As we prepare for the annual summer lull across the industry, the first half of 2023 has come to a close amid plenty of goings on…
Policy watch…
The Financial Conduct Authority (FCA) continued with its work linked to its thematic review into retirement income advice. A select group of advisers will take part in a preliminary survey, which contains 87 questions.
The FCA also clamped down on the marketing of cryptoassets, stating on 8 June that there will now be a 24-hour cooling-off period for first time investors implemented.
The watchdog also issued a warning this month, calling on firms to do better to meet customer demands around culture. Speaking at the Westminster Business Forum, chief operating officer and executive director of authorisations Emily Shepperd said firms need to consider culture "the very essence" of what they stand for.
What else has been going on…
The parent company of Defaqto and SimplyBiz announced on 20 June that it had invested in start-up provider, Plannr Technologies. Fintel has a 25% equity stake in the firm, made through new venture Fintel Labs.
PA has produced a range of content in June for Pride Month, with a news piece on 12 June highlighting the higher costs LGBT couples face when financial planning.
Annuities were firmly on this month's radar with Canada Life statistics showing the payback on a benchmark £100,000 annuity is currently 14.5 years. This means the break-even point average is now five years closer than previously.
Intelliflo announced the launch of an all-in-one single system platform capability ‘Wealthlink' on 6 June - a new offering designed to seamlessly address advisers' proactive management software and platform needs in one.
A BWD census this month found adviser earnings have increased 14% year-on-year to reach an average of £95,754.
Finally, in an unusual move, the FCA spoke publicly about the way Quilter managed the unsuitable advice given by Lighthouse Advisory Services in relation to the British Steel Pension Scheme after it acquired the firm. The watchdog praised the network for its ‘model behaviour' and ‘exemplary' conduct.
Spotlight on the Sustainable Investment Festival…
Professional Adviser's parent company Incisive Media hosted its annual flagship event in London on 14 and 15 June - the Sustainable Investment Festival.
The event brings PA together with its sister titles Professional Pensions, Sustainable Investment and Investment Week for a comprehensive look at all things responsible finance, ESG and ethical decision-making.
Our news from the two days looked at why convincing ESG advice must come from the heart, how having a messy internal culture is linked to lower returns, and why advisers who fail to discuss ESG risk reputational damage.
To read all our coverage from the event, click here
On the features front…
In another busy month for features and opinion pieces, we spoke with the joint CEO's of newly launched IFA business PIWA who said the firm was 'uniquely placed' to serve entrepreneurs.
We also put the spotlight on the latest interest rate hike and examined how it was likely to impact vulnerable clients.
Another piece explored the priorities the next chief executive of St James's Place will need to step up to, while another outlined the trust traps adviser should be aware of when conducting inheritance tax planning work.
Finally - why is trust in financial services so low? Our 13 June opinion piece examines this.
A day in the life of an adviser…
Our series wrapped up this month with contributions from Chester-based Frederika Clay, Essex adviser Daniel Midwinter, and Bath-based Jamie Little.
PA's July events diary…
Wednesday, 26 July: Digital Working Lunch with Schroders - ‘What are advisers currently thinking?'
