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The Morning Briefing: LV=’s ‘cavalier’ attitude; Tavistock’s takeover woes
By Katey Pigden 8
th April 2021 9:05 am
Good morning and welcome to your Morning Briefing for Thursday, 8 April, 2021. To get this in your inbox every morning click here.
Cavalier attitude
Mutual insurer LV= has been accused of showing a “cavalier attitude” by looking to sell itself to private equity investor Bain Capital for £530m.
A group of cross-party MPs slammed LV= for disregarding the interests of its members.
MP Gareth Thomas says: “It is perverse that at a time when mutuality is growing in other parts of the world that this course is being chosen by the UK’s second largest mutual insurer.”
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th March 2021 10:37 am
Millions of people will be left at risk of financial scams unless the government takes urgent action in its forthcoming Online Safety Bill, experts have warned.
The Money and Mental Health Policy Institute, a charity founded by Martin Lewis, says that people with mental health problems are particularly vulnerable.
The Online Safety Bill is set to give Ofcom new powers to tackle offensive online content, but does not provide regulators with mechanisms to crack down on online financial scams.
The MMHPI wants Ofcom to be able to force online platforms such as Facebook, Twitter, Instagram and Google to remove content that promotes harmful schemes and cons.
Home / News / SJP performance tainted by 33% FSCS levy hike as assets close in on £130bn
SJP performance tainted by 33% FSCS levy hike as assets close in on £130bn
Wealth manager’s £36.7m levy was a ‘real concern and source of frustration’
St James’s Place’s funds under management reached almost £130bn last year, but its financial performance was tainted by a 33% jump in its Financial Services Compensation Scheme levy.
The firm reported net inflows of £8.2bn during 2020 – 8% lower than in 2019 and equivalent to 7% of opening funds under management.
Overall, net flows, together with robust markets, increased the wealth manager’s funds under management by 11% to £129.3bn, setting the firm on course to hit SJP chief executive Andrew Croft’s target of £200m by the end of 2025.
12 reforms to fix the advice market: PIMFA calls on govt and regulator for changes
Wants regulators, govt, industry to work together
PIMFA is calling for the review of the definition of advice and the regulatory perimeter among its list of recommendations.
The Personal Investment Management & Financial Advice Association has set out 12 recommendations in a bid to urge the government, regulators and wider industry to work together to create an advice market that works for everybody.
The 12 recommendations, PIMFA said, were made to try and address shortcomings in the market, including a lack of awareness of the benefits of advice and its value, and a lack of trust in the profession,.