Monthly Archives: June 2017
John Kay – practical solutions to the FCA’s problems – please!
Passive management must be valued In a lukewarm response to the FCA’s Asset Management Market study, John Kaye comments. Greater transparency of charges will do little harm, but will also make little difference. Those customers who do focus on price … Continue reading
Posted in advice gap, pensions, workplace pensions
Tagged Active management, FCA, ft, John Kay, passive management
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Three cheers for the FCA Asset Management Market Study
I got to read MS15/2.3 last night. It was a good read. It’s long and detailed but it’s key findings and remedies are short enough to be listed here. There are the remedies that need a little more consultation;- that … Continue reading
Posted in FCA, Financial Conduct Authority, First Actuarial, pensions
Tagged DWP, FCA, MS15/2.3, Treasury
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A red-letter day for our Regulators
Today sees not one but two major papers from our financial regulators. The FCA will publish its final version of the Asset Management Market Study, the Pensions Regulator publishes its report into what happened at BHS. It’s thoughtless of them … Continue reading
The value to me of “set and hold”!
The FT is masterful with understatement. A 2% charge can take quite a chunk out of the overall portfolio return If your predicted investment return is (say) inflation +3%, having to earn 2% to pay your investment manager, custodian … Continue reading
Posted in actuaries, advice gap, pensions, pot, Treasury
Tagged Asset management, cardano, LDI, Michelle McGrade, pensions, redington, Set and Go
2 Comments
A make or break week for UK investors
Are fund managers the new bankers? If you’ve read the excellent (draft) FCA Asset Management Market Study, you’d be forgiven to think they were – (and that investment consultants were their knowing flunkies). The question now is how far the FCA … Continue reading
Posted in advice gap, consultant, corporate governance, pensions
Tagged Asset management, Consultant, FCA, ft, Funds, IA, Investment Association, investment consultant
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“Target abuse” by South West Trains
Here’s a true story to do with reliability on the railways and why punctuality targets aren’t always in the passenger’s interest. The 6.09am from London Waterloo to Windsor normally takes 55 minutes to cover its 24 miles. Not an exacting … Continue reading
Posted in pensions
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Why bother? Where would we be if we didn’t?
It’s 10.30 am. At 5am I woke and packed my bags, I cycled over to Waterloo. There was no train, I took a bus to Barnes, there was a train. At 8.30 am I got to Lady Lucy, … Continue reading
Posted in pensions
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Doing our own laundry.
Travelling across south London on a bus, early on a Sunday morning, I can talk to and listen to people who I don’t come across at work. I ask a West Indian nurse what she thinks of her pension, at … Continue reading
Restoring victim’s confidence in pensions
The confidence I have in pensions is because I know the people who are at the helm give a damn. I am lucky, I can bump into them in all kinds of ways. It is easy for me to say … Continue reading
Posted in actuaries, advice gap, annuity, pensions
Tagged ARK, Cape Verde, dubai, Lesley Titcomb, Malta, pensions, scams, Spain
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FABI continues on its boring way
First Actuarial’s Best estimate (FAB) Index improved in May, showing a month-end surplus of £295bn across the 6,000 UK defined benefit schemes. Whilst it might not grab the headlines, the FAB Index provides the voice of reason in demonstrating that … Continue reading