13
th May 2021 8:30 am
Good morning and welcome to your Morning Briefing for Thursday 13 May, 2021. To get this in your inbox every morning click here.
FSCS levy
Every year advisers brace themselves for how much they will have to contribute to the Financial Services Compensation Scheme (FSCS) levy. In January, the overall levy for 2021/22 was forecasted to be an eye-watering £1.04bn.
This represented a rise of almost 50% on the previous year. Today that figure has been revised down to £833m.
It might be £206m lower than the forecast at the beginning of the year, but it’s still £133m higher than the 2020/21 levy.
by Alistair Hardaker
York-based regulatory technology business Money Alive has secured £1 million in funding to support the further development of its platform and the creation of new jobs.
The company secured £749,000 in financial investment from Foresight Group using equity finance from the Midlands Engine Investment Fund, as part of a £1 million funding round involving a number of high profile private investors.
The current funding round will support the further development of Money Alive’s platform for the workplace market as well as for the large financial advice networks. It said it is also planning to create eight new jobs across sales, content and marketing to fuel the growth of the business.
State pension ‘useful’ tool to cover capacity for loss
By Michael Klimes 4
Alastair Black
The state pension is a useful tool to cover a client’s capacity for loss, a retirement expert has suggested.
Its potential should not be forgotten by advisers who can use it to build more robust retirement plans.
These points were made by Standard Life Aberdeen head of Wrap platform proposition Alastair Black.
He was speaking at a webinar hosted by technology platform Money Alive about the FCA’s approach to retirement income advice.
Black said it was possible for advisers to create retirement plans which combine flexible drawdown and guaranteed income.