As advisers start to transition back to their offices and navigate the bizarre new normal, good news stories are helping lift their spirits. Here, PA compiles some of the best good news stories of the week.
CISI support London Police
The Chartered Institute for Securities and Investment (CISI) has partnered with the City of London Police to allow its UK members to support the national policing effort against financial crime.
The new programme is encouraging CISI's London-based members who are at or near retirement to volunteer their time and skills with the City of London Police to support their efforts in tackling fraud and cybercrimes.
UK Finance estimates these crimes are costing the UK close to £7b a year.
City of London Police commissioner Ian Dyson said: "The challenge in the modern world is the volume of data we are dealing with. We have limited capacity in policing at the moment to manage this. People who are operating in a profession can bring to me those specialist skills that help me and my officers understand how the criminal is committing their fraud.
"CISI members all have skills that we need. You may think that you have nothing to give the police but the structures that you manage on a day to day basis are exactly the structures the fraudsters use and that we need to understand."
Aviva provides online financial education
Pension provider Aviva is supporting thousands of its workplace pension savers through its online education sessions, addressing questions about the financial impact of lockdown.
Aviva's financial education team would normally roll out these sessions face to face, but the pandemic has forced the firm to adapt.
Aviva workplace savings manager Laura Stewart-Smith explained: "Once we began to see the impact of Coronavirus on stock markets, and consequently on people's pension savings, we knew there would be demand for financial education sessions.
"Among a whole host of other worries, people are concerned about their finances and want to understand what this means to them.
"In the first week we supported more than 1,500 people through our webinars and so ramped up our capacity. We've now presented to more than 6,500 of our members."
IFA helps client recoup compensation
Yorkshire-based IFA Neil Liversidge has helped a client obtain tens of thousands of pounds in compensation after he was poorly advised by BlueInfinitas.
The client, a Northumberland-based bathroom fitter, invested his £41,500 pension using a SVS Securities self-invested personal pension (SIPP) to make high risk investments, following advice from BlueInfinitas.
Liversidge was able to get the client nearly £47,000 in compensation from the Financial Services Compensation Scheme.
Liversidge charged the client £975 for the claims work. He said the fee was much smaller than a typical CMC, and by charging the client a small fee he had saved him potentially tens of thousands of pounds in compensation fees if he had gone elsewhere.
The Castleford IFA said all advisers should offer a similar service, and doing so would help the reputation of financial services.
"I think that every IFA should offer a service like this at the kind of price we charge. We've covered our costs with this, and if people have been done over, I don't see why they should be done over twice," he added.
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