Good morning and welcome to your Morning Briefing for Wednesday 25 October 2023. To get this in your inbox every morning click here.
APP fraud hits record high
Authorised push payment (APP) fraud has hit its highest levels on record, with the number of cases rising by 22% in the past year, the latest statistics from UK Finance have revealed.
In its report for the first half of 2023, the body found more than 116,000 cases were recorded in the first half of this year, as scammers ramped up their efforts.
Should mentors tell you what to do?
‘Get yourself a mentor,’ is something new entrants to the advice profession often hear from more experienced colleagues.
The idea is they will advise and support the mentee based on their own experience, arming them with the information to make informed decisions.
But, Amanda Newman Smith asks, should a mentor actually tell you what you should or shouldn’t do in a particular situation, thereby providing a shortcut for you to benefit from their experience?
Pensions and protection podcast
In this episode of the Pensions & Protection podcast in association with Royal London, Kimberley Dondo is joined by Ken Scott, Head of Investment Solutions at Royal London, and Hiroki Hashimoto, Fund Manager from Royal London Asset Management to discuss the challenges presented by the Consumer Duty in the investment landscape.
Quote Of The Day
Restless bond investors, still haunted by the nightmare of 2022, have been losing sleep over whether the recent increase in yields signals the start of another painful drawdown.
– Joseph Hill, senior investment analyst at Hargreaves Lansdown, comments on the “horrors” that are lurking in bond markets this Halloween
Stat Attack
New call log data from MoneyHelper, gathered via a Freedom of Information request by wealth manager, Quilter, shows calls about finding extra financial support spiked year-on-year directly following Liz Truss’ mini budget.
802
Calls were made to MoneyHelper between October 2021 and March 2022
2,214
Were made over the same period a year later in the aftermath of the mini budget at the end of September 2022
3,660
People have contacted MoneyHelper since October last year seeking help with finding extra financial support amid the cost-of-living crisis
£510
In the past year, although not all related to the mini Budget, there has been an increase in the average monthly cost of a £250,000 mortgage
£15,000
Meanwhile, there has been a decrease in the average UK house price
£16.9bn
There has also been an increase in value of mortgage balances with arrears
9,035
People have called MoneyHelper looking for help with dealing with debt or money problems since October 2022
254
People have been in touch about coping with a job loss in the same time period
Source: MoneyHelper
In Other News
Luxembourg-based alternative investment fund manager (AIFM) Adepa has partnered with BlackRock to use its eFront technology solution, which is dedicated to private markets.
This has allowed Adepa to strengthen the tailored services it provides to clients across private equity, private debt, infrastructure and real estate.
Following a competitive search process, Adepa chose the eFront platform for its client-service led approach and market leading alternative investment and data analytics capabilities.
eFront solutions are available across Adepa’s entire business, including the Alternative Investment Fund Manager (AIFM) services, as well as fund administration and transfer agency.
Triple Point has promoted Toby Furnivall to managing director of Triple Point Private Credit.
Neil Richards will be stepping down from his role as head of private credit, having made a significant contribution to the firm over the past decade.
In his role as managing director of private credit, Furnivall will work alongside the 50-strong Private Credit team to ensure a “seamless transition and continued success”.
He previously held the position of chief commercial officer in the Private Credit team and has 17 years lending experience.
During Richards’s tenure, he has played a “pivotal role” in establishing and guiding the Private Credit team, the business said.
Evelyn Partners has announced the appointment of Andrew Moat as a financial planner in the firm’s Nottingham office as part of its continued expansion in the East Midlands.
He worked most recently at Fiscal Engineers Limited in Nottingham where he spent seven years and was a financial planner.
Moat specialises in working with business owners at the point of sale and top-tier professionals. He has a passion to deliver the highest standards when working with clients to achieve their financial objectives.
He will be based at Evelyn Partners’ Nottingham office, at Loxley House, Riverside Business Park, which offers clients a range of financial services including investment management, investment advisory and financial planning from highly qualified experts.
The Exit Partnership has launched a series of webinars to help owners of financial advice and wealth management firms successfully sell their businesses.
The Exit Right series runs for six weeks, starting on 10 November and is free to attend.
Aimed at key decision makers in financial advice and wealth management firms, the series covers topics including: how to value a financial advice business; the selling journey; and key issues sellers can expect to face along the way.
Anyone wishing to attend the series can sign up here.
From Elsewhere
Deutsche Bank net profit slides 8% in third quarter but beats expectations (CNBC)
MPs’ pension fund shuns UK equities (Financial Times)
Britain’s Lloyds maintains profit outlook despite cost, margin pressures (Reuters)
Did You See?
At Money Marketing Interactive last week, Openwork Partnership development manager Robyn Allen questioned whether the term ‘critical illness’ is still fit for purpose. Does it really help client understanding?
She said it has evolved so much from where it was at the beginning.
CIIExpert founder Alan Lakey pointed out that it used to be called ‘dread disease’ insurance. And Protection Guru product manager Adam Higgs suggested that maybe ‘serious’ illness might be a better fit.
What do you think?
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