Industry news and views from Panacea and our partners.
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Can Generation Z work alongside people with different views?
According to Channel 4 boss Alex Mahon the answer is no. Young people in the workplace don't have the skills to debate, disagree and work alongside people with different opinions. Generation Z, like any other generation, is not inherently unable to work alongside people with different views. It is just that they have not encountered in their often very sheltered life, partly influenced by Covid lock downs and a cloistered world of academia, that somebody elses opinion may differ from theirs or even, heaven forbid, may confirm that their thinking is just plain stupid.
What would Steve Jobs think about technology and financial advice
Steve Jobs, the visionary co-founder of Apple Inc., was known for his unique perspectives on technology, design, and business. If he were alive today to consider the state of technology and financial advice, there are several key insights we can speculate he might offer.
Simplified advice parked up, wheels fell off.
The FCA's decision to pause, reflect, and reconsider in light of industry feedback is a testament to its commitment to effective regulation.
Shortcomings in ESG Responsibilities
In recent years, the concept of Environmental, Social, and Governance (ESG) has gained significant traction as businesses and investors alike recognise the importance of responsible and sustainable practices.
Extremely Short-sighted Governance, ESG madness continues
Is de-banking, something that seems to be happening in very large numbers, an unintended consequence of the interpretation of ESG rules by firms and directives from the FCA?
A moment of woke madness?
Over the last couple of weeks it seems that a number of banks are refusing, cancelling or closing bank account. This in turn seems to create difficulty for these affected individuals or organisations to open an account with another bank, with refusals to do so not being accompanied with any particular reason.
Badges? We dont need no stinking badges 5!
Claims management companies have, in the eyes of many in the IFA world, managed to portray a world of plenty to hard pressed consumers in the troubled, distressed worlds of 2020 and 2021 and it would seem that hard pressed families are being offered yet another opportunity in 2023 by
The hidden key to creating exceptional client value - every time!
Consumer duty is about delivering good outcomes for clients, and that's great. But this is a minimum standard to be met by all practitioners and firms.
Never in the field of pandemic prevention will so much be owed by so many to protect so few
Those of a certain generation will recall a former British Prime Minister, Harold Macmillan, speaking at a Tory rally in Bedford in 1957 painted a very rosy picture of Britain's economy.
Consumer duty not quite hitting the spot
Last month we floated the idea that the upcoming implementation of Consumer Duty for FCA regulated firms was really nothing more than a re-dressing of TCF. New clothes for the Emperor.
Consumer Duty or just new TCF clothes for the Emperor
The FCA has published the final rules for Consumer Duty - PS22/9: A new Consumer Duty, alongside finalised guidance FG22/5.
Adviser Vulnerability - Snapshot survey results
With the FCA pressurising advisory firms to pay attention to Consumer vulnerability and ensure they are treated fairly in troubling fiscal times, FT Adviser recently highlighted how Directly Authorised Advisers are themselves claiming they are under growing pressure and stress from the Financial Conduct Authority on top of the rising cost of living.
Huge pressure from FCA on directly authorised advisers
It was highlighted last week that Directly authorised IFAs have questioned the regulatory approach to vulnerability, claiming they themselves are under growing pressure and stress from the Financial Conduct Authority and from the rising cost of living.
Huge pressure from FCA on directly authorised advisers
It was highlighted last week that Directly authorised IFAs have questioned the regulatory approach to vulnerability, claiming they themselves are under growing pressure and stress from the Financial Conduct Authority and from the rising cost of living.
UK Trusts, taxation and registration
On hearing that newly crowned King Charles III with not see any of his inherited wealth being diminished by way of IHT, this reminded me that I was asked recently to provide some information to HMRC about a family trust.
Can a headline get you cancelled?
There is a very good saying regarding pilots and their flying styles that I think applies to so many other professions and industries.
FCA, please, please, please, STOP
What is the role of a regulator? More importantly, what is the role of the FCA.
Treating customers fairly by tweet
The Halifax has told customers this week who do not like their very modern thinking surrounding pronoun use on staff name badges, or its views on inclusivity via tweets, that We strive for inclusion, equality and quite simply, in doing what's right. If you disagree with our values, you're welcome to close your account.
In February 2020 we reflected on the state of the advisory world thinking regarding transgender matters as below.
Whats your opinion on the gender recognition act reform meaning that transgender people will be able to self-certify themselves in the gender they see themselves as and wont need medical or psychiatric approval or surgery.
How not to do TCF
A lot is made of TCF in the regulatory world but what does it look like in reality?
FOS and WFH. Good for consumer outcomes, possibly not
As you will be aware a recent Panacea FOI request made to the FCA provided a unique insight in the WFH lifestyle at the regulator and the very poor management controls that let staff get away with a charade.
FCA at it again
The FCA has proposed to hike, as usual each year, its annual funding requirement for advisers from £82.3mn to £86.5mn.
Is there anybody out there?
Boris announced that his governments Plan B social restrictions for dealing with the Omicron variant of the coronavirus in England were to end from Thursday 27 January. He also told civil servants to get back to their desks and 'show the lead' after work from home guidance was axed.
WFH at the FCA
The FCA has frequently been hitting the headlines for non-regulatory issues over the last year.
Confused, you will be if not already.
Pension providers have called on MPs to change advice rules to allow them to offer more personalised guidance.
Ignoring it wont beat it
Prostate issues are often hard to talk about. Theres no way of knowing if you have prostate cancer without visiting your doctor as most men with early prostate cancer dont have any symptoms.
How much more help do young people need?
Kirsty Allsopp caused a bit of a stir by suggesting that young people could afford to get on the property ladder if they gave up luxuries such as their gym membership and foreign holidays and looked at cheaper areas.
How about revisiting this idea Rishi
There are currently some 6m people on waiting lists for NHS care. This list will grow even more in the coming weeks and will include cancer, cardiac, orthopaedic, respiratory patients, many of whom will have seen appointments for consultations, diagnosis and treatment cancelled many times.
Was Sid missold, musings on privatisations
British Telecommunications was privatised in 1984, becoming British Telecommunications plc, with some 50 percent of its shares sold to investors. The Government sold its remaining stake in further share sales in 1991 and 1993.
FCA exploring more impactful alternatives
As reported in Bento 1262 on 7th August, we received tip-off from an FCA mole that the FCA had put into action their Ethnicity Action Plan which focusses on refreshing Unconscious Bias training, exploring more impactful alternatives and rolling out the workshops across the organisation to support the changes they want to see.
FSCS, how long does it take to get to the facts?
More than 5 months. Back in May this year I tried to get some sense of the scale of discretionary payments made by the FSCS to consumers who have long since passed their complain by date.
Conundrum training in Olympic Park
In September 2020, the FCA published its Ethnicity Action Plan noting Well be refreshing our Unconscious Bias mandatory training, exploring more impactful alternatives and rolling out three workshops across the organisation to support the changes we want to see. These workshops will focus on exploring privilege
Paraplanners lost in the ether of regulation
The SMCRs (Senior Managers Regime Certification) was created to address risks posed by adviser firms employees, whose role may allow them to do significant harm to the firm or its customers.
We dont need no stinking badges 4
Claims management companies have, in the eyes of many in the IFA world, managed to portray a world of plenty to hard pressed consumers in the troubled, distressed worlds of 2020 and 2021.
A cunning plan indeed
Saving the NHS comes at a terrible price for those it should save. With this thought in mind, any may not be aware that there was a plan, it is the UK Influenza Pandemic Preparedness Strategy 2011.
Panacea's input: FCA Consumer Investments Market review
Firstly, I would like to thank all those who gave up their time, in one case some 5 hours to fully complete the survey. Their thoughts and suggestions, all 314 of them were sent to the FCA on Monday 14th December.
Cod or haddock mate?
Over the seemingly endless months of lockdown, I have become increasingly aware of virtue signalling adverts.
Conundrum
Since we went into lock down on 16th March, out of lockdown into "eat out to help out" and then, depending on where you are back into lockdown again, I would like to ask a question.
The data is in, WFH myth is busted
Many who read my observations on working from home in our Bento 1174 on the 3rd September may wish to re-read and reflect.