Comments for Money Marketing

Comment on FCA secures £6m confiscation order against jailed fraudster by Tyrone Murphy

Tyrone Murphy — Tue, 04 Feb 2025 08:28:49 +0000

He got away with £24m and the FCA are patting themselves on the back, because they have managed to obtain a confiscation order for £6m against him. He probably won’t adhere to that “saying to himself £6m for an extra 2 years (1 year with good behaviour) I’ll take the extra time.” Then the FCA will have achieved nothing.

Comment on Rob Burdett: Why there’s more to world markets than interest rates by Harry Katz

Harry Katz — Mon, 03 Feb 2025 13:13:53 +0000

When will it finally be acknowledged that investing in ‘markets’ is not what it is all about. Investment is into companies. For example, it is generally recognised that the UK market is not that great, but there are some very worthwhile companies – such as for example BaE, Rolls Royce (not the cars), DS Smith, Tritax Eurobox, Unilever – just to mention a few. The same will apply to any country. The region could look poor, but that may well overlook some really good companies. Germany’s market hasn’t looked too tricky, but firms such as Siemens have done well over 2024. All those mentioned returned well over 10% in calendar year 2024.

Comment on Supplementary report on the FCA’s ‘poor performance’ released by Frustrated IFA

Frustrated IFA — Mon, 03 Feb 2025 12:35:24 +0000

Better give Mr Rathi a knighthood and top job in a bank as a reward.

If this was a company the FCA dealt with, they would have been sanctioned and more likely than not shut down.

They should be ashamed of themselves, but won’t be.

Comment on Supplementary report on the FCA’s ‘poor performance’ released by Finian Manson

Finian Manson — Mon, 03 Feb 2025 11:40:57 +0000

Another Regulator that is not fit for purpose and considers itself above both reproach and the Law!

Comment on Emmelia Powell: Should exams matter in financial planning? by Tyrone Murphy

Tyrone Murphy — Mon, 03 Feb 2025 11:06:09 +0000

I remember when the FPC was introduced as the basic qualification for financial advisers.

There was a great hullabaloo, with existing advisers insisting that they should be grandfathering into the new regime based on their experience and existing knowledge.

To cut a long story short. Grandfathering wasn’t allowed and a lot of the people who claimed to have such high levels of knowledge couldn’t pass the exams and left the business.

I have never heard a financial adviser admit to lacking technical knowledge and I have been in the business for over 40 years. But when put to the test many have been found lacking. Make sure that you are not one of them, by ensuring that you know what you are talking about.

Comment on Supplementary report on the FCA’s ‘poor performance’ released by Julian Stevens

Julian Stevens — Mon, 03 Feb 2025 10:34:54 +0000

And what does the APPG propose doing if, as is likely, the FCA continues to ignore its vociferous flag waving?

Comment on Supplementary report on the FCA’s ‘poor performance’ released by Head Balls

Head Balls — Mon, 03 Feb 2025 10:14:34 +0000

big waste of time nothing happens

Comment on Supplementary report on the FCA’s ‘poor performance’ released by David Hatton

David Hatton — Mon, 03 Feb 2025 09:52:06 +0000

Well im shocked! Which one of these do you recon they’ve not followed.

Integrity: Firms must conduct their business with integrity

Skill, care, and diligence: Firms must act with the necessary skill, care, and diligence when providing services

Customers’ interests: Firms must consider the interests of their customers and treat them fairly

Communications with clients: Firms must communicate with their clients in a clear, fair, and non-misleading way

Management and control: Firms must take reasonable care to organize and control their affairs responsibly and effectively

Financial prudence: Firms must maintain adequate financial resources

Conflicts of interest: Firms must manage conflicts of interest

Relations with regulators: Firms must be open and cooperative with the FCA and other regulators

They would have been shut down by now if they were doing this report! Appalling

Comment on ‘The dinosaurs of the platform industry will go extinct’ by Tim Thompson-Rye

Tim Thompson-Rye — Fri, 31 Jan 2025 23:13:09 +0000

In reply to Mark Sikora. Thanks Mark, totally agree!

Comment on ‘The dinosaurs of the platform industry will go extinct’ by Tim Thompson-Rye

Tim Thompson-Rye — Fri, 31 Jan 2025 23:11:59 +0000

In reply to Adam Taylor. Hey Adam, thanks for the comment – happy to clarify. I wasn’t suggesting for a second that the CRM would take over doing what the platform does; clearly the need for a custodian (as you put it) remains. What I’m saying is that the platform should be one ‘spoke’ of the adviser’s ecosystem, while the CRM / back-office system should be the ‘hub’. That allows the adviser to own their data and integrate with as many platforms and other tech providers as they like, thereby delivering the best service to the client, who only cares about the advice and its cost. Consequently, platforms become invisible infrastructure (from a client POV). Those that fail to innovate to enable this vision or otherwise hold the adviser back will become extinct. Drop me a message on LinkedIn if you like, I’d be interested to hear more of your views.

Comment on ‘The dinosaurs of the platform industry will go extinct’ by Harry Katz

Harry Katz — Fri, 31 Jan 2025 17:34:43 +0000

I think the author has missed a fundamental point. What is a platform? It is a utility – plain & simple. It just enables the adviser or the individual to chose from the universe of investments, have them all in one place, have the requisite options (ISAs, pensions etc). It should also offer the widest options. UTs, SICAVs, ITs and direct shares etc as long as the items are on a recognised exchange and are legal. On boarding, switching and valuations should be simple and straightforward on a good website Everything else is just extraneous nonsense, pandering to those who don’t know what they are doing. (Model portfolios etc). All this harping on modernity is just showing that the author has missed the point.

Comment on Emmelia Powell: Should exams matter in financial planning? by Harry Katz

Harry Katz — Fri, 31 Jan 2025 14:22:40 +0000

“Thank you doctor. How long did you study for? Oh, you never went to Uni or took exams! But you have had plenty of experience.”

Qualifications are part (an important part) but alone they can be pretty worthless, experience counts as well and a lifetime in financial services is no advantage. In our field there are three important attributes:
1. Good qualifications
2. Experience
3. Experience in a commercial environment outside financial services.
(Too many lack commercial ‘nous’)