Money

The Morning Briefing: Phoenix Group scraps plans to sell protection business; advisers tweak processes

Published

3 days ago

September 16, 2024

Good morning and welcome to your Morning Briefing for Monday 16 September 2024. To get this in your inbox every morning click here.

Phoenix Group scraps plans to sell protection business

Phoenix Group has decided to drop its sale of SunLife due to “current uncertainty in the protection market” and instead “will focus on enhancing the value it generates”.

SunLife is a leading provider of financial protection products to direct to the over-50s market in the UK and a “valuable asset that contributes to the Group’s new business”

The Group made the announcement in its 2024 interim results, published this morning (16 September).

Advisers tweak processes in light of retirement income review

The majority of advisers have made changes to their processes as a result of the Financial Conduct Authority’s thematic review of retirement income advice, Wesleyan has found.

The FCA review, published in March 2024, suggested that while there are no systemic issues in retirement income advice practices, there are pockets where they could be improved.

A poll by Wesleyan revealed that, since the report’s publication, nearly every financial adviser (91%) familiar with its findings has reviewed their advice processes.

GSB Wealth hires two partners

Wealth-management firm GSB has hired Paul Waterman and Craig Holding as partners based in Dubai.

Waterman will become partner of GSB Wealth and joins from Skybound Wealth Management, where he was a chartered wealth manager.

Holding has also joined as a partner of GSB Wealth from financial advice firm Abacus Financial Consultants in Dubai, where he was a partner.

Quote Of The Day

The nation is facing up to a ticking time bomb, with increasing numbers of people heading towards retirement with inadequate savings

– Royal London director of policy Jamie Jenkins comments on the IFS’s ‘Policies to improve employees’ retirement resources’ report.

Stat Attack

A new study from the financial experts at Shepherds Friendly has revealed the state of Britain’s financial literacy, as well as our biggest financial regrets.

87%

of Brits feel confident in their financial knowledge.

51%

However, over half of people in the UK do not pass the financial literacy test.

56%

of Brits expressed regret over not saving more in their youth.

60%

believe financial education should be a mandatory part of the school curriculum.

2,000

The number of Brits that were surveyed on their knowledge of Isas, life insurance and general personal finance.

Source: Shepherds Friendly

In Other News

ARC Research has appointed Shaun Le Messurier as client director.

With a career spanning more than three decades, he joins ARC having served in key roles at leading financial institutions, including Credit Suisse and Odey Wealth Management.

He began his investment career at Credit Suisse in Guernsey in 1988, gaining extensive experience across multiple areas, including securities settlements, securities execution, advisory services and discretionary portfolio management.

In 2008, he left Credit Suisse to launch Guernsey-based Odey Wealth Management, where he was initially responsible for the construction and monitoring of a range of risk-rated model portfolios before becoming its risk officer in 2016.

Goldman Sachs, Citigroup cut China’s 2024 growth forecast to 4.7% (Reuters)

UK spending cuts would damage ‘foundations of the economy’, Reeves told (Financial Times)

HSBC’s new CEO is looking to shake up Europe’s largest lender (Bloomberg)

Did You See?

Continuum has warned against people putting off seeking financial advice until the decade before their retirement, as it could have “serious consequences for their lifestyles in later life”.

The national independent financial adviser firm found that only 5% of 35–44-year-olds have sought advice from an independent financial adviser about their financial preparation for retirement.

This figure increased to 10% of 45- to 54-year-olds, and 21% for those over the age of 55.

Continuum said: “By this point (55+) those who have not sought advice could have missed out on many tax breaks and other opportunities designed to help Britons save for retirement.”

Research also found that half of Britons are not confident they will be able to have financial freedom when they stop work.

Darius McQuaid has the full story.

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