A SMALL island in Somerset is often described as secret because of its isolated location.
Steep Holm in the Bristol Channel, five miles offshore from popular seaside town Weston-super-Mare, is often unheard of because of its remote setting and being difficult to reach.
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Steep Holm is in the Bristol Channel and is often unheard of because of its remote locationCredit: Alamy
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Rare plants and wildlife call Steep Holm home with herring gulls and lesser black-backed gulls seen nestingCredit: Alamy
The island is run by Kenneth Allsop Memorial Trust, and except for wardens who help maintain it, it’s uninhabited.
Strong tidal currents also make the island a difficult place to land.
But during certain times of year, organised trips by Bay Island Voyages allow visitors to discover what Steep Holm has to offer.
Trips are run on certain days of the year from the end of March through to October.
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Because Steep Holm is only accessible at high tide, day trips there last 12 hours.
As a protected nature reserve and Site of Special Scientific Interest (SSSI), the island is a haven for rare plants and wildlife.
Steep Holm is the only place in the UK where wild peonies grow, and the island is home to rare plants like Alexanders, golden samphire, and wild leeks.
European herring gulls and lesser black-backed gulls can often be seen nesting, and a small population of muntjac deer have also been spotted.
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The island also has a rich history, with evidence of occupation dating back to prehistoric times.
The Romans built a signal station on the island, and it was fortified in the 1860s as part of the Palmerston Forts – constructed to encircle Plymouth and to protect the Royal Dockyard against a landing by the French.
Isolated island where humans are BANNED – but is home to thousands of inbreeding snakes with flesh-eating venom
There are also Victorian military installations, including underground ammunition stores
On a clear day, visitors can enjoy excellent 360 degree views of the Bristol Channel and the Somerset and Welsh coastlines.
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As far as facilities go, The Visitor Centre housed in the Victorian barracks is visitors’ base for the day.
Items you don’t need to explore the island can be safely left there.
There’s also hot and cold drinks, home-made cakes, confectionery and crisps available there, as well as a selection of beers, wines and cider at the licensed bar.
Toilets have water provided by the underground reservoir, but as the water is pumped by a generator, it’s not suitable for drinking.
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Fresh water is brought to the island for drinking from the barracks cafe, otherwise visitors need to bring their own water flask.
Sailings to Steep Holm can be cancelled at short notice because of the weather, even if it’s a nice day on the mainland, so back up plans are advised.
The cost per person to visit is £47.70.
Other secret islands in the UK
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Northey Island – A remote island in Essex that’s owned by the National Trust and considered to be “the closest you’ll get to true wilderness in Essex”. Visitors need to arrange a permit and can’t cross over to the island at high tide.
Foulness Island – A secretive island that’s used by the Ministry of Defence for weapons testing. The only way for the public to reach the island is via the Broomway.
Lundy – A secluded island in Devon that dates back to the Neolithic period. In 1160, King Henry II granted the land to the Knights Templar.
Holy Island – Also known as Lindisfarne, this island is home to Lindisfarne Castle and Lindisfarne Priory, which was once a centre of early Christianity in Anglo-Saxon England.
Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.
Belgian prime minister Alexander De Croo has castigated Pope Francis over the “painful wounds” left by past sex abuse cases in Belgium that were covered up by the Catholic church.
De Croo said on Friday as he received the Pope in Brussels that the church had “its place in our history and customs”, but added that “we cannot ignore the painful wounds that exist within the Catholic faith community and wider society”.
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“The many cases of sexual abuse and forced adoptions have severely damaged trust. You are committed to justice. But there is still a long way to go.”
The speech was one of the most direct public condemnations of the Catholic Church’s evasion over sex abuse scandals during a papal visit.
Details of long-running abuse in the Belgian Catholic Church, including by the country’s longest-serving bishop Roger Vangheluwe, have slowly emerged over the past quarter century.
Vangheluwe, the bishop of Bruges between 1984 and 2010, resigned following sexual abuse allegations he partly admitted to. He said in a later interview that he did not believe it was abuse. He was stripped of his clerical status this year and now lives in seclusion in an abbey in the Loire.
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The scandals were documented in a four-part series called Godvergeten, which translates as Godforsaken, on Belgian broadcaster VRT last year. They have caused a drop in church attendance among Belgian Catholics, with some renouncing their baptism and ties with the church.
De Croo’s remarks, made at a welcome reception for Pope Francis at the Belgian royal palace of Laeken, were echoed by Belgian King Philippe, who said: “It has taken far too long for [the victims’] cries to be heard and acknowledged. It has taken far too long to begin looking for ways to ‘repair’ the irreparable.”
Acknowledging the comments of the two Belgian leaders, the Pope said the church was acting “firmly and decisively”, introducing prevention programmes and counselling victims in the aftermath of the abuse.
He also departed from his written speech to add that the church “must be ashamed” and “ask for forgiveness”.
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The pope, who also visited Luxembourg this week, was due to meet 15 victims of the Belgian sexual abuse scandals on Friday afternoon.
“We are co-operating fully. What the prime minister says is also of our concern,” said Geert De Kerpel, spokesperson for Belgian archbishop Luc Terlinden. “It’s never enough, but we do all we can.”
“The Belgian church is a church that fights strongly against this abuse,” he added. “There is not place for sexual abuse in the church.”
Money Marketing’s Weekly Must-Reads: Top 10 Stories
Stay informed with our curated list of this week’s top 10 financial news stories, including Scottish Widows’ senior investment team appointments and a protest by victims outside the FCA headquarters.
Scottish Widows has announced four senior appointments to its investment leadership team. Matt Brennan will join in November as head of asset allocation and research, while Heather Coulson, Mithesh Varsani and Mark Gillan will take on key roles in January 2025.
Coulson will lead implementation and portfolio management, Varsani will head investment solutionsvand Gillan will oversee operations.
Scottish Widows’ chief investment officer, Kevin Doran, highlighted the appointments as crucial for enhancing their ability to manage over £200bn in customer assets.
Victims of financial misconduct and regulatory failures staged a protest on 26 September outside the Financial Conduct Authority (FCA) headquarters in London.
Organised by the Transparency Task Force, the “Rally for Better Financial Regulation” highlighted concerns about the FCA’s lack of accountability and transparency. Protesters called for reforms, including improved governance, a civil duty of care and the right to compensation for regulatory failures.
The rally coincided with the FCA’s Annual Public Meeting, where the regulator faced criticism over unresolved financial scandals.
The FCA cleared its chair, Ashley Alder, of whistleblowing misconduct following an internal review.
Alder had faced criticism for revealing a whistleblower’s identity in emails to colleagues, breaching FCA policy. The whistleblower expressed outrage, calling it an “institutional betrayal.” The review, led by FCA director Richard Lloyd, acknowledged Alder did not fully follow protocol but acted reasonably by consulting senior staff.
Alder welcomed the findings, stating he aimed to address complex concerns raised by former employees appropriately.
The number of pension plans accessed for the first time surged by 19.7% in 2023/24, reaching 885,455, according to FCA data.
However, only 30% of these were accessed with regulated advice, down from 32.9% the previous year. This decline raises concerns about people managing pension withdrawals without professional guidance, potentially affecting their long-term financial stability. Economic pressures, including the cost-of-living crisis, are driving more people to access their pensions.
The FCA and government aim to improve the pensions system through ongoing reviews and reforms.
Premier Miton has appointed Nicola Stronach as its new chief operating officer (COO). Stronach will oversee risk, operations, compliance, legal teams and regulatory relations.
She brings over 25 years of experience, having previously worked at Quilter, Credit Suisse, Old Mutual Global Investors and BNY Mellon. Stronach will play a key role in Premier Miton’s strategic direction, supporting UK distribution and international growth.
Premier Miton CEO Mike O’Shea praised her expertise, while Stronach expressed excitement about joining the firm during this pivotal period of expansion.
In 2024, annuity demand hit record highs, with iPipeline reporting a 12% rise in annuity quotes during the first half of the year compared to 2023.
This follows a 60% year-on-year increase in 2023, with iPipeline’s platform now handling 25% of UK retirement market quotes. The surge reflects the growing importance of annuities in retirement planning, particularly amid higher interest rates.
Experts predict continued growth, especially for retirees seeking secure income, though interest-rate fluctuations and market volatility may affect future demand.
Labour’s potential removal of inheritance tax (IHT) relief on AIM shares could raise £1.1bn this year, but it risks harming UK small and medium-sized companies that drive growth and innovation.
AIM has contributed over £135bn to the UK economy in 29 years, with notable companies like Jet2 and YouGov starting there. Removing IHT benefits may lead to declining share prices, hurting businesses and investors.
While AIM remains a strong long-term investment, careful planning is needed to mitigate potential tax impacts.
Research by the Chartered Insurance Institute (CII) reveals many firms need help identifying vulnerable customers and complying with the FCA’s Consumer Duty reporting requirements.
The study, conducted with FWD Research, found that firms seek more guidance on vulnerability and reporting processes. The CII’s white paper offers recommendations, including integrating data into service improvements, fostering leadership interest in customer needs and enhancing understanding of vulnerability.
The CII aims to support firms in meeting regulatory standards and improving customer care.
The FCA is actively investigating ongoing advice services in financial firms. In February, the regulator contacted 20 major firms to express concerns over clients being charged for services after advice is provided.
FCA executive director Sarah Pritchard indicated that follow-up work is ongoing, but a timeline for conclusions remains unclear. Both St James’s Place and Quilter have reported setting aside funds for potential client refunds and remedial costs linked to these ongoing service evaluations.
The FCA will communicate its expectations once the review is complete.
Transact has become the first intermediary platform to implement an electronic Cash ISA transfer service through Pay.UK (BACS) and Equisoft, streamlining the transfer process.
This new service allows for seamless communication between Transact, banks and building societies, eliminating the need for paper transfers and reducing average transfer times from 42 days to just nine. With 72 banks and building societies adopting this service, it is expected to significantly enhance efficiency.
Transact aims to improve transfers further as investments in Cash ISAs surged by 50% last tax year.
The vehicle now on auction—car number 0001—is listed on a Dutch auction site, with bids currently around 17,000 euros (approximately $18,967).
That’s a huge drop from the car’s initial price tag.
However, there’s a catch: the car is neither type-approved nor equipped with number plates, meaning it’s not road-legal.
The auction ends on Monday, September 30, leaving potential buyers with just a few days to snag this unique vehicle. But with Lightyear going bankrupt in early 2023, buyers will need to consider that no company support is available.
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Lightyear had garnered a lot of attention in the automotive world with its bold promises of solar-powered cars. Just two weeks before their bankruptcy, the company unveiled a cheaper alternative, the ‘Lightyear 2,’ at CES in Las Vegas. Sadly, the company never managed to get their vehicles into full production.
The Lightyear Zero—previously called One during development—was powered by a 170-horsepower electric motor. Theoretically, it could go from 0 to 100 km/h in 10 seconds and reach a top speed of 160 km/h, though its true performance remains untested in the real world.
The Financial Conduct Authority has said it will increase transparency on its enforcement work to build public confidence and “help consumers understand its actions”.
Speaking during a press conference following its annual public meeting yesterday (26 September), joint executive director of enforcement and market oversight Therese Chambers said: “Currently, we offer very little transparency in our enforcement work.
“If you attended the entire public meeting earlier, you may recall someone asking me about two firms.
“I was able to discuss one of them regarding our investigation, but I couldn’t confirm or deny whether the other firm was under investigation. Both cases involved consumer harm and concern.
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“This highlights why we believe increasing transparency would help consumers understand the regulator’s actions.
“It would also build public confidence in our markets, as strong regulatory systems foster trust, which benefits investors, consumers and institutions. Effective enforcement is essential for maintaining high regulatory standards.”
At the conclusion of the regulator’s annual public meeting yesterday, victims of financial services misconduct and regulatory failure staged a protest.
‘The Rally for Better Financial Regulation’ protest was organised by campaign group Transparency Task Force and sought to highlight consumers’ concerns about “a lack of proactivity, transparency and accountability”.
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In a speech earlier this week, Chambers said the FCA is accelerating its investigations and adopting a “laser focus” on cases it pursues.
This, she said, has been “widely welcomed”.
“But the lightning rod has clearly been proposals for greater transparency on who we are investigating and why,” she added.
“While consumer groups, whistleblowers and some other regulators welcomed the prospect of greater transparency, the companies we regulate were overwhelmingly against.”
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During the press conference, she said the regulator is considering relaxing restrictions on what it can disclose about its enforcement action “slightly”. “Not a drastic change, but a measured increase in transparency.”
She added that the proposal has generated “strong feedback”.
“We have reviewed over 130 written responses to our consultation paper, and it’s clear there are genuine concerns,” she said. “We need to continue refining our proposals and engage with stakeholders further.
“The main question is: how will this work in practice? That’s what our next round of engagement will focus on—understanding the practical implications if we choose to proceed with these changes.”
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