I’m beginning to think that the self employed are the poor relations when it comes to the pensions market. While auto-enrolment workplace pensions have been a major success, and we are told 5m have SIPPs (including some self employed people), the fact is that the self employed are still very badly served when it comes to pensions. Left out of auto-enrolment and not covered specifically by any wider pension scheme they struggle to save for retirement. A new study by CMC Invest, a SIPP and investment provider, found that two fifths of self-employed people, 41%, wer ..read more

The Serious Fraud Office has today secured the conviction today of ex-IFA and investment manager David Kennedy for his role in a £100m investment fraud in which hundreds lost part of their life savings. The conviction follows a re-trial at Southwark Crown Court. Mr Kennedy, 71, and his business partner, former solicitor Timothy Schools, 63, managed a Cayman Island registered company called Axiom Legal Finance Fund for over two years. Mr Kennedy, of Tyne and Wear, will be sentenced on 8 May. The fund promised investors a secure return, offering loans to UK law firms that were pursuing no-wi ..read more

Pensions firm Punter Southall has launched Pension Potential, an app-based digital retirement planning tool for businesses and employees, as well as pension schemes and their members. The new tool aims to help bridge the pension advice gap and combines an app-based tool with the ability to have a video call with an adviser. Punter Southall says that Pension Potential will, “take the complexity out of retirement planning” by providing personalised financial guidance and advice to individuals. The firm says this will empower them to make informed decisions about their pension and retire ..read more

The Pensions Regulator plans to change its guidance on decumulation and says it also wants to see fewer but larger DC pension schemes to provide the best outcomes for pension savers. On decumulation the TPR wants to develop its guidance to encourage new models that, “combine flexible and predictable retirement income streams and supported pathways for savers.” It has not made clear what this will mean in practice but it says it expects things to change. The changes are outlined in the TPR’s new three year Corporate Plan published today. In the plan it sets out how it will protect savers’ m ..read more

The Equity Release Council, the trade body for equity release providers, has urged advisers to check their responsibilities under the next phase of the FCA’s Consumer Duty which takes effect from 31 July. From July legacy financial products, including equity release, will be covered by the Consumer Duty in the same way as new products - which were covered from July last year. The council says the ‘closed book’ extension of the duty means consumers with products that are no longer sold or renewed must come under the “same scrutiny” as those on current products. The Equity Release Council sa ..read more

Investment manager Janus Henderson has acquired two firms, including the private investments arm of National Bank of Kuwait (NBK). The company has acquired wealth manager NBK Capital Partners from National Bank of Kuwait and ETF provider Tabula Investment Management, the firm confirmed this week. Janus Henderson has signed a deal with NBK Wealth, the wealth management arm of the National Bank of Kuwait Group, to acquire NBK Capital Partners (NBKCP) -  NBK Wealth's private investments team. The team will form Janus Henderson's new emerging markets private capital division.  In a s ..read more

Eight more adviser firms have joined the AdviserAction group, a campaigning membership organisation launched last year to help the adviser sector engage better with listed companies on sustainability issues. The new firms joining up include: Ethical Futures, Foster Denovo, Henson Crisp, Holden & Partners, Kingsfleet Wealth, Prydis Wealth Scotland, TAM Asset Management and Unburdened Solutions.  The group, facilitated by CCLA Investment Management, has so far signed up 16 member firms which together have £8 billion in assets under advice. Other advice firms are also being invited t ..read more

Training provider Compliance and Training Solutions (CATS) is to launch its first conference for Paraplanners. The company has put together a collection of some of the UK’s leading financial professionals and trainers for the online event which will take place on 26 June. CATS has been a compliance services provider for nearly 20 years and supports Financial Planners and Paraplanners. It says the inaugural conference will be dedicated “solely” to Paraplanners. The online event will start at 9.30 am and will provide structured Continuing Professional Development (CPD), offering attendees si ..read more

Social media ‘finfluencers’ who provide sometimes suspect advice online are losing influence as retail investors increasingly turn to professional financial advisers, according to a survey. Investment platform Charles Schwab says its survey found that celebrity and social media-based finance specialists were declining as a source of influence on investments, particularly among younger generations. The last 10 years has seen a grown in financial influencers and celebrities often pushing crypto currency investments, get rich schemes and allegedly easy ways to make money through investments b ..read more

  California-based fintech Marygold & Co has acquired its second UK Financial Planning firm ahead of a bigger push into the UK savings and advice market. The company completed its latest acquisition - £27m AUA Chartered Financial Planning firm Step-By-Step Financial Planners (SBS) of Northampton - this week. Marygold acquired £42m AUA Northampton-based Tiger Financial & Asset Management in 2022. US-based Marygold is planning an app-based service and has set up a UK company to spearhead expansion. {loadposition hidden2}   Step-By-Step Financial Planners is based in Ru ..read more