Industry news and views from Panacea and our partners.
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Spot the Difference: 72,000 Names, But No Paraplanners
The FCA Register lists over 72,000 individuals across advice, mortgage, and compliance roles yet not a single paraplanner in sight. Given the critical part paraplanners play in shaping advice outcomes, from research to report writing, many are questioning whether its time for formal recognition. Could adding paraplanners to the FCA Directory or introducing a competency sign-off process help clarify accountability, or would it add unnecessary cost and complexity especially for outsourced providers?
Should Paraplanners Be More Formally Recognised by the FCA?
Many paraplanners have expressed a desire for their work to be recognised as a profession in its own right, rather than simply a support function. Formal recognition could support that aim, reinforcing standards, career pathways and professional identity. Wed welcome your thoughts whether a paraplanners, advisers or compliance professional on how best to strike the right balance.
Finfluencers: Friends, Foes, or the Future of Financial Advice?
The financial advisory landscape in the UK is experiencing a notable shift with the emergence of finfluencers (social media personalities who provide financial guidance to their followers). This trend has gained significant traction, particularly among younger demographics.
Consumer Duty - ducks in a row?
How are you getting on with Consumer Duty implementation? Do you have your ducks in a row when it comes to reporting?
Adviser Content Survey Results
Each year, Panacea conducts a comprehensive content survey within its community. Our most recent survey from November 2023 was completed by 93 individuals.
Has consumer duty worked for you?
Whist the concept of Consumer Duty is highly laudable, the world of financial services has been plagued by the failure to use plain English, which I think is at the core of some considerable consumer detriment.
The countdown continues
How ready are you for the Consumer Duty? We would like to know if you think Consumer Duty is a huge regulatory advance, a complete waste of time or a case of rebadging something that existed already by making your business life more difficult?
Adviser Vulnerability the Outcomes
We had heard reports that Directly Authorised smaller adviser firms were under relentless pressure and stress, quite often from the FCA, the FSCS and the rising cost of living.
Adviser Vulnerability - Snapshot survey results
With the FCA pressurising advisory firms to pay attention to Consumer vulnerability and ensure they are treated fairly in troubling fiscal times, FT Adviser recently highlighted how Directly Authorised Advisers are themselves claiming they are under growing pressure and stress from the Financial Conduct Authority on top of the rising cost of living.
Adviser Vulnerability - Snapshot survey results
Weve had 164 anonymous responses to our Adviser vulnerability survey so far.
Huge pressure from FCA on directly authorised advisers
It was highlighted last week that Directly authorised IFAs have questioned the regulatory approach to vulnerability, claiming they themselves are under growing pressure and stress from the Financial Conduct Authority and from the rising cost of living.
Huge pressure from FCA on directly authorised advisers
It was highlighted last week that Directly authorised IFAs have questioned the regulatory approach to vulnerability, claiming they themselves are under growing pressure and stress from the Financial Conduct Authority and from the rising cost of living.
FCA remote working arrangements, are they working for you?
Sonia Rich Noted In An FCA update of October 11th that firms will be required to prove that the remote working does not or is unlikely to cause detriment to consumers, damage the integrity of the market, increase the risk of financial crime and reduce competition.
Content is king
Every year we undertake a content survey amongst our community members, yes that is you and your peers. We feel it vital to ensure that the brands that support what we do deliver the very best digital knowledge content to help you do the best job you can for your clients at no cost to you. That is why we will be sharing these results with them, so they can provide content that you want and need.
Help us to help you better
We are asking readers of our email communications to take part in a very short survey on what kind of information and content you enjoy receiving from us.
Panacea's input: FCA Consumer Investments Market review
Firstly, I would like to thank all those who gave up their time, in one case some 5 hours to fully complete the survey. Their thoughts and suggestions, all 314 of them were sent to the FCA on Monday 14th December.
Adviser Vulnerability - Survey Results
As we are all aware, consumer vulnerability has been on the FCA's radar for a long period of time and despite the delay in the release of their new Guidance on the Fair Treatment of Vulnerable Customers, it is still high on their agenda.
Covid-19. IFA blood test results now through
Since 1 July 2017, it has been a regulatory requirement that firms need to hold the higher of £20,000 or 5 per cent of their investment business income in order to meet capital adequacy rules. Government loans granted to firms in a bid to tackle the coronavirus fallout cannot be used to meet capital adequacy requirements, the FSA warned last month in a helpful Dear CEO letter. They added that: "Government schemes to help firms through this period can be used to help firms plan for how they will meet debts as they fall due and in the immediate period."
COVID-19 and the impact upon your business
With business running costs being further complicated by regulatory fees, FSCS cash calls and increasing PI costs, will/ is your business being impacted by Covid19?
Appointed reps
We are doing some research around network appointed rep agreements and would appreciate it if anyone could share theirs with us. Obviously this is in strictest confidence. Along with any observations, pluses etc.
FCA consultations, are they worth your time and effort?
During this time there were 93,000 active, registered firms, 35,000 organisations with a single registered individual and 57,000 directly authorised firms on the FCA register. Despite this, from July to October 2019 there were just 228 responses - an average of 45.6 per consultation.
FCA consultations are they worth the effort survey
The FCA carry out many consultations, all for very good reasons, at least we hope that is the case. But there is a suspicion in the intermediated distribution world that the reality is that the decision has already been made and that the consultation is there to demonstrate the inclusiveness of the regulator and nothing more. I may be accused of being a bit cynical, perhaps over 45 years in the industry has caused some battle hardening, but just think about this a bit.
Death by FOS. Is this the end for smaller IFA businesses?
The Financial Ombudsman service announced, on the 16th October, it is proposing that on 1 April 2019, yes, just 5 months away, the ombudsman services £150,000 award limit should increase by 133%
FOS treating IFAs as 'guilty until proven innocent'
Did you believe the FOS help complainants create a complaint where none existed? This was just one of 15 questions in our current FOS survey. We had 212 respondents. As with all our surveys, it is the comments that make for such interesting reading. Many thanks to all of you who completed the survey and for the hundreds of really inciteful comments that really put some flesh on the answer bones.
Do you believe the FOS help complainants create a complaint where none existed?
This is just one of 15 questions in our current FOS survey. The current score on the doors is that 72% reckon the above statement is true. Very worrying indeed, but it is some comments added, beyond a simple yes or no over the last week that should really start ringing bells with the FOS.
Is it all still Pete Tong at the FOS?
Since 2011 we have been conducting research via a simple survey to gauge what advisers think about service levels and standards delivered by the FOS, in particular looking at their processes and the fairness of the system.
Help make our Bento Bulletins an even better read...
As a recipient of our 'Bento' email bulletins we are asking you to take part in a very short survey on what kind of information and content you enjoy receiving from us.
Help make our Bento Bulletins an even better read...
As a recipient of our 'Bento' email bulletins we are asking you to take part in a very short survey on what kind of information and content you enjoy receiving from us.
Industry attitude to robo-advice shifts as 20% of advisers consider development
One fifth of financial advisers could be set to launch their own robo-advice propositions in the future, according to exclusive research by Panacea Adviser. The survey of 104 advisers revealed that just 2% of respondents have already adopted robo-advice into their business while the majority (66%) of advisers said they had not yet decided whether robo-advice was right for them.
Accountability of the Regulator & 2017 sentiments
The growth of regulation is often cited as one of major changes in the UK constitution.
88% of Advisers would not use an outsourced Paraplanner
Nearly nine out of ten advisers say they prefer to employ a full-time paraplanner as part of their in-house team instead of turning to an outsourced paraplanner, exclusive research from Panacea Adviser has revealed.
FSCS Funding Review
In 2012 we ran a survey on the FSCS Levy and its inherent unfairness and the ever-increasing large and unexpected cash calls on adviser firms. Four years on we are running another survey to ascertain adviser perspectives on the FSCS funding review and to see how views have changed over the last 4 years. Results will be sent to the FCA, FSCS and the TSC as well as the press, so please take the survey today.
Panacea Adviser Sentiment Survey: 58% of advisers say Brexit will not impact their business
Almost 60 per cent of financial advisers are confident that the UKs planned departure from the EU will not have a negative effect on advice firms.
Panacea Adviser survey: 89% of advisers say Robo-Advice is a threat to the industry
Almost nine out of ten financial advisers warn that automated services pose a threat to traditional face-to-face financial advice, research by Panacea Adviser has revealed.