Neil Liversidge: Why I m saying no to the FCA and client segmentation Every client is unique
Neil Liversidge is putting his head above the parapet on client segmentation. Here he explains why his firm doesn t place clients into FCA-mandated pigeonholes despite being told that s exactly what advisers need to do.
Have you categorised your clients? A few years ago we were told that the Financial Conduct Authority (FCA) was keen that firms should categorise clients, using labels such as ‘young accumulators and ‘retired decumulators as part of its PROD rules.
This was pushed heavily at various industry seminars by ex-FCA luminaries such as Rory Percival.
So far, DC plans have largely been focused on the onset of auto-enrolment and changes to the regulatory framework - be it the ‘charge cap, ‘pension freedoms or consultations around ‘value for money , says Annabel Tonry, Executive Director at J.P. Morgan Asset Management (JPMAM).Download
In 2015 George Osborne, then the UK Chancellor of the Exchequer, decided that those age over 55 could take much more of their pension in cash. This has since opened up a range of possibilities for DC scheme members in the world of pensions.Download
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FCA s 52 crypto investigations tip of the iceberg - law firm
Only the beginning
RPC said The FCA has been receiving an increasing number of calls to its consumer helpline about cryptocurrencies – receiving a total of 343 calls in October, almost twice the 176 calls it received six months earlier in April.
The Financial Conduct Authority (FCA) opened 52 investigations into cryptocurrency businesses in the last year, according to City-law firm RPC.
According to a Freedom of Information request submitted by the law firm, the FCA had been receiving an increasing number of calls to its consumer helpline about cryptocurrencies - receiving a total of.
Increased FSCS bill would be pure theft : Adviser writes to MP over LCF saga
FCA incompetent, but Bailey not to blame
Liversidge said that since LCF’s collapse in 2015, blame and ordure has been heaped onto the regulator, particularly onto ex-FCA chief executive onto Andrew Bailey.
Adviser Neil Liversidge has written to Treasury Select Committee Chairman Mel Stride MP to say that the financial services industry should not pay for the damage cause by the collapse of London Capital & Finance (LCF).
In the letter, sent on Tuesday (9 February) and seen by Professional Adviser, the West Riding Personal Financial Solutions managing director said that if the burden falls onto the Financial Conduct Authority.
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“Here’s my strategy in a nutshell,” the man in the video says. “I see a stock going up and I buy it, and I just watch it until it stops going up, and then I sell it, and I do that over and over and that pays for our whole lifestyle.”
Sporting a baseball cap, Ohio State football sweater and a hearty ginger beard, he doesn’t exactly look like your average finance professional.
But he turned $400 into $14,000 in a month, apparently. In the next one, he turned less than $1,000 into $20,000. All through a strategy that seemingly boils down to little more than a game of pass the financial parcel.