Good morning and welcome to your Morning Briefing for Thursday 2 January 2025. To get this in your inbox every morning click here.
Industry legend Ken Davy awarded OBE
Financial services stalwart Ken Davy has been awarded an OBE in the King’s New Year Honours List.
Davy, who founded DBS in 1983, has more than 50 years’ experience in the sector and has become a widely respected figure.
He launched compliance and support services firm SimplyBiz – which aims provide business and compliance services for directly regulated financial advisers – in November 2002, just a year after selling DBS to Misys.
Pensions outlook for the year ahead
As we welcome in 2025 and look ahead at the year, the landscape for pensions is set to be dominated by significant changes coming from reviews and consultations.
Here, Caitlin Southall – head of Ssas proposition at WBR Group – looks at some of the key changes expected.
Claims process needs to change
After being diagnosed with terminal cancer in 2024, Heather Sawyer’s dying wish was to get her insurance claim paid out before she passed away.
Sawyer contacted her adviser, Emma Astley of Cover My Bubble, to help her claim on the terminal-illness benefit within her life-insurance policy.
Astley started the process of taking over Sawyer’s policy by requesting a letter of authority (LOA) from the insurance company, but said it was a “nightmare”.
Quote Of The Day
Banks have been throwing off cash like it’s going out of fashion, using it to fund dividends and buybacks
– Ben Yearsley, director of Fairview Investing Limited, looks back at the 2024 financial landscape
Stat Attack
Nationwide’s latest HPI Index, published today (2 January), reveals a strong end to 2024 for house prices.
4.7%
The amount UK house prices rose by, year on year, in December.
7.1%
Northern Ireland was the best performing area for the second year running, with prices up more than 7%.
4.4%
Scotland recorded a more-than 4% increase in 2024.
2.7%
Wales saw a 2.7% year-on-year rise.
3.1%
Across England overall, prices were up by more than 3% compared with Q4 2024.
Source: Nationwide
In Other News
Rachel Reeves’ Budget last October has unleashed an unprecedented response, with 42% of those with financial assets in or ties to the UK actively now seeking to transfer their wealth and assets out of Britain and into more tax-friendly jurisdictions, according to a new survey.
This comprehensive survey by deVere Group, conducted the week before Christmas among 600 individuals worldwide, underscores the widespread concern over the sweeping fiscal measures announced in Labour’s first Budget.
The survey’s findings reveal a seismic shift in attitudes toward the UK’s financial environment.
Families, business owners and investors with UK financial connections are exploring options to mitigate the impact of the new tax landscape, which includes higher capital gains and inheritance tax changes on pensions, the abolition of non-domiciled tax status and increases in National Insurance Contributions (NIC).
From Elsewhere
Gold set to rally further this year, say Wall Street banks (Financial Times)
Chinese stocks tumble in worst start to a year since 2016 (Bloomberg)
Six New Year’s resolutions to boost your financial fitness in 2025 (Independent)
Did You See?
It’s safe to say 2024 was a year of great change for the financial services sector.
In this end-of-year podcast, the Money Marketing editorial team reflects on the year’s biggest stories, key trends and the lessons that will shape the industry in 2025.
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