And then flog them something they could well do without.” I think this may be what one senior figure at the FCA’s perception of financial services sales ‘persons’ is? more...

Partner update for Financial Advisers and Paraplanners - Defaqto announced as latest partner for Panacea Adviser

Panacea Adviser has today announced Defaqto as the latest parter to join its growing roster. more...

Panacea survey for Financial Advisers and Paraplanners - Death by FOS. Is this the end for smaller IFA businesses?

The Financial Ombudsman service announced, on the 16th October, it is proposing that on 1 April 2019, yes, just 5 months away, “the ombudsman service’s £150,000 award limit should increase by 133% more...

Panacea comment for Financial Advisers and Paraplanners - Alexa…..

In November 2017, the now ‘late’ Professor Stephen Hawking issued a chilling warning about the imminent rise of artificial intelligence. During the interview, Professor Hawking warned that AI will soon reach a level where it will be a 'new form of life that will outperform humans.' There is a move afoot to bring the delivery of financial advice into the 21st century. After all, with the smart phone, tablet and virtual reality all breaking through boundaries, why should financial advice not find itself in the vanguard of change? more...

Panacea comment for Financial Advisers and Paraplanners - That fickle finger of fate

The Panacea community as you may expect, is made up mostly of men, recent research would suggest 93%. The age demographic is that 45% are within the 50-59 age group and 24% are over 60. more...

Panacea comment for Financial Advisers and Paraplanners - Who needs Arnie when you have this lot

There is an advert I heard on the radio for an organisation called Money Redress. Their campaign focussed on the miss selling of SIPPS, the hot topic today, passing by PPI and with much higher rewards. The firm is not alone, in BBC speak, other claims companies are available. more...

Regulatory comment for Financial Advisers and Paraplanners - Who pays for this? Answer, regulated firms do.

FOS complaints about SIPP’s have almost doubled in numbers over the past 12 months. more...

Panacea Survey Results for Financial Advisers and Paraplanners - FOS treating IFAs as 'guilty until proven innocent'

Did you believe the FOS help complainants create a complaint where none existed? This was just one of 15 questions in our current FOS survey. We had 212 respondents. As with all our surveys, it is the comments that make for such interesting reading. Many thanks to all of you who completed the survey and for the hundreds of really inciteful comments that really put some flesh on the answer bones. more...

Panacea comment for Financial Advisers and Paraplanners - Exam results out, university applications down, unemployment numbers up

It has taken twenty years for the country to catch up with Tony Blair’s cunning plan based on the mantra “education, education, education. The unsaid intent all those years ago was not to make sure that the students would continue into further education, as a rite of passage, being processed to create a valuable asset for the country and its workforce. more...

Panacea comment for Financial Advisers and Paraplanners - Altruistic, community driven support

You may be a little puzzled as to why I am mailing you, especially in the post GDPR world? The following may help explain a little more, in particular about what we do, why and with who as well as ensuring that we remain compliant under the ‘legitimate interest’ aspects of GDPR. more...

Panacea comment for financial advisers and Paraplanners - Trains, planes and?

Have phones at work become the new smoking in the workplace? A walk into any office, anywhere in the UK, will make clear that attention to the job in the workplace during working hours is being jeopardised by the use of mobile phones. more...

Panacea comment for Financial Advisers and Paraplanners - The Three Certainties of Human Life are Death, Taxes, and more regulation

"The regulator has found concerns over value for money in drawdown, including significant variance in charges, which can be complex, opaque or tough to compare, so has set out plans to force firms to show a one-year charge figure in pounds and pence in the key features illustration they provide to consumers". more...

Panacea comment for financial advisers and Paraplanners - Financial Advisers is not just a matter of life and death

Some more wise words to reflect upon from Bill Shankly. "The trouble with referees is that they know the rules, but they do not know the game." In the financial services industry, I think the same rationale applies. "The trouble with regulators is that they know the rules, but they do not know the industry they regulate”. more...

Regulatory comment for Financial Advisers & Paraplanners - Will GDPR destroy businesses?

GDPR was a cunning plan thought up by the EU. Europe’s data protection laws have long been regarded as a gold standard all over the world. But over the last 25 years, technology has transformed our lives in ways nobody could have imagined so a review of the rules was needed. more...

Panacea comment - Unexplained wealth orders, money laundering and the Premier League

'Some people believe football is a matter of life and death. I'm very disappointed with that attitude. I can assure you it is much, much more important than that.’ Bill Shankly And it would seem to be as true today as it was then, but for very different reasons. more...

Panacea Comment for Financial Advisers and Paraplanners - A Brave new world

My father worked for the ‘Pru’, joining them after the end of WW2. The ‘Man from the Pru’ was him, a suited figure striding forward with that strange roof shaped umbrella logo. And income tax for him was at 98%. more...

Panacea Survey for Financial Advisers and Paraplanners - Help make our Bento Bulletins an even better read...

As a recipient of our 'Bento' email bulletins we are asking you to take part in a very short survey on what kind of information and content you enjoy receiving from us. more...

Panacea comment for Financial Advisers and Paraplanners - How much is that doggie in the window?

This HMRC document hit my desk last week. What a great idea, it shows how your ‘hard earned’ is spent by the state on your behalf. more...

Panacea comment for Financial Advisers and Paraplanners - Stinking badges 3

For those of you who remember the Mel Brooks classic ‘Blazing Saddles’ the town of Rock Ridge is being held to ransom by out of control Mexican bandits who proudly proclaim to the Mayor, Hedley Lamarr, that in a town with no sheriff, to cause havoc they “don’t need no stinking badges”. more...

Panacea comment for Financial Advisers and Paraplanners - NHS and 'the Donald'

Given that the NHS has been politically ‘weaponised’ (whatever that means) I thought that I would ‘go off piste’ with some musings on whether Donald Trump was actually right about the NHS after all. more...

Business development for Financial Advisers and Paraplanners - What is the GDPR and when will it apply?

The General Data Protection Regulation (GDPR) comes into force on 25 May 2018 and will govern the use of personal information throughout the European Union. It replaces the EU's Data Protection Directive and the UK's Data Protection Act 1998. The Government's Data Protection Bill (due to come into force this year) will ensure that the GDPR remains in our law post-Brexit so there is little doubt that the GDPR is here to stay. more...

Panacea comment for Financial Advisers and Paraplanners - Stop the shorting monster

A short sale is a transaction in which an investor sells borrowed securities in anticipation of a price drop and is required to return an equal number of shares at some point in the future. A short seller makes money if the stock goes down, a lot of money if it drops a lot. Shorting is legal. But is it morally acceptable? more...

Panacea comment for Financial Advisers and Paraplanners - The problem with regulation is that you eventually run out of other peoples' money.

Regulation, we are told, is a vital part of society, it is local, national, European and some cases global yet despite it ever invasive, viral presence in UK society it seems that the more we regulate the worse it gets. And the regulator in just about every case will claim it is not their fault. more...

Panacea comment for Financial Advisers and Paraplanners - Regulation, competition and consumers

Please do not get me going so soon in 2018, after all it’s only the first full working week of January more...

Regulatory comment for Financial Advisers & Paraplanners - Every one a 'go-er'

In Arthur Daley's Guide to Doing It Right, Arthur offers advice on " how to buy and sell a motor amongst many other things.But one thing he did not offer advioce on was PCP (Personal Contract Purchase). more...

Panacea comment for Financial Advisers and Paraplanners - The conundrum of Robo Responsibility

There is a move afoot to bring the delivery of financial advice into the 21st century. After all with the smart phone, tablet and virtual reality all breaking through boundaries, why should financial advice not find itself in the vanguard of change? more...

Panacea comment for Financial Advisers and Paraplanners - Who are the most influential financial service tweeters in the UK?

We launched our first annual ‘Top Tweeter’ awards in 2014 and every year they have proven popular so once again we are running a competition to see which financial services pros are at the top of their Twitter game as 2017 draws to a close. more...

Regulatory comment for Financial Advisers & Paraplanners - Yeah, no worries, cool

Last month the FCA announced that it was working with the regulatory risk analytics firm, Corlytics, to develop an “intelligent regulatory handbook” for the FCA in what it says is a world first. more...

Panacea comment for Financial Advisers and Paraplanners - Strange days indeed

The last couple of weeks since Harvey W got into trouble we have seen an extraordinary meltdown in the retrospective world of #metoo I have borrowed from a really famous quote by Martin Niemoller, a protestant pastor, who became famous as an outspoken critic of Adolf Hitler. He spent some seven years in various concentration camps for his trouble. more...

Panacea comment for Financial Advisers and Paraplanners - In the business of crime there’s two people involved

It was during this same month six years ago that I first read with some dismay, but an overall lack of surprise, that the then FSA had opted not to license or pre-approve financial services products, due to what it claimed were a “lack of resources”. more...

Panacea comment for Financial Advisers and Paraplanners - Back to the future

Another major brand has announced that it is about to increase its financial planning operation with a hire of some 30 new advisers and another 70 next years. A sure sign that the 2017 advice gap provided both opportunity and a solution to dealing with the thousands of disenfranchised customers of major, highly reputable brands who have to find a way to service former IFA clients who no longer have an IFA, having fallen victim (if that is the right word) to IFA segmentation since RDR. more...

Panacea comment for Financial Advisers and Paraplanners - Buzzwords

A buzzword is a word or phrase that becomes very popular for a period of time. Buzzwords often derive from technical terms yet often have much of the original technical meaning removed, being simply used to impress others. They started to appear in the 1960’s. ‘Learnings’ is a buzzword, it has become very popular in the world of accountability, liability and in particular regulation. more...

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