The Financial Conduct Authority’s recent letter to advice firms has certainly got people talking with its specific mention of consolidators and its desire to gather data from them.

The FCA specifically said consolidators are expected to “ensure the delivery of good outcomes is central to your culture”. That should come naturally to any business operating in this area. But, in addition, their “leadership, governance, oversight arrangements and controls should be effective, adequately resourced and commensurate with your growing size and complexity”.

That second part is the bit where appropriate systems need to be put in place to make sure there is genuine oversight. There can be no true leadership or governance among a number of firms spread throughout the country without a central place to collate and analyse data.

They need to analyse all the important pieces of information, whether that’s client reports, investment data or where advisers and paraplanners are spending their time.

I speak to a lot of consolidators, whether it’s those running the businesses or the owners at the private equity houses, and this is often one of the trickiest parts for them: rationalising many businesses and finding a way to gather the right data in an orderly fashion.

Without this, it’s immensely difficult to implement the correct compliance controls and maintain consistent advice and investment processes.

In fact, it’s even difficult to report data the FCA is trying to gather without these systems in place. And don’t forget consolidators need to further scale all their processes as the business continues to grow and absorb more firms.

Consolidators can even take note of the regulator’s own data gathering and “data-led” approach.

The regulator has been pushing to change its culture and enforcement to a much more data-based approach. It’s invested resource and effort to do so, which should make its monitoring more efficient and effective.

To draw the parallel, the central point of acquiring multiple advice and investment management firms is to truly consolidate them. The endgame is to pull together multiple businesses and create efficiencies that work for all parties: the investors, the business and the clients can all be aligned.

That means cost savings that can be passed onto clients and better advice processes to create consistent outcomes for them, too. All together that means a better value proposition for clients and, hand-in-hand, it provides value for the consolidator and makes life easier for advice professionals.

Better data control and monitoring should hit all the right Consumer Duty notes: improved value for money, better consumer communication and support, and improved oversight that maintains consistency in the products and service provided.

This is exactly what the FCA is looking for. The regulator isn’t naive: it knows these large private equity firms are entering the market and spending big to make a profit on their investment.

But it wants to see consolidation that also provides the end client value: they’re the ones at the heart of the business. Value creation for the business certainly doesn’t have to be mutually exclusive from value creation for the end clients. At the end of the day, without them it’s all worth nothing.

The FCA knew gathering data was important in its own regard and has done the right things to make its processes more efficient and data centric. Consolidators can take a leaf out of the regulator’s book and make sure they focus on collecting and analysing the right information to provide value for both clients and the business.

Alex Cowan-Sanluis is chief executive of Platform One

HOUSEHOLDS could save as much as £235 a year on broadband mobile and TV bills with an easy move.

Consumer brand Which? has found that switching your provider can save you some big cash.

1

According to its research, on average, out-of-contract TV and broadband customers could save £160 by switching.

Sky customers surveyed saved most – a bumper £235 a year on average by switching to a better deal.

TV and broadband customers who haggled with their current provider rather than switching still saved £117 on average. 

Which?’s study also found there were decent savings for broadband-only customers who switched providers, with the average being £105.

Customers switching from BT, Sky or Virgin Media saved even more – up to £165 on average for VM customers.

Broadband customers who haggled saved £55 per year, with Virgin Media customers seeing the biggest average saving of £81. 

There was less of a difference in savings between mobile customers who switched and those who haggled.

Mobile customers at the end of their contract saved £67 on average by switching and those that haggled saved a slightly lower £61.  

Vodafone customers saved £146 by switching, more than twice the £67 average.

EE and O2 customers also saved an average of £122 and £132, respectively.

When it came to haggling, it was EE customers who stood to save the most, at £101 a year on average. 

Natalie Hitchins, Which? Head of Home Products and Services, said: “Our latest research shows out-of-contract broadband, TV and mobile customers can save a substantial amount of money by switching providers or haggling with their current one – and that most people find the process easy.

“With many telecoms providers already adopting Ofcom’s ban on unpredictable mid-contract price hikes before it officially comes into effect in January, consumers can more easily compare deals and should feel empowered to switch and potentially save hundreds of pounds.”

Results of the survey

The consumer champion surveyed more than 5,000 customers whose broadband, combined broadband and TV or mobile phone contracts had ended in the past 12 months, asking if they had switched or haggled, and how much they had saved on their bills in the process.

Which?’s research found that most consumers found the switching process easy.

This was the case for 75% of broadband, 73% of mobile customers, and 55% of broadband and TV customers. 

The survey found that price was the most common reason for switching.

But people also then benefitted from better customer service, faster download speeds and better connections.

Three in 10 broadband switchers said customer service was getting better after switching, while just 6% reported it getting worse.

For those who changed mobile networks, a third said customer service improved and three per cent said it got worse. 

For download speeds, nearly four in 10 broadband customers said they got faster after switching, versus one in eight who said they got slower.

For mobile network switchers, a quarter found they improved versus nine per cent who reported they got worse. 

Around four in 10 got a more reliable broadband connection after switching, while one in eight found it got worse.

Mobile network reception improved for half of the switchers but got worse for one in seven.

How to switch

Switching providers is far easier now because as of September, customers only need to contact their new provider to switch.

This makes it easier to move to a cheaper deal without your current provider trying to convince you to stay, even if you can find a better offer elsewhere.

Since 2015, people have been able to switch between phone and broadband providers on Openreach’s network – like BT and Sky – by letting their new provider handle the switch.

However, if you were switching to or from a different network, such as Virgin Media, which uses its own private network, you had to contact your existing provider to arrange the switch as well.

Ofcom‘s new “One Touch” rules, which started last month, have changed this.

Now, landline and broadband customers on any network only need to contact their new provider to make the switch.

Under the new rules, customers won’t have to pay notice-period charges beyond the switch date, so they will no longer be paying for the old service after the new one starts.

Plus, providers must also compensate customers if they experience issues with the switch or are left without service for more than one working day.

However, the exact amount of compensation you’ll receive will be issued on a case-by-case basis.

The new rules bring broadband switching in line with mobile switching.

Since 2019, mobile phone customers have been able to “text to switch” without the hassle of having to call their current network.

How one-touch switch works

The new “One Touch” process is designed to make it easier to switch providers and get a faster package, a cheaper deal, or better customer service.

It will also make it quicker – just one day when this is technically possible.

There are three steps to complete the switch:

1. A customer will contact their chosen new provider and give their details.
2. The customer then automatically receives important information from their current provider, including any early contract termination charges they may have to pay, and how the switch may affect other services the customer has with the company.
3. If the customer wants to go ahead, the new provider will then manage the switch.

The new process means that customers no longer need to notify their current provider 30 days before switching.

Instead, the operators handle all billing and activation dates in the background.

Rule changes

The findings come ahead of Ofcom’s ban on unpredictable mid-contract price hikes which comes into effect in January 2025.

Telecom firms have faced criticism for implementing mid-contract price rises on fixed contracts that exceed inflation over the past four years.

Due to clauses in contracts, providers are allowed to impose annual increases, typically in April.

These hikes are linked to either the Consumer Price Index or Retail Price Index inflation rate, which has surged during the cost-of-living crisis.

As a result, millions of customers experienced increases of up to 8.8% this year, adding as much as £50 to their bills.

However, from January 17, 2025, Ofcom will require telecom firms to display mid-contract price increases in pounds and pence.

The rules are designed to protect customers by ensuring they know exactly how much their contract will increase before they sign up.

Instead of being linked to inflation, which can fluctuate, the price rises will be clearly stated in pounds and pence.

However, some experts have slammed the rule change for “unfairly” impacting customers on cheaper contracts.

Earlier this year, The Sun revealed that millions of mobile and broadband customers on cheaper contracts will be hit by huge bill rises under the new mechanism.

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

Plus, you can join our Sun Money Chats and Tips Facebook group to share your tips and stories

Don’t want full access? REGISTER NOW for limited access and to subscribe to our newsletters.

THE number of homes for sale hit a ten year high in October, according to Rightmove.

Across Britain the number of properties put on the market was 12% higher than a year ago.

1

Meanwhile, the number of people contacting estate agents about properties for sale was up by 17% compared with the same period last year.

Rightmove said the number of homes on the market is driving up competition between sellers as potential homeowners continue to find their budgets are stretched.

A greater choice of homes is giving buyers more negotiating power, which is helping to stop prices from rising rapidly.

Meanwhile, some buyers are waiting for clarity from this month’s Budget and cheaper mortgage rates before they make an offer.

As a result, the typical price being asked for a home coming onto the market increased by £1,199, or 0.3%, this month to reach £371,958.

This is much lower than the average seasonal 1.3% monthly increase at this time of year.

Meanwhile, asking prices are 1% higher than a year ago, when a typical home was listed at £368,231, around £3,727 less than it would be now.

London boasts the highest average asking price of any UK region.

A typical home in the capital is worth £694,906 after prices rose by 1.1% year on year.

Homes in the South East are also well above the national average, with a typical property worth £483,780.

Prices in the region are down 0.6% in the last year but still remain well above other regions.

The North East is still the cheapest region in England, with a typical home worth £192,742, 4.9% higher than a year ago.

Tim Bannister, a property expert at Rightmove, warned that the ball is now “in the buyer’s court”, which means sellers need to price competitively to find a buyer.

He added: “The big picture still looks positive for the market heading into 2025. Market activity remains strong, despite affordability pressures on movers. 

Different types of mortgages

We break down all you need to know about mortgages and what categories they fall into.

A fixed rate mortgage provides an interest rate that remains the same for an agreed period such as two, five or even 10 years.

Advertisement

Your monthly repayments would remain the same for the whole deal period.

There are a few different types of variable mortgages and, as the name suggests, the rates can change.

A tracker mortgage sets your rate a certain percentage above or below an external benchmark.

This is usually the Bank of England base rate or a bank may have its figure.

Advertisement

If the base rate rises, so will your mortgage but if it drops then your monthly repayments will be reduced.

A standard variable rate (SVR) is a default rate offered by banks. You usually revert to this at the end of a fixed deal term, unless you get a new one.

SVRs are generally higher than other types of mortgage, so if you’re on one then you’re likely to be paying more than you need to.

Variable rate mortgages often don’t have exit fees while a fixed rate could do.

Advertisement

“Once we have more certainty about the contents of the Budget, hopefully followed by speedy second and third Bank Rate cuts, we could see another surge in market optimism like we had in the summer.”

The average 5-year mortgage rate is now 4.61%, up slightly from 4.55% last week.

This is still a big improvement from the average of 6.11% when rates peaked in July 2023.

With more homes being put on the market the average time they are taking to sell has increased.

What it means for you

Rightmove said it now takes 61 days to secure a buyer, a slight uptick from an average of 59 days in the summer.

Competition for buyers is particularly fierce at the top of the market.

The number of four-bedroom detached houses and five-bedroom-plus homes available for sale is 17% ahead of last year.

Marc von Grundherr, director of Benham and Reeves in London, said monthly property transactions are now at their strongest since 2022.

He said: “Mortgage approval levels have been strengthening for much of this year and we’re now seeing this increase in buyer demand start to filter through to actual sales. 

“This improving market momentum has also helped to tempt many sellers back into the market who had previously put their plans to move on pause.”

Who else tracks house prices?

Several big banks also track property prices and release monthly indexes.

Halifax is part of Lloyds Banking Group, which is the UK’s biggest mortgage lender.

It has been tracking house prices since 1983 and published a monthly house price index based on the mortgage data it holds.

Nationwide also publishes a monthly index which tracks the average price of homes on which it provides mortgages.

As their figures are based on mortgage approvals they don’t include cash buyers who purchase a property without needing a mortgage.

The official measure of house prices is from the Office for National Statistics (ONS), which uses data from the Land Registry where the actual sold price is recorded.

These figures are the most accurate of all of the indexes but the figures are released three months after the homes are sold, so there is a big time lag.

Online property websites Rightmove and Zoopla also publish monthly house price data.

Rightmove’s data is based on asking prices from the properties listed on its website.

Meanwhile Zoopla uses sold prices, mortgage valuations and data on agreed sales.

Neither website takes into account the price a property was sold for, unlike the ONS.

Some properties could end up being sold for higher or lower, while others may not sell at all.

Here’s the latest data from other indexes:

• Nationwide: House prices rose by 0.7% in September and increased by 3.2% annually. A typical property is now worth £266,094.
• ONS: property prices increased by 2.8% annually to £293,000 in the year to August.
• Zoopla: House prices rose by 0.7% in the year to August, with a typical property now worth £267,000.

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

Plus, you can join our Sun Money Chats and Tips Facebook group to share your tips and stories

In today’s changing finance industry, technical skills such as data analysis and financial modelling are no longer the only things you need if you want to advance. Now that we see society changing through advancing technologies and client connections, soft skills are becoming more and more important. While you still need to get all the technical know-how for success through a dedicated course like an accelerated online MBA program, you might need to work on your soft skills in your own time. This article will provide an overview of some of the most important soft skills for someone working in finance to develop. 

Understanding Soft Skills in Finance

What are soft skills? These are qualities that are outside of technical ability and are closely linked to people skills or interpersonal skills. In finance, these attributes complement knowledge by enabling professionals to articulate ideas, collaborate with colleagues efficiently, and adapt to situations. They encompass traits such as communication, teamwork, adaptability, and even resilience.

When we talk about finance, there is a strong need to develop soft skills in different roles, especially when working with customers or clients. If someone is an investment advisor, they are analyzing trends and conveying intricate concepts in simple ways. Additionally, financial analysts would usually work within teams and different departments to leverage teamwork as a skill to complete objectives.

Communication Skills

Communication is a cornerstone for any finance professional, and effective communication influences everything from engaging with clients to collaborating within teams to writing reports. It doesn’t matter what form of communication or what level of communication in the hierarchy is being used; having these skills honed will make all the difference.

If you want to work on your communication skills, the first thing to focus on would be practising listening. This means when other people speak, you must truly listen, grasp their message, and respond thoughtfully. It’s especially important to understand this skill when you work in finance because you’ll usually be communicating with those who don’t have a financial background. Being able to simplify and communicate complex information effectively will ensure that the client is equipped to make the right decisions for them.

You also shouldn’t forget that it is beneficial to refine your written communication abilities as communicating through email and other written formats is also just as important. When working in finance, email and documentation play a role in reports and proposals. Being clear and concise in your writing helps clients and coworkers comprehend information, and should simplify these details so that the reader can easily grasp the important points.

Analytical Thinking

Analytical thinking serves as the foundation for decision-making in all industries but is especially vital in finance because you will need to analyze findings, spot trends, and tackle problems effectively. Analytical individuals carefully consider factors before coming to conclusions that enable them to manage risks and maximize profits. 

If you want to work on your analytical skills, start by working on multiple sets of data during your work day. Use tools or financial software to analyze and come to your own conclusions. This type of consistent practice will help you develop attention to detail and enhance your decision-making skills. When it is time to tackle problems, ensure that you break them into parts, and evaluate their interconnections, and you will likely come to the best conclusions.

Adaptability and Resilience

In the realm of finance, there are constant changes and fluctuations in the market that can range from regulation updates to technological advancements. This means that it is truly an industry where the adaptable survive because it is no simple task to take on multiple fluctuations over time. It is these individuals who can swiftly pivot when needed who will flourish in this environment and rise to the top.

To improve and cultivate adaptability, you could start by analyzing the media landscape, subscribing to news sources or participating in professional communities. This proactive stance equips you for change and enables you to adjust strategies. It’s also important to set up your daily work in a way that is easy to shift or change depending on circumstances.

Another important factor in all industries is resilience, and this entails bouncing back from setbacks so you can keep moving forward. The finance sector can be demanding, with deadlines and high stakes, so developing ways to cope with stress, like practising mindfulness, seeking support or having rest periods can help. 

Teamwork and Leadership

While many industries require teamwork, it can be rather pronounced in the world of finance, where working together is key. This collaboration is crucial for achieving goals, whether you’re involved in a merger, creating budgets, or performing audits in a group. It not only boosts productivity but can also help fuel innovation in the finance sector as many minds work together for better outcomes.

If you want to improve your teamwork skills, you should participate in group projects where you can practice cooperation and communication. Understanding your role in a team and appreciating each member’s input is vital for long-term sustainability. Ensure you’re honest about your weaknesses and work together to fill in the gaps and help one another succeed.

In today’s dynamic finance industry, soft skills are just as crucial as industry expertise. It is skills such as communication and teamwork that are essential for overcoming challenges and making an impact. These skills are beneficial for life, but if you work in finance, or are hoping to, they’ll likely benefit your career too. Find opportunities to learn and develop your soft skills wherever you can, and you’ll be helping set yourself up for success in the long run.