Santa Claus needs to know which kids are good and which are bad this year, but he may need a boost when it comes to financial services. In the spirit of the season, PA is helping the man in the red suit (and hopefully a matching mask) and making a list of people in the industry who we think make a good list – and those who might not. very happy …
Will the socks be full of hand sanitizer for those who are well behaved? Or a fine sock for those who didn’t play by the rules this year? (To be fair, there are so many rules and so many changes to the rules this year that it’s hard to say you followed them all, right?)
As a minor disclaimer of this article, it should be noted that this list is opinion based and certainly not exhaustive. It’s just festive fun, PA (socks) filler mix if you will.
This is unavoidable and while it may not be possible for it to be completely unfulfilled, it is unlikely that the demands will stop. Though things are getting a little silly now.
In the last month alone, FSCS applied for an additional £ 92 million for the current financial year. The system says the additional taxes are due to increased support payments to clients and requests for pension advice as more companies go bankrupt.
Around £ 8 million will come from the Real Estate and Investments brokerage class, which also includes financial advisors.
Liz Field, PIMFA’s executive director, said the recent FSCS hike “further underscores the urgent need to control these costs.”
For now, however, the advisers can’t forget it, they can’t get under it – they just have to get through it.
Fraudster with retirement
As if the entire global pandemic, ever-rising death toll, and a crippling economy weren’t bad enough, retirement fraudsters think they’ll take advantage of the situation to steal more money from desperate people this year.
Let’s put that in context: since July this year, more than £ 30 million have been lost to pension fraudsters due to complaints with fraudulent acts since 2017, according to the Financial Conduct Authority and the Pensions Commissioner.
In October, Action Fraud announced that between March 24 and September 25 this year it received a total of 166 reports of pension fraud – also known as the “Peak” hold. XPS also reported that its pension fraud alert index has hit a record “red flag” for suspected remittances.
Hopefully the government’s steps regulated in the Pension Bill can help stop the tide. This and initiatives from regulators and fraud with steps that are at the forefront of the fight.
Nigel (and his girlfriend)
Lastly, a special mention on the rogue list refers to “Nigel”, who tends to forget in conversations with his own advisors on WhatsApp.
As PA reported in early November, an IFA woman was shocked after receiving a WhatsApp message from a customer (Nigel) and her boyfriend (possibly) in the early hours of the morning.
The board member, who chose not to be named, said he first received a message from his client in the early hours of 12:45 a.m. Sunday and asked, “Who is that?” Oh, baby, nig.
About ten minutes later, nearly 1 a.m., the counselor receives a message from an unknown number believed to be a friend of the client and asks, “Can you tell me how you got to know Nigel?”
It wasn’t until the next morning that the counselor read these messages and replied to both. He said he had been advising Nigel over the past week by assisting him with the ISA junior investigation. The friend replied, “Sorry, no problem,” but Nigel seemed to ignore the message.
How rude he is. Here here.