Good morning and welcome to your Morning Briefing for Monday 16 January, 2023. To get this in your inbox every morning click here.
PFS drama
Veteran pensions expert Fiona Tait wants to know what is happening between the Chartered Insurance Institute and Personal Finance Society.
So do we to be honest.
The so called ‘Christmas coup’ has left many PFS members on edge and inspired some to consider leaving the organization.
Tait’s article provides a useful summary of both group’s positions.
What is not clear is how the standoff between the bodies will be resolved and Fait eloquently points out that there is a lot at stake.
Default dilemma
For years regulators have wanted to solve the problem of too much savers’ money being in cash when it should be invested.
This is related to the issue of savers not engaging enough with their retirement prospects.
To tackle both these points the Financial Conduct Authority has worked on default investment pathways.
But Andy Bell argues these are problematic and need to be reconsidered.
Quote Of The Day
Things are looking up for the UK, and the footsie is the flavour of the month, but there is a risk this could be a short-lived crush.
– Susannah Streeter, senior investment and markets analyst, Hargreaves Lansdown on the outlook for the FTSE 100
Stat Attack
Where is the best place to start a career in financial services? UK financial services provider CMC Markets has analysed data from major job search sites. View its findings below.
| S/N | City | Entry-Level Finance Jobs per 100,000 People | Average Monthly Cost of Living (£) | Population |
| 1 | Cambridge | 13.54 | 1,765.23 | 125,595 |
| 2 | Oxford | 5.55 | 1,661.88 | 162,032 |
| 3 | Norwich | 5.44 | 1,366.65 | 202,150 |
| 4 | Birmingham | 3.15 | 1,269.89 | 856,000 |
| 5 | Bristol | 2.85 | 1,605.90 | 701,000 |
| 6 | Brighton | 2.74 | 1,725.60 | 291,738 |
| 7 | Coventry | 2.51 | 1,278.37 | 439,000 |
| 8 | Leicester | 2.49 | 1,222.80 | 562,000 |
| 9 | Edinburgh | 2.37 | 1,417.88 | 548,000 |
| 10 | Leeds | 1.48 | 1,330.16 | 812,000 |
|
London |
7.21 | 2,347.92 | 9,541,000 |
Source: CMC Markets
In Other News
FNZ, the global wealth management platform, has announced the acquisition of Fondsdepot Bank, a platform for trading and custody in Germany.
The acquisition represents a further investment by FNZ in the German market and will bring together investment platform ebase, specialist wealth tech provider DIAMOS and Fondsdepot Bank.
Following the acquisition of Fondsdepot Bank, FNZ employs more than 1,000 people and manages assets of over €120bn for more than two million customers in Germany.
The company provides its expertise and experience to more than 650 partners, including Allianz Global Investors, AXA, BNP Paribas, Generali, Gothaer, comdirect und WWP.
Sebastian Henrichs will continue to be CEO of Fondsdepot Bank, while also leading FNZ Germany. Kai Friedrich will continue to lead ebase as CEO and will be appointed as FNZ’s head of European Integration.
From Elsewhere
Hong Kong’s financial hub is at a crossroads (Financial Times)
Tesla cuts prices by up to a fifth to boost demand (BBC News)
Fintech firm Revolut calls in psychologists after criticism of its corporate culture (The Guardian)
Did You See?
In his latest Weekend Essay, reporter, Jean-Baptiste Andrieux details the tumultuous relationship and possible fallout of the PFS and its parent body the CII.
Comments