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A new chapter for Carlo Scarpa’s mountain masterpiece

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The Bolzano-based business owner and art collector Josef Dalle Nogare had an epiphany when, at 29, he accompanied a friend to the Venice Biennale. “It sparked a crazy revolution inside of me,” he says. “From that moment my life’s purpose changed completely. I decided to spend as much of it as possible dedicated to art.”

Dalle Nogare bought his first piece, a Günther Förg photograph, following that transformative moment. Now 61, he has since amassed a collection of more than 200 works. It ranges from Giorgio de Chirico and Francis Picabia paintings to sculptures by Isa Genzken and Luigi Ontani. And, over the years, the heir to one of the largest manufacturers of natural stone products in the world has also assisted multiple artists to produce sculptural work in marble. His compulsion to surround himself with art, artists and the ideas that inspire them also explains why, for the past decade, he has lived in a house that is more a site-specific installation than a dwelling. In fact, the house, designed by the midcentury Italian architect Carlo Scarpa and built by Scarpa’s long-time collaborator and assistant Sergio Los, is perhaps the most treasured piece in Dalle Nogare’s whole collection.

The garden of the new space next door to Casa Tabarelli, built to hold owner Josef Dalle Nogare’s art collection
The garden of the new space next door to Casa Tabarelli, built to hold owner Josef Dalle Nogare’s art collection © Stefan Giftthaler
The main entrance hall in Casa Tabarelli itself
The main entrance hall in Casa Tabarelli itself © Stefan Giftthaler
Above the chimneybreast hangs Arazzo, 1979, by Alighiero Boetti. On the hearth stands a Crescita sculpture by Carlo Scarpa
Above the chimneybreast hangs Arazzo, 1979, by Alighiero Boetti. On the hearth stands a Crescita sculpture by Carlo Scarpa © Stefan Giftthaler

Named Casa Tabarelli after its original owners, who commissioned Scarpa in 1967, the three-bedroom, 3,400sq ft home is hidden off a narrow lane that winds along a mountain slope covered with apple orchards and terraced vineyards with views down to Bolzano, in far-north Italy. It is a single-storey structure, and its roof has a series of interconnected asymmetrical angles that mimic the surrounding mountain peaks. The entrance gate – a multicoloured metal bar in the shape of a rectangular infinity symbol – could be considered sculpture.

Throughout the house and garden, there are dozens of enigmatic details. A triangular window over the entrance of the house – which allows one to see through the façade to the mountains on the other side – is interrupted by a rectangular intervention of three thick chunks of coloured Venini glass; Scarpa, who lived for many years in Venice, was the artistic director of the Murano-based company for more than a decade. Inside, the steeply angled ceiling is divided into planes of colour. Dalle Nogare says they correspond to the movement of light throughout the day: in the bedrooms, on the east side, the ceilings are a smoky blue to represent the sunrise, while in the centre of the house, there are stripes of cadmium yellow and leaf green.

Looking through to Casa Tabarelli’s study, with its kinetic walls made of rotating panels
Looking through to Casa Tabarelli’s study, with its kinetic walls made of rotating panels © Stefan Giftthaler
The house’s exterior
The house’s exterior © Stefan Giftthaler
A de Chirico hangs by the front door to the house
A de Chirico hangs by the front door to the house © Stefan Giftthaler
Josef Dalle Nogare at the front door to his new art collection space
Josef Dalle Nogare at the front door to his new art collection space © Stefan Giftthaler

In the main living area, the irregular paved floor of quartzite stone is a different shade of grey depending on the sunlight, often sparkling with tiny silver flecks. A mobile of cardboard shapes – one of Bruno Munari’s Useless Machines – is placed before a grouping of Gavina sofas, while an Isa Genzken Nefertiti sculpture wearing sunglasses stands on a tall pedestal. To contrast with the sensual colour and texture, Scarpa installed clusters of bare lightbulbs hung on cords that dangle from the ceiling. In a small study, anchored by a Marcel Breuer desk, a kinetic wall is made up of rotating black and white wooden panels. It separates the study from the master bedroom. “Apparently it was designed so one could peek through to see who was in the living room and decide if they were worth getting up for,” says Dalle Nogare.

This collector, however, is a very social creature. When I visit, Dalle Nogare has organised a light dinner at the Scarpa-designed dining table. To his left is the Italian architect and urban designer Alessandra Cianchetta. To his right, his friend, the Vietnamese-born Danish artist Danh Võ. Opposite, sipping on a glass of local natural wine, is Bart van der Heide, the Dutch director of Bolzano’s Museum for Modern and Contemporary Art. “Before I even arrived in Bolzano,” says van der Heide, “I had heard whispers about this legendary house among small traditional farms that is filled with an extraordinary art collection.”

Dalle Nogare smiles: “I actually remember coming to this house as a six-year-old with my parents. They were friendly with the Tabarellis because they owned the best design shop in Bolzano, which sold furniture produced by Dino Gavina,” he recalls. The moment was seared in his memory because he found the house so “strange and sharp”. So when Dalle Nogare heard through friends a little over a decade ago that it was up for sale, he immediately reached out to Laura Tabarelli de Fatis, by then an elderly widow. “There were many who wanted to buy the house, but she chose me because I promised I would always take care of it as it was.”

The exterior of Dalle Nogare’s partly underground gallery, designed by local architect Walter Angonese
The exterior of Dalle Nogare’s partly underground gallery, designed by local architect Walter Angonese © Stefan Giftthaler
A passageway leading to the 5,000sq ft collection space
A passageway leading to the 5,000sq ft collection space © Stefan Giftthaler
A Francis Picabia on the study wall in Casa Tabarelli; Scarpa divided the house’s angled ceilings into planes of colour that Dalle Nogare says correspond to the movement of daylight
A Francis Picabia on the study wall in Casa Tabarelli; Scarpa divided the house’s angled ceilings into planes of colour that Dalle Nogare says correspond to the movement of daylight © Stefan Giftthaler

Despite some inconveniences, Dalle Nogare has kept his word. While the house works well in the summer – the large floor-to-ceiling windows in every room allow for natural ventilation – in the winter it can be very cold, especially in the living room. He gestures to the exposed radiator tubes, a sinuous sculpture that snakes through the house. “I really have to turn them up and wear lots of layers.” There is a two-sided fireplace (one side opening to the kitchen, the other to the living room) that is functional but Dalle Nogare doesn’t use it because the smoke might damage the art. 

While it has been a privilege to take care of and preserve the house, over the years he became slightly distressed at the limits he faced when trying to showcase his own collection. Owing to the scale of the walls and the pain he felt hammering a nail into them, he wasn’t able to hang up and live with as much as it he would like. So when a neighbouring piece of land came up for sale in 2016, he bought it with the idea of building a private exhibition space. 

A water feature outside the new building
A water feature outside the new building © Stefan Giftthaler
The living room at Casa Tabarelli near Bolzano, Italy, with works by Alighiero Boetti (left wall) and Martin Kippenberger (right wall)
The living room at Casa Tabarelli near Bolzano, Italy, with works by Alighiero Boetti (left wall) and Martin Kippenberger (right wall) © Stefan Giftthaler
Inside the collection space, with artworks by, among others, Danh Võ (on far left)
Inside the collection space, with artworks by, among others, Danh Võ (on far left) © Stefan Giftthaler

He approached local architect Walter Angonese, and in 2021 they started to design something that would blend into the surrounding landscape without disturbing the views of Casa Tabarelli. The result is a two-storey structure with concrete stairs that lead down to a partly subterranean 5,000sq ft gallery, which includes a small apartment for visiting artists and friends. “The apartment is really for Danh,” laughs Dalle Nogare – the artist is both “a dear friend and a much-valued influence”.

In recent years, Võ has delved into curating (including a recent White Cube exhibition in Venice) and creating immersive spaces, so it was only natural that Dalle Nogare would ask the artist to help imagine the interior spaces here. One of Võ’s contributions was to turn the stairs down to the gallery into yet another exhibition space, lining them with leafy plants lit by hanging grow lamps, and installing several other artworks, from a Roman Signer video piece to a chair from the architect and Gio Ponti collaborator Lina Bo Bardi.

A Francis Picabia hangs by a Brionvega radio-phonograph
A Francis Picabia hangs by a Brionvega radio-phonograph © Stefan Giftthaler
Casa Tabarelli’s winter garden, with a Marcel Breuer table and Luigi Ontani “Mask”
Casa Tabarelli’s winter garden, with a Marcel Breuer table and Luigi Ontani “Mask” © Stefan Giftthaler
A Marcel Breuer desk in the study
A Marcel Breuer desk in the study © Stefan Giftthaler
The wall in the master bedroom with its kinetic panels
The wall in the master bedroom with its kinetic panels © Stefan Giftthaler

Although the museum will remain private, accessible only to Dalle Nogare’s friends and art-world acquaintances, in September the collector celebrated the building’s opening with a party. When I meet them, Võ and Dalle Nogare are still finalising the installation, which features 20 art objects, including three works by Võ. I see how pleased they are about the placement of an iconic tarp painting by David Hammons near a small oil painting from a young artist called Valentina Artone, which Dalle Nogare bought recently in Naples. They then decide that the 2001 video work Re-enactments by Francis Alÿs will be projected onto the wall opposite one of Albert Oehlen’s Computer paintings. Not far from the Oehlen is a large doll’s house by the Polish artist Paweł Althamer – Võ reminds Dalle Nogare to stock up on tiny lights for it. Cianchetta joins them and perches on the modular flower-shaped Safari sofa from the Florentine Radical group Archizoom in the middle of the room. 

Climbing up the last set of stairs, I notice that the risers are clad with multicoloured marble. Dalle Nogare laughs with pleasure when I mention them. He says they’re inspired by Gio Ponti’s staircase at Palazzo Bo in Padua. Walking back towards Casa Tabarelli, he notes more seriously that those stairs also remind him of the fact that Scarpa died (at the age of 72) after falling down a stairway in Japan. “He was always looking up at beautiful things,” he says, before heading over to check in with Võ as he prunes a fragrant jasmine bush that has been planted at the house’s entrance. “Smell this,” Võ says, encouraging me to come closer. “I’m sure Scarpa had it planted here on purpose so that your senses start to be stimulated even before you enter the house.” 

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FCA tight-lipped over timing of consolidation review

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FCA tight-lipped over timing of consolidation review

The Financial Conduct Authority (FCA) is remaining tight-lipped over the timing of its recently announced review of consolidation in the advice sector.

On 7 October, the regulator unveiled plans to examine consolidation, emphasising the need for strict approval processes when firms acquire or increase control over regulated entities.

Despite speculation that the review may have been prompted by concerns over rushed deals ahead of potential capital gains tax (CGT) changes, the FCA declined to confirm or deny this.

When asked by Money Marketing if this was the reason, the FCA’s head of advisers, wealth and pensions, Nick Hulme, stated he would not “specifically answer the question”.

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In an interview at the Consumer Duty Alliance conference in Birmingham today (11 October), Hulme added: “I think we wanted to really reiterate the point that you need to get FCA approval before a change of control.

“We wanted to make it as clear as we possibly could that this is our expectation and if we find out that it hasn’t been we will act.”

“The ‘why now’ comes out of a number of reasons.

“One is, it’s been a while – seven years – since we last ‘kicked the tyres’ and had a look at this.

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“Consolidation comes up a lot, sometimes from the consolidators about what other consolidators are doing, so I think it’s important that we have a look at it.”

Earlier in the day, Hulme told delegates: “I really want to stress that we are agnostic to whether consolidation is a good or bad thing.”

In a letter to advice and investment firm bosses, the FCA said that while industry consolidation can provide benefits, various types of harm can occur where this is not done in a “prudent manner”.

“Where we receive notifications from individuals or firms to acquire or increase control in regulated firms, we will assess and challenge their suitability and the financial soundness of the acquisition,” it said.

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It added that buyers must “notify us and get our approval to acquire or increase control in a firm we regulate”.

Where acquisitions complete without prior regulatory approval, “we may use our enforcement powers to object to the transaction or initiate criminal proceedings”.

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Shares in shipbroker Braemar fall after FT report on Russian ‘shadow fleet’

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London-listed shipbroker Braemar closed down 6 per cent on Thursday, the biggest one-day drop in more than a year, after the Financial Times reported its involvement in the sale of nine ageing oil tankers that have joined Russia’s “shadow fleet”.

Braemar’s shares ended the day at 278p, the lowest since May, and were down another 5 per cent to 264 on Friday.

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London has been a global centre of the maritime industry for centuries, and Braemar, founded in 1982, is one of the sector’s leading brokers, matching buyers and sellers of vessels in return for a percentage of the purchase price.

Since the first western restrictions on Russian oil exports were introduced in December 2022, Moscow has assembled a so-called shadow fleet of more than 400 such vessels that are at present moving about 4mn barrels of oil a day beyond the reach of the sanctions and generating billions of dollars a year in additional revenue for its war in Ukraine.

Most of those tankers were bought from western sellers but the use of offshore ownership structures has meant western officials have struggled to identify how the ships were acquired and who owns them now.

The FT reported on Thursday that at least 25 of the vessels in the shadow fleet had been purchased by a British accountant on behalf of Eiger Shipping DMCC, the Dubai-based shipping arm of Lukoil, Russia’s second-largest oil producer. Eiger had financed the acquisitions by paying in advance to charter the vessels, the FT reported.

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The accountant’s lawyers, and one other person familiar with the matter, told the FT that Braemar was fully aware the vessels were being acquired for, and financed by, Eiger.

Braemar confirmed it had served as the broker for at least nine of the purchases but declined to comment on its knowledge of Eiger’s involvement.

“For every transaction that Braemar considers undertaking, it conducts all appropriate due diligence with know-your-customer checks, legal, compliance and regulatory adherence,” it said in a statement. Braemar on Friday said it had no further comment.

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It is not alleged that the transactions have broken any laws. Although Lukoil has been under US sanctions since 2014, neither Eiger Shipping DMCC nor its Dubai-based owner Litasco Middle East DMCC, is a sanctions-hit entity. Dubai-based companies are also not required to comply with the west’s restrictions if they do not use G7 financing or services.

However, individuals and companies that have helped to assemble and operate the shadow fleet are increasingly in the crosshairs of western governments. At least seven of the 25 vessels originally acquired by the British accountant have since been hit with sanctions by the UK or EU, as have two companies that previously managed many of the ships.

In a call to action in July, 44 European leaders, including UK Prime Minister Sir Keir Starmer, pledged to target the shadow fleet’s “ships and facilitators” and called for the support of the maritime industry, including ship brokers.

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Shoppers blast M&S over price rise of popular meal deal after celebrity chef endorsement

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Shoppers blast M&S over price rise of popular meal deal after celebrity chef endorsement

M&S customers have blasted the retailer for hiking its popular Gastropub dine-in deal by 25%.

The revamped offer now includes creations by celebrity chef Tom Kerridge – but shoppers are still furious that the cost has risen from £12 to £15.

Celebrity chef Tom Kerridge has partnered with M&S on the deal

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Celebrity chef Tom Kerridge has partnered with M&S on the dealCredit: M&S

The deal for two – which includes a main, side and a starter or desert – is among the priciest of M&S’ dine-in offers.

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There’s also a pasta bundle for £7, an Indian meal for £15 and a slow-cooked one for £12.

But the Gastropub offer has hit shoppers radars in recent weeks after it was revamped at the end of September.

One fan complained to the retailer: “So food inflation is flattening or in some instances reversing. So you have put your dine-in meal deal price up 25%? (£12 to £15).”

Another added: “I have no doubts about the quality and having awesome chefs endorsing it adds a nice touch, but I’d prefer you kept the pricing reasonable.

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“Gastro dine in from £12 to £15 is a noticeable hike.”

A third said: “I expect prices to rise every now and again but a 25% increase in the Gastropub meal deal in a week is just a little beyond the pale.”

Others complained that the deal previously offered fish and chips together as a main dish, but now the dish is only haddock and the chips must be bought separately as a side.

One said: “Extremely disappointing to see that the Gastropub dine-in deal has not only increased a whopping 25% to £15, but the chips have also been removed from the haddock and chips box.

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“Bad deal, I didn’t bother buying.”

M&S – which has highlighted “British Beef Cheeks” and Kerridge’s Treacle Tart as top picks of the range – said the offer was intended to “bring the flavours of your favourite restaurant home”.

Analysis by The Sun has revealed that many of the dishes present in the relaunched offer were included in M&S’ old Gastropub deal, including lamb moussaka, cottage pie, chicken forestiere and lasagne.

Meanwhile triple cooked chips, greens, emperor carrots and dauphinoise potatoes remain as sides, as well as runny scotch eggs and prawn cocktail for starter options and tarte au citron and sticky toffee pudding for dessert.

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But the retailer said 95% of the dishes are new or had been improved and all now only use selected M&S Foodhall ingredients or specific ingredients from its Gastropub larder list.

Tom Kerridge has also brought in various new dishes into the deal, including a pork and bacon pâté, British beef cheeks, treacle tart and molten cookie dough.

How to save money on your food shop

Consumer reporter Sam Walker reveals how you can save hundreds of pounds a year:

Odd boxes – plenty of retailers offer slightly misshapen fruit and veg or surplus food at a discounted price.

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Lidl sells five kilos of fruit and veg for just £1.50 through its Waste Not scheme while Aldi shoppers can get Too Good to Go bags which contain £10 worth of all kinds of products for £3.30.

Sainsbury’s also sells £2 “Taste Me, Don’t Waste Me” fruit and veg boxes to help shoppers reduced food waste and save cash.

Food waste apps – food waste apps work by helping shops, cafes, restaurants and other businesses shift stock that is due to go out of date and passing it on to members of the public.

Some of the most notable ones include Too Good to Go and Olio.

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Too Good to Go’s app is free to sign up to and is used by millions of people across the UK, letting users buy food at a discount.

Olio works similarly, except users can collect both food and other household items for free from neighbours and businesses.

Yellow sticker bargains – yellow sticker bargains, sometimes orange and red in certain supermarkets, are a great way of getting food on the cheap.

But what time to head out to get the best deals varies depending on the retailer. You can see the best times for each supermarket here.

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Super cheap bargains – sign up to bargain hunter Facebook groups like Extreme Couponing and Bargains UK where shoppers regularly post hauls they’ve found on the cheap, including food finds.

“Downshift” – you will almost always save money going for a supermarket’s own-brand economy lines rather than premium brands.

The move to lower-tier ranges, also known as “downshifting” and hailed by consumer expert Martin Lewis, could save you hundreds of pounds a year on your food shop.

Some have praised the overhaul, with one fan enthusing on X: “This new Tom Kerridge Gastropub range from @marksandspencer is absolutely banging, btw.”

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Expert Amir Mousavi, a food consultant at the Good Food Studio in London, suspects rising costs were behind the hike.

He said: “Supermarket meal deals, traditionally, run as low-margin permanent promotions.

“Retailers often make 5% to 10% less margin on these offers compared to full-priced products, and their white label producers also sacrifice 5% to 10% margin.

Fans have been quick to criticise the fish and chips

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Fans have been quick to criticise the fish and chipsCredit: M&S

“With rising costs of goods over the last few years, margins have naturally shrunk for both retailers and suppliers.

“Meal deals are not as commercially viable as they once were, necessitating a price restructure to maintain profitability.”

M&S said: “As part of our exciting recent relaunch of our Gastropub range we’ve improved the quality of our dishes to ensure our customers get restaurant- and pub-quality food at home.

“As part of this we have improved 95% of our dishes and also incorporated what we call the Gastropub larder – where all our dishes use ONLY ingredients from this select list.”

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“So, for example, rather than any butter being used, the only butter in these dishes are M&S Salted/Unsalted British Butter, M&S West Country Butter Sweet Cream Butter, or M&S West Country Brue Valley Butter.

“All of these are found in our Foodhalls and ensure that the quality and taste is the same across every dish.

“We have also included the exciting new Tom Kerridge range within the Dine In deal, meaning you can get Michelin star-inspired food in the comfort of your own home and at a just a fraction of the price compared to a restaurant.”

Do you have a money problem that needs sorting? Get in touch by emailing money-sm@news.co.uk.

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Sainsbury’s shares drop after Qatari group cuts stake

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Shares in J Sainsbury fell more than 5 per cent on Friday after the largest shareholder in the UK’s second-biggest supermarket chain sold nearly a third of its shares.

The Qatar Investment Authority sold about a third of its 14.2 per cent stake in the grocer in a private placing, according to messages sent by Goldman Sachs and seen by the Financial Times.

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The transaction, made late on Thursday, leaves the QIA with a stake of about 9.5 per cent, just behind the 10.1 per cent held by the investment vehicle of Czech businessman Daniel Křetínský. The messages showed that the QIA sold the shares at 280p, a price that would raise £306mn.

Neither Sainsbury’s nor the QIA immediately responded to requests for comment on the sale. Goldman Sachs declined to comment.

Sainsbury’s shares were down 16p — or 5.6 per cent — at noon in London, at 272p.

A person familiar with the QIA’s thinking described the sale as part of its “regular portfolio management” and said the authority was fully supportive of the supermarket group’s strategy and action plan.

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Sainsbury’s in February said it planned to cut annual costs by £1bn, launch a £200mn share buyback and embark on a “progressive dividend policy”.

Including Friday’s fall, Sainsbury’s shares are down 9 per cent so far this year amid concerns about the company’s ability to compete in an aggressively competitive UK retail environment. Sainsbury’s also owns the Tu clothing and Argos brands.

The QIA first bought a stake in Sainsbury’s in 2007, quickly building up to a 25 per cent holding. But it has been reducing this since 2021 when it sold a nearly 7 per cent stake in the grocer to Křetínský.

In a note to investors, analysts at JPMorgan said that “given the strategic nature” of the QIA’s stake, they did not expect the sale to be related to forthcoming UK events such as chancellor Rachel Reeve’s first Budget statement later this month.

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Křetínský is best known in the UK for his successful bid for International Distribution Services, parent of the Royal Mail postal service, agreed earlier this year.

Additional reporting by Laura Onita and Ivan Levingston

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Weekend Essay: Beware, the cyber hackers are coming

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Weekend Essay: The art of putting things right

A few weeks ago I had an absolute nightmare of a day when my work email account got hacked.

The hacker sent out a message to around 500 of my email contacts saying: “Good morning, I hope this email finds you well. Please see attached for your records. Alternatively, you can also access by copying the highlighted link and pasting in browser: [with a link that I’m obviously not going to post here]. It would be greatly appreciated if you could review at your earliest opportunity. Many thanks, Lois”.

They even used my email signature, and I found out from a few people who had replied to “me” that the hacker had replied to them assuring them that the email was definitely from me and the link was fine to click.

They also created an Outlook “rule”, which meant that all emails with an @ sign in the address would be immediately deleted. This meant I did not receive any emails from about 11am when the attack happened, until the wonderful IT team retrieved all of my lost emails. It also meant I assumed I’d lost access to my emails.

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I felt pretty helpless. All I could do was post on LinkedIn telling people to delete the email and not click the link and hope the majority would see it.

Most people, thankfully, realised it was a scam. Anyone who knows me knows I do not use ‘email language’ like “I hope this finds you well”. And I certainly never request things at another person’s “earliest opportunity”. But I know some people clicked the link and I have no idea what the hacker was after. Money, I presume.

Our company IT team sorted it all out pretty quickly and got me back access to my email account. But there was a big chunk taken out of my working day where I didn’t have access even to my laptop while they investigated and changed my passwords.

I’m still not sure how this happened. I’m generally pretty good at sniffing out a scam, so I don’t think it was due to anything I clicked on.

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I have noticed a marked increase in phishing emails coming into my inbox recently, and they often trick even my email spam filter.

They are easy to avoid if you’re cynical and paying attention, but I fear for older people or anyone in vulnerable circumstances, who are much more likely to fall for these kinds of scams.

And things are getting worse. An article by the International Monetary Fund back in April noted that cyber-attacks have more than doubled since the Covid-19 pandemic.

This is largely because hackers are constantly evolving. A report by security software company Egress – published in 2021 – pointed out that cybercriminals are constantly devising new ways to bypass traditional anti-phishing technologies.

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In fact, it said, 98% of all phishing cases rely on social engineering, where victims are manipulated into supplying confidential information to a supposedly legitimate sender.

Financial advice firms may be wondering what all of this has to do with them.

Fraser Jack, founder of Australian firm The Cyber Collective, used to run a financial planning practice before he became a consultant. He says that, back then, he thought cybercrime was a “vague concept” that was not relevant to him or his business. But a 2019 report by Boston Consulting Group found that financial services organisations are 300 times more likely to be the victim of a cyber-attack than other types of companies.

And, in September last year, international law firm RPC revealed that UK financial services firms had reported a more than a threefold increase in the number of cyber-security breaches to the Information Commissioners Office (ICO) in 2023 compared to the previous year.

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It said that during the year to June 2023, 640 cyber security breaches were reported to the ICO, up from the 187 from the year to June 2022. The pensions sector saw the biggest rise, from six in 2021/22 to 246 in 2022/23.

The IMF article said attacks on financial firms account for nearly one-fifth of the total. Banks are the most exposed but advice firms, which hold a huge amount of client data, are certainly not immune.

“In the wild west of cybercrime, someone trying to steal your client data is less of a case of ‘if’ and more of a case of ‘when’,” Fraser Jack wrote, in an article on The Cyber Collective’s website.

It makes sense. I know if I were a cybercriminal I’d target financial advice businesses, with all their minted clients. If you have no morals, why wouldn’t you go for them?

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We know it goes on. Back in February last year, Aviva-owned Succession Wealth, which has around 200 advisers and 20,000 clients, suffered a cyber-attack, off the back of which it said it had launched an investigation and “notified the appropriate authorities”. It also introduced “further security measures”.

At the time the company would not elaborate on the nature of the attack, or give details about the security measures it had brought in.

This was a high-profile attack that was widely reported on in the media. But it is by no means the only attack of this nature on a financial advice firm.

Compliance consultancy B-Compliant said in December last year that an advice firm had contacted it to report that it had been targeted by a phishing email purporting to be from the Financial Conduct Authority. The recipient had noticed a spelling mistake and reached out to see if it was genuine. It was not.

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This, B-Compliant warned, goes to show that hackers aren’t just targeting big firms. Everyone within the sector is fair game and SMEs in particular can be seen as low-hanging fruit, as they are thought to have less infrastructure and controls in place.

Cybersecurity is a key priority for the Bank of England and the financial regulators.

Late last year, the BoE insisted that all financial firms should be testing their resilience to cyber-attacks through CBEST – a targeted assessment that allows regulators and firms to better understand weaknesses and vulnerabilities and take “remedial actions”.

“True and meaningful cyber resilience cannot be delivered or achieved without a whole-organisational, continuous effort,” it said.

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“We strongly encourage firms/FMIs to build and reinforce resilience through a strong foundation of cyber hygiene practices.”

As technology becomes more advanced and the world becomes more connected, cybercriminals are becoming more sophisticated. Financial advice firms of all sizes must be ready.

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Vladimir Putin meets Iran’s new president as Israel weighs retaliation

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Russian President Vladimir Putin met his new Iranian counterpart Masoud Pezeshkian for the first time on Friday, as Tehran is expected to seek Moscow’s help to upgrade its military to counter the threat of attack by Israel.

Iran is almost certain to face military retaliation for a massive missile attack on Israel on October 1, launched in support of its ally Hizbollah. Analysts say that, as part of its deterrence, Tehran is looking to Russian technology such as S-400 surface-to-air missile batteries as well as electronic warfare systems and fighter aircraft.

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The meeting, on the sidelines of a gathering of central Asian leaders in Turkmenistan, comes ahead of the expected signing of a strategic agreement between Russia and Iran at a summit in Kazan later this month, which may touch on defence co-operation.

Pezeshkian, cast as a reformer who took office in July, said after meeting Putin that the two countries’ positions on global issues “are much closer than those of other states” and that they “can support each other”, state media reported.

Putin, for his part, invited Pezeshkian to Russia for a state visit. “We are actively working together on the international arena. Our assessment of events taking place in the world are often very close, even concurrent,” the Russian leader said.

Tehran has been capitalising on the rift that has emerged between Russia and the west since the 2022 invasion of Ukraine, using that as an opportunity to establish a stronger strategic relationship with the Kremlin.

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US and Ukrainian officials last month charged that Iran had shipped hundreds of short-range ballistic missiles to Russia for use in Ukraine. US secretary of state Antony Blinken warned that Russia would share technology in exchange, including nuclear technology.  

Iran denies supplying any weapons to Russia for use against Ukraine, including missiles. It has confirmed the sale of drones but said that deal was made prior to the war.  

Russian President Vladimir Putin and his Iranian counterpart Masoud Pezeshkian
Putin has invited Pezeshkian to Russia for a state visit. ‘We are actively working together on the international arena,’ says the Russian president © Alexander Shcherbak/AFP/Getty Images

Tehran is probably pressing Russia for advanced surface-to-air missiles similar to the US Patriot system, said Sidharth Kaushal, senior research fellow at the Royal United Service Academy in London. It would also want to obtain electronic warfare systems that can jam precision-guided munitions, he added.

Iranian military officials have previously confirmed that the Islamic Republic is also seeking to replace its ageing fleet of fighter aircraft with Russian-made Sukhoi jets.

“Modern Russian aircraft would give them some air-to-air capability compared to the relics that the Iranians are operating,” said Kaushal, noting that its current jets are mostly from before the 1979 Islamic Revolution.

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Russian air defence systems would make any Israeli attack on Iran riskier for all but the most advanced fighter jets, and the 400km range of the S-400 would also put air-to-air refuelling tankers at risk, which would be necessary for any Israeli air strike on Iran, he said. Russia delivered five to six units of the S-300, the predecessor to the S-400, to Iran in 2016 in a $800mn deal.

Kaushal added, however, that Russia was unlikely to be able to spare much weaponry for Iran from its fight in Ukraine.

Hanna Notte of the James Martin Center for Nonproliferation Studies in Berlin also said that Russia would have to balance its relationship with Iran against other partners in the Middle East, such as Saudi Arabia and the United Arab Emirates, which would oppose the sale of advanced weapons to Tehran.

A number of Israeli politicians have called for an overwhelming response to Iran’s attack, which included more than 180 missiles but failed to inflict significant damage on Israel.

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“Our strike will be powerful, precise and above all surprising,” Israeli defence minister Yoav Gallant said this week. Washington has told Israel to avoid nuclear sites as well as energy infrastructure.  

Additional reporting by Bita Ghaffari in Tehran

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