The Financial Conduct Authority has launched a major new initiative aimed at reducing the harm suffered by consumers who decide to invest. It says its strategy is “aimed at giving consumers the confidence to invest, supported by a high-quality, affordable advice market, which should lead to fewer people being scammed or persuaded to invest in products too risky for their needs.”
New research by Censuswide, on behalf of the Money and Pensions Service, shows that 88% of members of Generation X, equating to around 12.3 million people, have not calculated how much income they are likely to need in retirement.
Ahead of a move to Financial Conduct Authority regulation at some point in the future, industry figures discussed the state of the Buy Now Pay Later credit market during a London Institute of Business Finance webinar on September 15.
In a recent webinar hosted by qualifications provider the London Institute of Business Finance, Detective Sergeant John Mitchell from the Economic Crime Unit of the Isle of Man Constabulary was joined by Colin Tansley, Managing Director of Intelect Solutions, a firm which provides consultancy on cyber security and other issues.
Research by national charity Citizens Advice shows that one in ten consumers who have used buy now, pay later arrangements has been chased by debt collectors. This figure rises to one in eight amongst survey respondents aged 18 to 34.
A new survey has highlighted the concerns of the so-called Generation X – those born between 1965 and 1980 – over whether they will have enough income in retirement.
The date on which the Financial Conduct Authority takes over as regulator of the funeral plan sector is now less than one year away. Ahead of July 29 2022, there is a great deal that firms in this sector should be doing in preparation. As a matter of urgency, all firms currently operating within the sector must consider how FCA regulation impacts their business and begin to make the necessary preparations, all of which can be made far easier by partnering with Scott Robert and our team of highly experienced Regulatory Advisors.
The Financial Conduct Authority has said a great deal in recent months and years about unsuitable pension transfer advice. Its latest communication on the subject, however, addresses the subject of how to calculate redress when it is identified that the transfer was suitable.
A new blog from the trade association the Personal Investment Management & Financial Advice Association confidently states that “professional financial advice has the power to fundamentally improve the quality of life for those who access it”. In support of this, PIMFA refers to many studies which have shown that consumers who use financial advisers have significantly higher retirement incomes. It also cites a survey which showed that 86% of people who sought financial advice believed it to be a beneficial experience.
It may seem counter-intuitive for a firm that is in a good trading position, and which intends to continue trading for the foreseeable future to make plans for a wind-down of their business. However, in the loan crowdfunding sector, that is exactly what the Financial Conduct Authority says all firms must do, as to fail to address this would lead to serious issues about the extent to which the firm’s customers are protected from harm.