In the same year that Hyundai Motor Group overtook Ford to reach the second position in the US EV market, which is led by Twitter-owner Elon Musk’s Tesla, the Korean automaker’s India unit crossed 40 per cent in bids on the second day of its IPO. When market closed, subscriptions hit more than 4.17 crore equity shares out of 9.97 crore shares on offer— the country’s largest-ever initial public offering of Rs 27,780 crore. This includes retail investors, Non-Institutional Investors (NIIs), Qualified Institutional Buyers (QIBs), and employee reserved portion. Of the 4.95 crore shares available to retail individual investors (RIIs), 38 per cent received bids at market close on Tuesday.

ALSO READ: Hyundai Motor India IPO: Should you apply for India’s largest public offering?

Hyundai is expected to launch four new models in the mass-market EV sector in India, starting with Creta EV scheduled for January 2025. Other models include Inster EV to rival Tata’s Punch EV, and speculations for Grand i10 Nios EV and Venue EV. As of now, Hyundai sells its high-end EV IONIQ 5 in India.

In the US, Hyundai, Kia, and Genesis—which together form the Hyundai Motor Group—accounted for more than 10 per cent of the EV market, with market leader Tesla slipping 50 per cent market share for the first time.

ALSO READ: From Tesla to Toyota: Automakers race to embrace gigacasting technology

India’s EV market is touted to grow to a whopping Rs 318,000 crore by 2030 due to increasing affordability, launch of mass-market EVs, rising infrastructure, spiking fuel prices, and government support, according to a report by Grant Thornton Bharat and the Automotive Component Manufacturers Association. In September 2024, the Indian government issued new charging guidelines for EV charging stations and infrastructure, in a bid to attract more EV adoptions.

The India unit is a wholly owned unit of the global automaker Hyundai Motor Company (HMC), headquartered in Seoul, Korea. As of date, Hyundai India boasts a Credit Rating of CRISIL AAA for Packing Credie and CRISIL A1+ for Short Term Debt as per official information from the automaker’s India website. 

Some 20 years ago, it was common for a financial adviser to be product-centric, then, towards the end of 2010, they became customer-centric.

More recently, the industry is becoming human-centric.

I admit, this is a broad-brushed – and inevitably unfair – assessment of how advice has evolved over the course of the last 20 years. So, allow me to elaborate.

When advice was product-centric, earnings were often linked to commission-based remuneration. Training standards emphasised product knowledge. The aim was to ensure advisers were well-versed in the offerings available. Their primary role was to match clients with suitable financial products.

It is no longer good enough to be thinking of clients as ‘customers’, as in ‘the recipient of a service’ or ‘the recipient of a product’

Then financial services was nudged to become customer-centric. Here, the Retail Distribution Review played a pivotal role. It banned commission payments from product providers and aimed to ensure adviser recommendations aligned with clients’ best interests.

Advisers faced higher qualification requirements, enhancing their expertise in financial planning. Transparency improved with clearer fee disclosures and detailed service explanations.

Ongoing professional development further reinforced the focus on delivering customer-centric advice, as did the Treating Customers Fairly initiative.

“OK,” I hear you cry. “Where does human-centric come in?”

Well, Consumer Duty has been the major regulatory driver for advisers to become human-centric. It is no longer good enough to be thinking of clients as “customers”, as in “the recipient of a service” or “the recipient of a product.”

Advisers can distinguish themselves from more automated propositions, which can lead to referrals

Think about it for a moment. A “customer” is merely one of many people who bought a product or service. Speak of the customer and it highlights a rather transactional relationship: a connection between a service provider and, well, the customer.

This perspective emphasises the act of buying and selling. It doesn’t delve into the deeper, more personal aspects of the individual behind the transaction.

However, with the rise of behavioural science, psychology, neuroscience and other human-centred disciplines, we are learning to look beyond the generic customer to the individual human. Humans have instincts, emotions and vulnerabilities, and their decisions are influenced by a variety of contextual factors that either enable or hinder them.

Consumer Duty, with its strong emphasis on real-life outcomes, pushes advisers to consider these broader human elements. This marks a fundamental shift towards human-centric advice. The focus is on understanding and supporting the whole person, recognising that clients are not just customers but individuals with unique needs and life circumstances.

Think about it for a moment. A “customer” is merely one of many people who bought a product or service

There are many different aspects of human-centric advice, many of which will bring opportunity. This could be through human-centric communication – for example, in times of market volatility. Or in building trust by more systematically considering the non-technical components that contribute to it.

Overall, human-centricity can be a fundamental part of why people look for and select a financial adviser, bringing in emotional and often apparently ‘irrational’ reasons. Through a human-centric approach, advisers can distinguish themselves from more automated propositions, making the fact-find and client reviews more meaningful. All of which can lead to referrals.

The context we’re in nudges advisers to be ‘human-centric’. It’s a label worth embracing to capitalise on the opportunities that come with it.

Dr Thomas Mather is manager of Aegon’s Centre for Behavioural Research and Insights

HUNDREDS of households have been affected by a DWP benefits error, which could leave them out of pocket.

It comes as the government continues to move all two million claimants on legacy benefits to Universal Credit by the end of March 2025 through a process known as managed migration.

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As part of this process, households on legacy benefits, including tax credits, receive “migration notices” by post.

These notices provide instructions on how to switch to Universal Credit, as the transition is not automatic.

Households must apply for Universal Credit within three months of receiving their managed migration letter.

Failing to do this can result in benefits being stopped.

However, a “small number” of the 800,000 on income-related employment and support allowance (ESA) have faced a stumbling block when applying for Universal Credit.

ESA provides financial support for those unable to work due to illness or disability.

According to Department for Work and Pension (DWP) rules, ESA claimants should not be required to provide fit notes during the migration process. 

Furthermore, those in the ESA support group should not be asked to undertake any work-related activities, as their work capability status should carry over when they migrate to UC.

Despite these clear rules, some DWP staff have asked ESA claimants to obtain fit notes from their GPs.

Others have been incorrectly informed that they need to agree to new work commitments before making the switch. 

Claimants have been told that failure to provide fit notes or agree to new work requirements would make them ineligible for limited capability for work and work-related activity (LCWRA) payments.

These extra payments are worth up to £416 a month.

Similar to Universal Credit, legacy ESA claims consist of a standard allowance and an additional component for incapacity for work.

This additional component – either the work-related activity component or the support component – is being replaced by Universal Credit’s LCWRA payments. 

Therefore, if you were already receiving these extra components under ESA, you are not required to submit a new fit note or agree to new work requirements to be eligible for LCWRA payments.

Ayla Ozmen, director of policy & campaigns at anti-poverty charity Z2K, said: “It’s very concerning to hear that some disabled people on employment and support allowance who are being moved on to universal credit are being asked to look for work.

“Not only is this unlawful, but it puts disabled people at risk of being inappropriately sanctioned.”

A DWP spokesperson added: “We are aware of an issue where a small number of claimants are still being asked to attend a Claimant Commitment appointment and are currently working to resolve the situation.

“Anyone who thinks they have been affected should contact their work coach.”

A WORD OF WARNING

Since July 2022, the Department for Work and Pensions (DWP) has sent nearly 1.14million migration notices.

However, according to the latest figures from the DWP, 284,660 individuals lost their benefits after failing to respond to migration notices received between July 2022 and June 2024.

That’s why it’s vital to ensure that you switch to Universal Credit within three months of receiving your letter.

Failure to do this will stop your current benefit payment.

You will also forfeit transitional protection top-up payments designed to ensure you do not lose money when transitioning to Universal Credit under the managed migration process.

Some 623,310 individuals have since made successful claims for Universal Credit, and another 232,830 are still in the process of transitioning.

HELP CLAIMING UNIVERSAL CREDIT

As well as benefit calculators, anyone moving from tax credits to Universal Credit can find help in a number of ways.

You can visit your local Jobcentre by searching at find-your-nearest-jobcentre.dwp.gov.uk/.

There’s also a free service called Help to Claim from Citizen’s Advice:

• England: 0800 144 8 444
• Scotland: 0800 023 2581
• Wales: 08000 241 220

You can also get help online from advisers at citizensadvice.org.uk/about-us/contact-us/contact-us/help-to-claim/.

ONE of the the Haven holiday parks which has recently welcomed some very famous faces is to undergo a huge renovation.

The Presthaven Sands resort was visited by footballer Harry Maguire earlier this year with his family.

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And the holiday park has now revealed new plans to upgrade the resort.

New documents submitted to the local council include a huge extended play zone, with aerial adventure courses, climbing walls and bungee trampolines.

A new inflatable arena as well as a dog-friendly “Bark Yard zone” are also part of the plans.

In the planning statement, it said: “The proposal represents a major investment by Haven into the Presthaven Sands Holiday Park to enhance existing facilities and the customer experience.

“Haven are seeking to upgrade the existing adventure area between the entertainment complex and swimming pool complex.

“The refurbished Adventure Village will be solely for the use of holidaymakers already visiting the park, and will not therefore create any additional visitor pressure on the wider area.”

The improvements are yet to be given the go-ahead, with opening dates also yet to go.

In the mean time, the coastal holiday park has enough to keep you occupied.

There is the indoor swimming pool for when the weather turns, with an outdoor lazy river.

Also inside is the huge entertainment venue with amusement arcades too.

A NERF training camp, The Jump attraction, adventure golf and indoor soft play are all on-site.

It’s newest additions include the new Chopstix food stand, serving freshly cooked noodles and sides.

If you’re not a fan, there are other food options include Mash and Barrel, Burger King, Papa Johns and a chippie.

And if you want to brave the weather, there is direct access to the huge sandy beach.

Mum copies Harry Maguire’s Haven holiday

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Mum Rebecca visited the same Haven park – and stayed in the same lodges.

“Like most other Brits, I was surprised to hear that a well-paid footie star stayed at a Haven holiday park, and couldn’t resist going down to copy his holiday.

“Along with my six-year-old, we stayed in a Diamond Lodge like the Man United star and his family, and signed up for the same activities he did.

“The caravan was definitely celeb-worthy with huge marble kitchen with matching bathroom and en-suite as well as hipster lighting, floor-to-ceiling windows and a 40-inch TV.

“We also did everything from Make-A-Bear classes and pottery painting at the Creative Studio although were too tired for a night at the bingo, where Harry was spotted.

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“This trip was better than any fancy cruise or all-inclusive holiday abroad.”

Four-night caravan stays can still be found for £49, or you can book a November weekend break for £209.

Other Haven parks to choose from include Hopton Holiday Park in Norfolk, the highest rated of Haven’s resorts.

Not only is it right by the beach, but there is even a new indoor swimming pool.

Or there is Devon Cliffs, the largest of the Haven parks.

This year the park launched its new tube slide ride and beach bar.

And Haven Primrose Valley opened a Wetherspoons on-site earlier this year, the first of its kind – and we went down.

Haven holidays for 2025 can still be found for £49 too.

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Gold prices rose by Rs 250 yesterday to a record high of Rs 78,900 per 10 grams, compared to the previous close of Rs 78,650 per 10 grams.

According to market analysts, this steady rise in gold prices could be attributed to a combination of factors, including geopolitical tensions, changes in interest rates, and robust demand from key markets like India.

The current global environment, marked by uncertainty due to events such as Iran’s attack on Israel, contributed to a rise in gold prices, with investors seeking safe-haven assets. While these tensions typically push prices higher, a strong US Dollar—bolstered by the Federal Reserve’s careful approach to interest rate cuts—kept gold’s upward momentum in check, preventing even larger gains.

Experts pointed out that India’s import-duty cut from 15 per cent in India to 6 per cent led to a significant surge in gold imports, which more than tripled to 140 tons in August this year. This boost in supply, coupled with strong seasonal demand during festivals like Diwali and Dussehra and the wedding season, is expected to keep domestic gold prices high.

ALSO READ: Gold hits fresh record high of Rs 78,900 per 10gm

“Weddings alone account for nearly half of India’s gold consumption, and with disposable incomes rising, especially among farmers after a favourable monsoon season, demand for jewellery remains robust. Looking ahead, while gold may see some short-term fluctuations due to global market volatility, the broader outlook remains positive. Continued geopolitical tensions and uncertainty in the financial markets are likely to support gold’s position as a safe-haven asset. Furthermore, with India entering its peak gold-buying season and urbanization trends boosting long-term jewellery demand, prices could remain elevated. However, the strength of the US dollar and global interest rate trends will be key factors in determining how much further gold can rise in the near future,” Alex Volkov, market analyst at VT Markets, told THE WEEK.

ALSO READ: Gold prices are red hot and the rally is likely to continue. Here’s why

Gold held on to minor gains in the background of the Israeli conflict and the shift in global monetary policy, with major central banks embarking on rate cuts. Analysts observed that with the tight presidential race between Donald Trump and Kamala Harris in the US added to the mix, markets are becoming risk-averse on the margin. All these factors rekindled gold’s attractiveness as a safe-haven asset.

Although China paused its gold purchases in the second quarter, it showed no signs of selling reserves in the following months while other central banks continued to accumulate, including our own.

“The USD 2,550 per ounce level is a pivotal point for potential pullbacks. Should prices revisit this level, traders might find buying opportunities for mid-term bullish positions. These support levels are expected to continue to hold, especially as the fourth quarter presents a perfect geopolitical recipe for gold’s performance,” pointed out Sandip Raichura, executive director and CEO (Broking and Distribution) at Prabhudas Lilladher Pvt Ltd.

“The risk is that technical indications suggest gold prices are being significantly overbought with both the weekly and monthly Relative Strength Index (RSI) lodged above 80 levels or thereabouts—history has shown that these RSI levels result in a sharp turn in gold prices. Despite this history, though, we remain bullish with a stop placed at around 2,602 levels. The movement in the US Dollar Index (DXY), which has climbed up in the last week, remains a critical sign of the times to come for precious metals—a rise here is negative for gold,” added Raichura.

Jewellers suggested that the new high of gold prices in the domestic market was majorly fuelled by the robust festive demand from jewellers and traders ahead of Dhanteras and Diwali. Gold holds a sentimental and cultural value in India, and buying gold is considered auspicious during festivals, especially during the festive season.

“Since the festive season has already begun, in terms of prices, we expect upward mobility to continue, albeit at a slower pace and with bouts of volatility. Globally, the geopolitical tensions and continuous reduction in interest rates will likely push gold prices higher. We expect the domestic gold prices to touch levels of 80,000 in the medium to long term. Whereas, globally, the rates are expected to attain levels of USD 2,900 to 3,000,” said Colin Shah, founder and MD of Kama Jewelry.