Editor’s Comment: 'Finfluencer' crackdown is overdue
Financial Planning Today
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1d ago
  There was some shock this week when the FCA announced that it was charging nine social media influencers, including some reality TV stars, in connection with promotion of an unauthorised investment trading scheme. British reporting restrictions prevent me from discussing the case itself in detail and the defendants deserve a fair trial. They may be guilty or innocent, that will be for the courts to decide. What we can say is that the FCA is increasingly getting tough on so-called ‘finfluencers’ who are using their fame to promote investment schemes. Patience has run out. In these da ..read more
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MKC Wealth acquires 2 adviser firms 
Financial Planning Today
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1d ago
MKC Wealth, the expanding wealth manager, has acquired Dartford-based Gibson Lamb and Mulberry Financial of Macclesfield for undisclosed sums. Gibson Lamb was established in 1973 and has been led by the founder's son, Dave Lamb, for 31 years. Dave Lamb now plans to leave the sector to work in the green home energy transition sector. Two Gibson Lamb client support staff have joined MKC Wealth's City of London office in an administrative capacity and Mr Lamb will stay on for a brief period of transition. Gary Lee, who has run Mulberry Financial since 2007, has also decided to leave the indus ..read more
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9 Finfluencers charged with promoting CFD trading scheme
Financial Planning Today
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1d ago
The FCA has brought charges against nine people in relation to an unauthorised trading scheme promoted on social media. Some of those charged are understood to be well known figures from social media and have appeared in TV shows such as Love Island. Emmanuel Nwanze, 30, has been charged with running an unauthorised investment scheme and issuing unauthorised financial promotions. He faces a fine and up to two years’ imprisonment.  The FCA claims that, between 19 May 2018 and 13 April 2021, Mr Nwanze and Holly Thompson, 33, (also know as Holly Zuchero) used an Instagram account (@holly ..read more
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FCA warns of ‘gaps’ as new Duty deadline looms
Financial Planning Today
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1d ago
The FCA has written a Dear CEO letter to provider bosses to alert them to potential gaps in data as the Consumer Duty deadline for closed products looms. The Consumer Duty requirements, implemented last July, will be extended to closed products and services from 31 July. The FCA will expect firms to apply most of the Consumer Duty rules to closed products and services to ensure fair treatment of customers. In a letter to CEOs this week, Sheldon Mills, FCA executive director of consumers & competition, urges CEOs to make 5 key areas a priority to ensure firms meet the new guidelines. He ..read more
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Timeline unveils adviser platform with 0.15% fee
Financial Planning Today
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1d ago
Fintech and investment provider Timeline has launched its own adviser platform promising a platform fee of a typical 0.15%. The firm says its new Timeline Platform will provide an “integrated ecosystem built for modern financial advisers.” The company says it will not be another “me too” platform. The platform is currently in Beta testing format but the firm has invited advisers to register their interest. Full details of the platform have yet to be released. Confirmation of the launch of the new platform came this week at the firm’s Adviser 3.0 conference in London. Timeline already provi ..read more
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Belmayne adds retirement specialist planner
Financial Planning Today
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1d ago
Retirement planning specialist Paul Goddard has joined Derbyshire Financial Planning firm Belmayne. He has been a Financial Planner since 1989. The latest hire increases the size of the firms Financial Planning team to 10. Mr Goddard joins Dronfield-based Belmayne following 12 years as a Financial Planner in the Deepcar area of Sheffield. He specialises in the pre-retirement and retirement market, advising on pension schemes and investments. He said: “Belmayne has an excellent reputation and I am looking forward to becoming an integral part of its well-established team of planners.” {loadp ..read more
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3 in 5 looking to property to fund retirement
Financial Planning Today
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2d ago
The number of Britons looking to release money from their property to fund their retirement has risen to 61%, according to a report from the Equity Release Council. This figure has risen since 2021, when 57% of those surveyed were considering equity release. Three in four (75%) of homeowners below the age of 55 said they were open to releasing equity from their property in later life. According to the ERC’s Home Advantage survey of 5,000 UK adults, the biggest drivers for looking to prop up retirement savings via equity release were care-related costs (17%) and boosting pension income (16 ..read more
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Finfluencers charged for promoting CFD trading scheme
Financial Planning Today
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2d ago
The FCA has brought charges against nine people in relation to an unauthorised trading scheme promoted on social media. Emmanuel Nwanze (07.01.94) has been charged with running an unauthorised investment scheme and issuing unauthorised financial promotions. He faces a fine and up to two years’ imprisonment.  The FCA claims that, between 19 May 2018 and 13 April 2021, Mr Nwanze and Holly Thompson used an Instagram account (@holly_fxtrends) to provide advice on buying and selling contracts for difference (CFDs) when they were not authorised to do so.  The FCA also alleges that Mr N ..read more
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Younger investors becoming 'Generation Trader'
Financial Planning Today
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2d ago
Generation Z and Millennials are adopting “trader-like” open and active investment strategies, according to recent research by investment platform Charles Schwab. Monthly portfolio adjustments are significantly more common among younger investors (58%) than older investors (38%), according to the report. Gen Z and Millennials were twice as likely to be making daily changes to their portfolios (8%) as their Gen X and Boomer counterparts (4%). Copy trading (a style of investing which allows people to automatically copy positions by other investors) was also significantly more popular with Ge ..read more
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Abrdn bets on inflation volatility with fund relaunches
Financial Planning Today
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2d ago
Abrdn has relaunched two of its fixed income funds with an unconstrained approach due to the investment manager’s opinion that inflation volatility is “here to stay”. This morning the investment manager has relaunched two funds within its unconstrained, diversified fixed income range. Its Absolute Return Global Bond Strategies Fund will become the Macro Fixed Income Fund, while The Total Return Credit fund is to become the Global Income Bond fund. These Abrdn SICAV II funds, available for wholesale, retail and institutional investors, will target less correlated returns and lower drawdowns ..read more
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