Good morning and welcome to your Morning Briefing for Wednesday 27 April, 2022. To get this in your inbox each morning click on right here.
M&G CEO to step down
M&G is on the hunt for a brand new chief govt, as John Foley has introduced his intention to retire.
The technique of discovering a brand new CEO can be led by chair Edward Braham.
Foley will proceed in his function till a successor is in place.
CII exams
A monetary recommendation agency has reported a technical incident at an examination session organised by the Chartered Insurance Institute (CII).
A employees member of recommendation agency Lockhart Consultancy was unable to take the CII R02 examination final Friday (22 April) on account of technical issues.
Lockhart Consultancy director Stewart Lockhart informed Money Marketing that his employees member was unable to go browsing to the examination system.
Academy prospects
Academies have taken off in recent times and supply the chance to get new blood into the sector.
This week Benchmark Capital stated the primary cohort of its academy efficiently accomplished their coaching in monetary planning with nice outcomes.
The cohort of 26 candidates began their diploma in monetary planning journey in January 2022 and have achieved 92% cross fee in simply 4 weeks of research.
According to Benchmark Capital that is considerably increased than the Chartered Insurance Institute (CII) 2021 common of 79%.
This kinds the premise of our ballot this week which we’d love you to participate in.
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Quote Of The Day
While cryptocurrency has come a good distance since its humble beginnings within the recondite niches of the web, the crypto market stays a Wild West – blighted by scams, fraud and irresponsible advertising. There is a determined want for change.
– Myron Jobson, senior private finance analyst, at Interactive Investor, feedback on a speech by Financial Conduct Authority chief govt Nikhil Rathi, concerning the want for additional readability round cryptocurrency
Stat Attack
New information out right this moment reveals a document quantity of inheritance tax was paid in March.
Bowmore Wealth Group believes the important thing drivers of the rise have been the speedy rise in residential property costs and a freezing of the tax threshold, each of which have seen extra estates change into liable to pay IHT.
There have been growing considerations that the IHT internet is catching extra of ‘middle England’.
£585m
Amount collected by HMRC by Inheritance Tax (IHT) in March 2022* – the best single month on document
£325,000
More households are being dragged into the IHT internet every year, as the edge for paying the tax has not been raised since April 2009
£500,000
Amount the edge would now be if this determine had stored tempo with inflation
£183,000
Amount the typical UK property was price in April 2009
£277,000
Amount the typical UK property is now wort. The rise is forcing an increasing number of households to pay IHT every year
Source: HMRC and Bowmore Wealth Group
In Other News
Brown Shipley has appointed Mark Flynn as a managing director and head of Scotland.
Flynn, who joins the enterprise in June, will concentrate on main the following stage of Brown Shipley’s technique in Scotland.
His arrival demonstrates the enterprise’ continued funding and ambition to develop additional in Scotland, significantly amongst ultra-high internet price people.
Flynn has a breadth of monetary companies expertise targeted on personal banking and wealth administration.
Most just lately he was head of personal banking for Scotland and Northern Ireland at Barclays Private Bank, taking care of ultra-high internet price people, household places of work and senior stakeholders, many with an ESG focus.
Before this, Flynn was liable for opening Barclays Private Bank’s workplace in Aberdeen and constructing its presence throughout the North of Scotland.
Previously, Flynn was at Adam & Company working with personal purchasers.
From Elsewhere
UK pay settlements heading to highest since 2008 – XpertHR (Reuters)
Minimum entry necessities for loans will affect poor and minority college students (Evening Standard)
£220 million of Russian oil has flowed to the UK since conflict began (The Independent)
Did You See?
Anacap-owned adviser platforms Novia and Wealthtime are to be unified below a single group model Wealthtime.
The determination to rebrand is the ultimate stage of a strategic overview that was instigated following the buy of Novia final yr.
Novia is on the smaller aspect of the platform market with £12bn of belongings below administration and a robust consumer base supported by IFA corporations.
While platform know-how agency Wealthtime with over £2bn belongings below administration focussed on natural development of advisers within the short-term.
