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In creating an opera out of Pushkin’s revered verse novel Eugene Onegin, Tchaikovsky said he had been attracted by the “everyday, simple, universally human emotions”. He shied away from a premiere in a major opera house, citing the lavish sets and stale routine that he saw in most.

There can be no worry about that here. In the Royal Opera’s new production in London, director Ted Huffman has gone for minimalism at its most extreme. For much of the evening there is nothing on the stage except for two hard-backed chairs, while a cloud of strangely immobile dry ice hangs in the air.

There can be pluses and minuses to this approach, but the minuses have won. Intimacy, so important in this opera, cannot be found on such a wide, bare stage and Huffman compounds that by having characters join in scenes where they do not belong. Tatyana dictates her letter — surely one of the most private moments in opera — to her sister. Then both of them show up uninvited for the duel at dawn.

The production’s updating is arguably less of a problem. Although Tchaikovsky was adamant that Eugene Onegin had to be set in 1820s Russia, these “everyday” people can exist in almost any period or place, the art deco chandeliers and casual, modern clothing here suggesting a time closer to the mid-20th century.

The main plus is that the Royal Opera has cast Pushkin’s young characters to the life. Kristina Mkhitaryan’s Tatyana credibly plays the naive teenager at the start and grows with elegance into the Prince’s wife in the closing scenes. Her voice is on the bright, hard side, but more than anybody else she fills this bare stage with feeling. The hushed intensity she brings to the heart of the letter scene is the high point of the performance.

Her Onegin is Gordon Bintner, who is tall enough to look down superciliously on everybody else and has mastered the most overbearing of loping gaits. As Onegin pointedly does not kill Lensky in this production, he comes across a touch more sympathetic after the duel scene. Bintner fields a lyrical baritone with beauty and resonance, and sings splendidly in the aria, but is not so imposing vocally elsewhere.

Liparit Avetisyan, familiar from Verdi roles with the Royal Opera, projects well as Lensky. Avery Amereau is the delightful Olga, not too heavy of voice, and Alison Kettlewell and Rhonda Browne are well contrasted as Madame Larina and Filipyevna. Brindley Sherratt took over at the 11th hour as Prince Gremin. Christophe Mortagne brings authentic French tones to Monsieur Triquet, but we did not need his clown alter ego haunting the action.

There have been a number of Royal Opera productions on an empty stage in recent years and their open acoustics can make life difficult for the singers. Huffman, happily, has taken note and makes sure they are at the front of the stage for anything important. This is helpful, as conductor Henrik Nánási does not spare the decibels, pushing pacing and passion to the limit.

There is a strange disjunct here. What we see is colourless, emotionally chill. What we hear from the orchestra is overwrought. Between the two, the touching story of Pushkin and Tchaikovsky is struggling to come together.

★★★☆☆

To October 14, rbo.org.uk

Systematic Investment Plans (SIPs) are a popular and convenient way to invest in mutual funds. But how do you decide how to allocate your investment across different asset classes? Enter the 70:20:10 rule, a powerful framework for asset allocation within your SIP strategy.

Understanding Asset Allocation

Asset allocation refers to the strategy of dividing your investment portfolio across different asset classes like equity, debt, and real estate (though SIPs typically focus on the first two). This helps diversify your risk and potentially improve your investment returns.

The 70:20:10 Rule Explained

The 70:20:10 rule is a simple yet effective asset allocation strategy for SIP investors. Here’s how it breaks down:

70% in Equity SIPs

This portion of your investment goes towards equity funds that invest in stocks. Equity funds offer high growth potential but also come with higher risk due to market fluctuations.

20% in Debt SIPs

This allocation goes towards debt funds that invest in bonds and fixed-income instruments. Debt funds offer lower risk and provide stability to your portfolio.

10% in High-Risk SIPs (Optional)

This is the most aggressive portion and can include investments in sectoral funds, thematic funds, or even a small allocation to gold ETFs (Exchange Traded Funds). This segment has the potential for high returns but also carries significant risk.

Benefits of the 70:20:10 Rule for SIPs

Diversification & Risk Management

By allocating across asset classes, you spread your risk and potentially mitigate losses if one asset class underperforms.

Balance & Growth

The 70:20:10 mix offers a balance between potential growth from equity and stability from debt, catering to your long-term goals.

Flexibility & Customization

This rule is a starting point. You can adjust the percentages based on your risk tolerance, age, and financial goals.

Important Considerations

Risk Tolerance

Are you comfortable with market volatility? A higher risk tolerance might allow for a higher allocation to equity.

Investment Horizon

The 70:20:10 rule is generally suitable for long-term investors. As you approach your goals, you might want to increase your debt allocation for stability.

Financial Goals

Align your asset allocation with your goals. For example, a more aggressive allocation might suit a retirement plan decades away.

Beyond the 70:20:10 Rule

While the 70:20:10 rule is a valuable framework, remember:

Market Conditions

Consider current market conditions when allocating assets.

Professional Guidance

Consult a financial advisor for personalized asset allocation advice based on your unique financial profile.

SIPs and the 70:20:10 Rule: A Winning Combination

The 70:20:10 rule offers a structured approach to asset allocation within your SIP strategy. By combining this framework with the discipline and convenience of SIPs, you can potentially build a well-diversified portfolio and navigate your path towards achieving your financial goals.

Start Your SIP Journey Today!

Don’t wait! Embrace the 70:20:10 rule and the power of SIPs to embark on a confident and informed investment journey. Consult a financial advisor to craft a personalized plan and start building your wealth for a secure future!

UK banks must refund fraud victims up to £85,000 within five days under new rules.

Most High Street banks and payment companies voluntarily compensate customers who are tricked into sending money to scammers.

But in a world first, these refunds will become mandatory from 7 October, the Payment Systems Regulator (PSR) has announced.

The watchdog has reduced the maximum compensation from a previous proposal of £415,000. It said the new cap of £85,000 would cover more than 99% of claims.

It also announced that once a bank or payment company had refunded a customer, it could claim half back from the financial institution the fraudster used to receive the stolen money.

When criminals dupe their victims into sending them money by pretending to be a legitimate company, such as their bank or a tradesperson or by selling goods that do not exist, this is known as authorised push payment fraud (APP).

The number of cases of this type of fraud rose by 12% to 232,429 in 2023, with losses totalling £459.7m, according to UK Finance.

There is currently no requirement for banks to refund victims of APP fraud, but these new rules will change that from next month.

The maximum refund was slashed after objections from the financial industry that it could cause problems for smaller firms.

Out of more than 250,000 cases in 2023, there were 18 instances of people being scammed for more than £415,000, and 411 instances where they lost more than £85,000, the PSR said.

David Geale, managing director of PSR said the new rules would mean all victims of this type of fraud would now get the same level of help.

“Whether you get reimbursed and how much can actually depend on who you bank with and that can’t be right,” he said. “We want to have a consistent experience.”

He said claiming half the compensation back from the bank the fraudster used would be a “game changer” because it would incentivise the industry to shut down accounts sooner to prevent fraud and therefore payouts.

Asked whether smaller banks could get into financial trouble if they have to pay out lots of large refunds he said: “If they can prevent this happening then they haven’t got a bill to pay.”

Scared. Nervous. Anxious. Confused. Excited.

When I meet with clients, I always ask how they are feeling about their planning, and these are some of the words we hear.

A large part of our job is helping support those emotions. In fact, I believe it’s more important than the actual products we recommend.

Nothing gives me greater pleasure in my role than seeing a client who was originally nervous leave our office calm and with an understanding of how we can support them with their finances.

I have seen a lot of talk recently about AI in our industry – particularly whether it will replace advisers.

My view is that it will support our work, streamline our processes and automate some aspects that haven’t been previously. But, because of emotions, it will never replace us all together.

AI doesn’t understand the nuances of our upbringing, the habits (good and bad) we learned from our parents, the relationships we have with money, societal pressures and how we deal with all that.

The same can be said for do-it-yourself options.

To plug the advice gap, it is important self-service options are available in some scenarios, and for some advice products. However, they will never replace a trusted human adviser – because of emotions.

Does clicking some buttons on a laptop give you peace of mind? Does it take away any nervousness you are feeling? Does that process understand you as an individual and what you are feeling while you select those options? No.

Our role as advisers is far more than a selection of products and funds. It’s almost therapy. Taking the time to listen to people’s experience.

Indeed, feelings is one of the reasons I got into this job.

I come from a working-class background – Isas, Oeics and bonds weren’t commonplace in our house. In fact, they aren’t words I had heard or understood until I was an adult.

The brilliant people I grew up with were concerned with making sure the lights were on and the fridge was full, not what to do with the extra £30,000 they had amassed in savings. People like that have a completely different set of emotions.

Whoever walks into our offices, it is vital we take the time to understand how they are feeling, listen to their experience with money and tailor our approach to suit the varying responses.

The client may need more time to mull things over, they may need more time spent on the premise of investing, they may need a certain loved one present or they may just need to verbalise what they have been feeling and have that accepted as valid.

Looking after people and their finances is a huge privilege. I hope advisers keep that, and the emotions attached to financial planning, at the fore of what they do.

AI can’t do that, nor can self-service options. Personable advisers that listen, empathise and take the time to connect on a human level are invaluable.

Tarnia Elsworth is director at TP Financial Solutions 

Unlock the Editor’s Digest for free

Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.

Google has filed an antitrust complaint in Brussels against Microsoft, alleging its Big Tech rival engages in unfair cloud computing practices that has led to a reduction in choice and an increase in prices.

The US search giant has accused Microsoft of leveraging its Windows software to lock customers into its Azure cloud services, preventing them from easily switching to alternatives. 

In a complaint sent to the European Commission, seen by the Financial Times, Google said Microsoft is “exploiting” its customers’ reliance on products such as its Windows software by imposing “steep penalties” on using rival cloud providers.

Writing to antitrust investigators, Google said that a Microsoft customer who wants to move Windows software to Azure cloud “can do so essentially for nothing”, while a customer who wants to do the same to a cloud competitor “must pay a 400 per cent mark-up to buy new Windows server licenses”.

Amit Zavery, vice-president for Google Cloud, told reporters in Brussels on Wednesday that the search giant wants EU regulators to force Microsoft to remove restrictions on using cloud services from rivals. “If I already paid for these licenses, I should be able to use it where I choose to,” he said.

A complaint does not guarantee a formal probe, which would then take years to be resolved. The move comes as Google lags behind Microsoft and Amazon Web Services in a fierce battle over the global cloud computing market.

Google’s complaint comes after Microsoft successfully clinched a multimillion dollar deal with a group of rival cloud providers in July to avoid a formal investigation in Brussels over its dominance in the market.

Microsoft’s president, Brad Smith, said his company’s deal resolved past concerns and brought even more competition to the sector.

Microsoft said that it has “settled amicably similar concerns raised by European cloud providers, even after Google hoped they would keep litigating. Having failed to persuade European companies, we expect Google similarly will fail to persuade the European Commission.”

Google also said in its complaint, which was sent on Tuesday to the EU’s powerful competition unit, that it was concerned that Microsoft was degrading the user experience of those customers that were moving their Windows software to competing cloud providers.

It also accused Microsoft of discriminatory practices as the financial penalties only apply to Azure’s main rivals, AWS, Google Cloud Platform and Alibaba Cloud.