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How tackling TB could help win the war on superbugs

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Phumeza Tisile is a survivor with a warning for the world.

The South African healthcare activist almost died from tuberculosis in the early 2010s, after a crucial drug to treat it did not work in her case. At one point, her doctors told her to talk to a priest, as they thought she would not live.

Tisile rallied and finally rid herself of the disease in 2013, after more than three-and-half punishing years of treatment. The trauma animated her to campaign to curb the spread of medicine-resistant “superbugs”, such as the one that nearly killed her.

This week Tisile will support fellow activists lobbying a high-level UN meeting on tackling drug resistance, a global scourge that is alarming health experts, governments and the private sector. TB is central to this potentially catastrophic pharmaceutical failure, which means tackling it is crucial to averting what has been branded a “silent pandemic”.

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“Imagine now we have a disease and the antibiotics don’t work because we’ve overused them,” says Tisile, who will join hybrid events surrounding the UN general assembly gathering in New York this week. “Every day we learn something new about superbugs — and the fact that things are changing in a very big way.”

The forbidding future Tisile conjures from a sunlit room at her Cape Town home is approaching all too fast. Tuberculosis is a prime example of the growing threat from antimicrobial resistance to medicines on which humanity has relied for decades.

Tedros Adhanom Ghebreyesus, the WHO’s director-general, warned last week that AMR endangered a “century of medical progress” and could turn infections treatable today into a “death sentence”.

Drug-resistant strains of TB are estimated already to account for about a third of the millions of deaths annually associated with AMR. In the World Health Organization’s Europe region, an estimated quarter of new TB patients and half of previously treated patients experience drug resistance — the highest proportion globally.

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The global TB caseload has been rising since 2020, after years of gradual decline. While countries in Africa and other low and middle-income states suffer by far the most, case numbers have been rising in some rich nations. In England, they climbed last year above pre-Covid pandemic levels, according to provisional data.

Phumeza Tisile
Phumeza Tisile, who almost died from tuberculosis in 2010, is pushing for more action on antimicrobial resistance. TB sufferers often experience lasting after-effects as well as social stigma © tbproof.org

The battle against TB offers essential lessons for the wider fight against superbugs and “should be recognised in its true dimension”, says Suvanand Sahu, deputy executive director of the Stop TB Partnership.

“The experience of diagnosing and treating TB could be very important when we are trying to do this for other pathogens,” says Sahu, whose coalition brings together more than 1,600 organisations from 120 countries across the public, private and non-governmental sectors. “TB should be the pathway to look at for our overall AMR response.”

TB campaigners want the world to understand that drug resistance to the disease offers a key to understanding the nature of AMR and what society needs to do combat it. Lessons learnt from TB about what to do — and what to avoid — could be critical to winning the war against superbugs.

“You need new drugs, you need combinations, you need good diagnostics — we don’t have those for AMR,” says Dame Sally Davies, the UK’s special envoy on antimicrobial resistance, of the importance of TB in this wider struggle.

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“You need a good health service that can help patients get their treatments and continue their treatments — and it all needs funding.”


Antimicrobial resistance describes the way bacteria, viruses and other pathogens evolve resilience to the drugs used to treat them.

As a result, infections become harder to shift and persist for longer, increasing the risk of severe illness and death — and the chances of sufferers spreading their strain of the disease to others.   

Bacterial AMR is already a global killer. It was associated with 4.71mn deaths globally in 2021 and was directly responsible for 1.14mn, according to a Lancet study published last week. It could burden the world with more than $1tn extra annual healthcare costs by 2050 and hit GDP by up to $3.4tn annually by 2030, the World Bank has estimated.

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Resistance is driven by the excessive use and careless management of life-saving drugs. Overprescription, the failure to complete the full dosage course and the use of human antibiotics for livestock have all worsened it.

Climate change is a further intensifier, as higher temperatures promote bacterial growth and extreme weather events such as flooding provide conditions for resistant bugs to pass genetic material to less evolved ones.

International alarm about AMR has grown, with the private sector weighing in. A group of 80 investment institutions called this month to cut the use of antibiotics in the food chain, branding it “not just a health necessity but also an economic imperative”.

TB is integral to the AMR conundrum. It killed 1.3mn people in 2022, according to the WHO, making it the second-most deadly infectious disease after Covid-19. It is caused by a bacterium spread through the air by coughing, sneezing and spitting. It most often affects the lungs, although it can hit many other areas including the brain, kidneys and spine. Its symptoms can include fevers, chest pains and general weakness, while treatment generally lasts many months if not years. Patients often experience lasting after-effects such as lung damage and hearing loss — as well as social stigma.  

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The disease thrives in densely populated and deprived areas. It sometimes grows in communities where people may avoid health authorities because they are worried about their immigration status, says Lord Ara Darzi, author of a government-commissioned report published this month on Britain’s NHS.

Inmates diagnosed with Tuberculosis (TB) gather at an isolated cell in the maximum security prison of Maputo on November 6, 2023.
Inmates diagnosed with TB gather in a cell within the Maputo prison in Mozambique. The potentially life-threatening disease often proliferates in densely populated and deprived areas © Alfredo Zuniga/AFP/Getty Images

“It’s a big city problem, it’s partly an immigration problem, partly an educational problem,” he says. “And the sad fact is, it’s partly a neglect problem by the system.”

Some of the highest rates of drug-resistant TB in the world are found in eastern Europe and central Asia, particularly former Soviet republics. The collapse of communist authorities from 1989 devastated health systems and allowed the disease to flourish, with little or no surveillance for AMR.

The impact of those chaotic times reverberates today. “They lost control, they had no logistics chains to ensure drug supplies,” recalls Oxana Rucsineanu, who suffered from drug-resistant TB in Moldova between 2007 and 2010 and still finds physical exertion tiring.

“TB was never seen as an AMR problem — and so it was somehow separated from the AMR agenda.”

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TB is a potent AMR spreader in part because it is a largely concealed enemy.

About 1.8bn people — almost a quarter of the world’s population — are estimated to carry TB bacteria. These cannot be passed on if the infection remains latent, but they can if the bacteria become active and multiply to trigger the disease. When the condition does take hold, symptoms can be mild for a while, allowing time for people to pass it to others unwittingly.

There is a TB vaccine but it has significant limitations. The BCG jab, named for its inventors, Albert Calmette and Camille Guérin, and familiar to many westerners from their schooldays, is more than a century old.

While it gives a degree of protection to young children against the most severe forms of TB, some researchers argue it offers little or nothing to adolescents and adults. A further drawback is its potential to cause false positives in skin tests for TB bacteria.

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Diagram showing how bacteria can develop resistance to antimicrobials

Spotting strains of TB that are drug resistant often takes time, providing further opportunities for them to spread. The bacterial cultures traditionally used to incubate and identify pathogens from bodily fluids can take days or weeks to perform. The delay can be magnified in poorly funded health systems, where facilities outside urban areas may need to send samples to centralised testing hubs.

Once TB is diagnosed, treatments are complicated and generally based on a combination of several medicines. That increases the number of possible avenues for AMR to develop.

“The rapid escalation of drug-resistant TB is already compromising the efficacy of newly developed antibiotics,” says Titus Divala, head of epidemics and epidemiology at Wellcome, the international charitable foundation. “We still have significant gaps in our understanding of the burden, distribution and risk factors of drug-resistant TB, especially for new drugs, hampering our ability to develop effective strategies.”

The waning effectiveness of rifampicin, a main frontline treatment for TB, is emblematic of the wider AMR predicament. It is part of a class of antibiotics developed in the 1960s from molecules produced by a bacterium discovered in a French pine forest. The researchers named the new medicines rifamycins, in homage to the French jewellery heist film Rififi.

Rifampicin has proved a diamond of a drug for decades. Its history follows a pattern common for many core antibiotics. It exploits work already done by nature and is useful for treating a variety of conditions, including leprosy and Legionnaires’ disease.

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The jeopardy now facing rifampicin echoes the fate of other drugs on which the world has long relied. In 2020, almost half a million people suffered from rifampicin-resistant TB. That inflicted an estimated extra 6.9mn disability-adjusted life years — a measure of loss of full health — on those patients.

It is a grim irony of antibiotic invention that the best way to prevent resistance developing to an effective new drug is not to use it. In 2012, the antibiotic bedaquiline became the first novel anti-TB medicine to win US regulatory approval in four decades and has since become an important drug in fighting the disease.

But barely a decade after bedaquiline’s introduction, resistance has already been observed. A study on South African patients published in The Lancet Microbe last year pointed to the dangers of prescribing bedaquiline without first surveilling for emerging AMR. “Routine drug susceptibility testing should urgently accompany scale-up of new drugs,” the researchers warned.

AMR further thrives in places plagued by institutional breakdown and natural disasters. In Pakistan, which has a high TB caseload and suffered devastating floods in 2022, drug resistance is already high in pathogens such as some that cause the waterborne disease typhoid fever.

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Sania Nishtar, chief executive of Gavi, the international vaccine alliance, recalls the suffering she saw among drug-resistant TB patients when she worked as a physician in Pakistan. It has spread because of a “constellation of factors” linked to failures of rules and systems, she says. These include poor medicine quality and counterfeiting, patients failing to finish antibiotic courses, and people self-medicating by buying drugs over the counter without medical advice.   

“Everything is linked, because if a country’s governance goes downhill, it impacts the rigour of its regulatory agencies, quackery starts burgeoning, substandard drugs start burgeoning,” she says. “It all compounds.”


The flipside to drug-resistant TB’s growing menace is that — as with other persistent disease threats — we are finding new ways to deal with it.

A new vaccine to finally supersede the BCG began final-stage clinical trials this year. Preliminary results suggest it is about 50 per cent effective at stopping the development of active TB disease — potentially enough to make difference.

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Molecular tests for biological markers that reveal both TB and some types of drug resistance can shorten diagnosis times from days or weeks to hours. Possible new medicines and novel combinations of existing drugs are being investigated. The Global Fund to Fight AIDS, Tuberculosis and Malaria is rolling out a six-month multi-medicine treatment regimen that could be a “game changer”, says Mohammed Yassin, a senior TB adviser at the organisation.

A baby girl receives her BCG vaccination against tuberculosis at a United Nations-funded clinic in Pakistan, circa 1950.
A baby receives a BCG vaccine against TB at a UN-funded clinic in Pakistan during the mid-1900s. A new jab to supersede the century-old drug began final-stage clinical trials this year © Unations/FPG/Hulton Archive/Getty Images

AMR has intensified greatly since the last high-level UN meeting on it eight years ago — and the Covid pandemic has changed the psychology of global public health. While Covid initially took money, attention and medical expertise away from TB, the resonances between the two diseases sharpened people’s perceptions. Covid showed the devastating impact of an airborne disease, even if it is far more easily transmissible than TB. The pandemic underscored the central role of diagnostics, as well as vaccines and treatments, in curbing the spread of infectious conditions.

Now campaigners such as Tisile have pushed tuberculosis to prominence in the AMR agenda — and highlighted the importance of integrating efforts to tackle both. In May, a draft leaders’ declaration for this week’s UN meeting declared TB a “key component of the global challenge of antimicrobial resistance”.

Tisile likes to climb mountains both recreationally and in her campaigning since her near-death experience. She believes the fundamental significance of the drug-resistant TB threat is finally being recognised globally. “This year things are really, really changing,” she says. “The world leaders have noticed it’s becoming a problem.”

Additional reporting by Sarah Neville

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Data visualisation by Clara Murray and graphic illustration by Ian Bott

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Raspberry Pi boosted by higher than expected profits

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Shares in Raspberry Pi jumped on Tuesday after the UK computer maker reported higher than expected profits in its first earnings report since its debut on the London Stock Exchange in June.

The Cambridge-based company, which makes small, low-cost computers, said sales volumes were slightly lower than expected but weighted towards higher-margin products, boosting profits.

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Shares rose 8 per cent to 376p. They floated at 280p in June.

Raspberry Pi’s initial public offering, at a valuation of £542mn, was seen as a rare victory for the London market, which has been struggling to attract listings particularly from technology companies, which generally prefer New York.

The company reported a gross profit of $34.2mn in the first six months of 2024, higher than internal forecasts and a 47 per cent increase on the same period in 2023. Revenue for the period was $144mn, up from $89.3mn last year. It kept its full-year outlook unchanged.

Raspberry Pi began selling its products to the public in 2012. It was set up under the auspices of the Raspberry Pi Foundation, a UK charity founded in 2008 to promote computing to young people.

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The company said the £178.9mn raised in the IPO would be used to fund engineering projects, with new product releases scheduled before the end of 2024.

Its listing was seen as a boost for the London stock market at a time when the listings market had been very quiet and with technology companies generally seeking to access deeper capital markets and higher valuations in the US.

Cambridge-based chipmaker Arm, one of Raspberry Pi’s shareholders, listed in New York for a $52bn valuation in September 2023.

Raspberry Pi’s chief executive Eben Upton told the Financial Times in June that there was too much gloom about the prospects of the UK stock market. “Many of the stories that people tell about the differences between the US and the UK — particularly this sort of magical [high valuations] — don’t seem to be real,” he said.

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Fundment further expands wrapper range with cash Isa and cash Lifetime Isa

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Fundment further expands wrapper range with cash Isa and cash Lifetime Isa

Fundment has launched a cash Isa and cash Lifetime Isa, backed by a fully digital cash investment system.

It has partnered with Investec Bank to offer a 12-month fixed rate deposit within its cash Isa and cash Lifetime Isa options, with plans to expand cash investment choices in the future.

This follows the July launch of the Fundment stocks and shares Lifetime Isa (Lisa) and addresses growing adviser and client demand for cash options.

Fundment founder and chief executive Ola Abdul said: “We’re expanding our Isa range in line with adviser demand.

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“This move, coupled with the full digitisation of our underlying cash investment functionality, demonstrates our commitment to providing advisers with the tools they need to serve their clients effectively.”

The platform has also fully digitised its cash investment process, streamlining operations for advisers.

From digital account opening and client approval to automated payments of fees, income, and dividends, the process is intuitive and designed to save time, allowing advisers to focus on delivering value to their clients.

Investec head of funding partnerships David Hunt said: “Our collaboration with Fundment aligns perfectly with our commitment to tech-driven, digitally-enabled financial solutions.

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“By leveraging our API, Fundment has created a frictionless experience for advisers and their clients.”

Beyond the 12-month FRD in cash Isas and cash Lisas, Fundment offers fixed term deposits within pension and general investment wrappers.

These Investec Bank products are available in three-, six-, 12-, and 24-month terms.

Factbox: Cash Isas and cash Lifetime Isas
  • Cash Isa allowance: For the 2024/25 tax year, the maximum that can be contributed to a cash Isa is £20,000, with tax-free interest.
  • Contributions up to £4,000 are permitted into a cash Lifetime Isa (Lisa), with a government bonus of 25% (or up to £1,000 annually).
  • The Fundment cash Isa is available from age 18, while the cash Lisa is for those aged 18-39.
  • Many cash Isas allow flexible withdrawals, but early withdrawals from a cash Lisa (for non-home buying reasons before age 60) incur a 25% penalty.
  • Cash Lisa funds can be used penalty-free for a first home purchase under £450,000.
  • Isas can be transferred between providers without loss of allowance.
  • Currently only one cash Lisa per tax year can be opened and funded but, following changes enacted in April 2024, it is possible to open more than one cash Isa in the same tax year.

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Singapore’s former transport minister pleads guilty to graft charges

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Singapore’s former transport minister has pleaded guilty to charges of obtaining gifts as a public servant and obstruction of justice, in a rare graft case in the city-state that prides itself on transparency and clean governance

S Iswaran, who was instrumental in bringing the Formula One Grand Prix to Singapore as transport minister, had initially denied any wrongdoing and vowed to clear his name after he was slapped with 35 charges this year.

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But in an unexpected move on Tuesday, prosecutors amended the charges at the start of his trial to just five, and Iswaran pleaded guilty to all of them.

The amended charges include four counts of obtaining valuable items and one of obstruction of justice. The remaining 30 charges will be taken into consideration for sentencing, prosecutors said.

Iswaran, 62, is accused of obtaining gifts with a total value of S$403,297.92 (US$312,494.20) from two local businessmen during his tenure as minister. 

Prosecutors have sought a jail term of six to seven months. Iswaran’s lawyers are asking for no more than eight weeks, according to Singaporean media Channel News Asia and the Straits Times.  

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The corruption case against Iswaran is the first involving a Singaporean minister since 1986. Singapore prides itself on being one of the world’s least corrupt countries, and its ministers are among the highest paid — earning about S$1mn a year — in part to discourage corruption.

The case comes at a sensitive time for the ruling People’s Action party, which has ruled Singapore since independence in 1965.

Lawrence Wong was sworn in as Singapore’s fourth prime minister in May, becoming only the city-state’s second leader from outside the founding Lee family.

The Asian financial hub is set to hold elections in 2025, and while the PAP is expected to win again, its reputation has taken a hit from a recent series of scandals, including the corruption allegations against Iswaran.

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Iswaran resigned this year after he was charged by authorities. He has said he will return his salary and allowances received since the beginning of the investigation in July last year.

According to a January charge sheet seen by the Financial Times, the kickbacks allegedly included tickets to English Premier League football matches, Formula One races and plays including Harry Potter and the Cursed Child, Hamilton and Kinky Boots, as well as a business class flight from Doha to Singapore in 2022.

Singapore’s Corrupt Practices Investigation Bureau has said Iswaran received some of the alleged bribes from Ong Beng Seng, one of the city-state’s most high-profile property tycoons, for “advancing (his) business interests”.

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Ong has not been charged. He is the founder of Hotel Properties, which has brands such as the Four Seasons and InterContinental in its property portfolio.

The company has previously said Ong is providing details of his dealings with Iswaran to the watchdog.

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Legal & General appoints new asset management boss in drive for growth

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Legal & General has appointed a chief executive for its newly created asset management division, picking a US executive with expertise in private assets in a signal of how it plans to grow Britain’s largest asset manager.

In the latest in a string of announcements under new chief António Simões, L&G said on Tuesday that it had appointed Eric Adler from US insurer Prudential Financial as its new asset management chief, subject to regulatory approval.

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L&G, which has more than £1.1tn in assets under management, has combined its fund manager with its private markets business in the unit.

Michelle Scrimgeour, the current chief of the asset manager, Legal & General Investment Management, will step down after a transition period.

Adler, who leads the private alternatives business at Prudential Financial’s asset manager, said he would aim to drive L&G’s ambitions for “achieving profitable growth and mobilising the power of investment to drive economic opportunity and positive social impact”.

He added: “Bringing together scale, global distribution, and expertise across public and private markets and asset classes, L&G is well placed to address the full breadth of client needs, including the increasing demand for responsible, blended investment solutions.”

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Simões said Adler had a “track record of building businesses alongside broad investment expertise, deep international experience and a strong client focus”.

Adler previously ran the real estate unit at Prudential Financial’s fund manager, among other previous roles including as head of its European business.

L&G is targeting £500mn-£600mn in operating profits from its asset management business by 2028 as well as growing its private markets platform from £52bn to £85bn. 

The announcement comes just a week after L&G agreed to sell its housebuilder Cala Homes as part of a simplification exercise by Simões.

The chief executive, who started in January, announced at an investor day in June how he would create a more streamlined group with a clearer investment case. 

But L&G’s shares have not yet responded. They are down 10 per cent since the start of the year, against a 7 per cent rise in the UK blue-chip stock index.

L&G, which became a significant investor in everything from houses to science parks under previous chief Sir Nigel Wilson, earlier this week announced a tie-up with UK state-sponsored pension scheme Nest and Dutch pension fund manager PGGM to invest up to £1bn in build-to-rent properties in the UK.

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Raspberry Pi books strong profits in first interims since London floatation

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Chinese property companies rose in early trading on Tuesday after the country’s central bank governor announced a cut to downpayments for second homes, part of a raft of measures aimed at boosting growth.

Pan Gongsheng said downpayments for first and second homes would be “unified” at 15 per cent. Previously the minimum downpayment on second homes was 25 per cent.

The Hang Seng Mainland Properties index, which consists of large Chinese property companies listed in Hong Kong, rose as much as 5.8 per cent in early trading. KE Holdings, China’s largest online property transaction platform, led gains as it jumped more than 13 per cent.

The broader Hang Seng index rose 2 per cent, leading gains among major regional indices for the day.

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Questions to ask prospective employers in a job interview

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Question marks

Shuttterstock / ComicsansThere is often a point during job interviews where the candidate is asked if they have any questions to put to the employer.

This part of an interview can be overlooked during preparations — but asking the right questions can help a prospective employee decide if the role is a good fit for them, while showing the employer that the candidate genuinely wants a career in advice.

So, what are the best questions to ask?

I’d want to understand how a firm embraced technology to assist its clients and how it provided exceptional client service

Nobody wants to feel like the proverbial fish out of water in a new job, which is why understanding a company’s culture is so important.

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When people talk about company culture, they are referring to things such as shared values, attitudes and behaviour that shape how a business operates.

“Company culture is becoming more important to candidates, with 45% of employees and business leaders ranking this as the most important factor when looking for a job,” says Equilibrium Financial Planning culture and recruitment manager Kelly Eyton-Jones.

By asking about trending topics — such as the Consumer Duty — candidates can show a genuine interest in the industry

She believes that asking questions around team dynamics and work-life balance can be helpful for job seekers in assessing whether the work environment aligns with their preferences and values.

Financial services recruiters often find that, when hires don’t work out, it is due to a misalignment of culture and values. These experts say asking questions up front, during the interview, can help to avoid this.

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“Questions around ethics, continuous professional development, targets for report writing and the firm’s own plans for growth are always good areas to focus on,” says recruiter Fram Search’s director of financial services, Kelly Biggar.

Recruiter Exchange Street’s director, Andy Taylor, says candidates need to find out what it is really like to work at the company in question.

Ask things like, ‘What is the most important thing you would want me to achieve?’ You can then take a view on whether it’s achievable

“Asking, ‘What is the culture like here?’ is a weird question, so I’d break it down. Ask questions like, ‘What characteristics do people who do this job well seem to share?’” he says.

“One that’s a bit more challenging is, ‘What would the people in the team say it’s like to work here?’ That can draw the interviewer out to talk about any issues the firm has faced and what it is doing about it.”

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Candidates will be able to ask more probing questions around culture if they have done a bit of digging beforehand.

“Do your research — and that shouldn’t stop at the company website,” says Succession Wealth recruitment manager Charlotte Turner.

“Look at employee and company content on LinkedIn and social media. Check out what awards the company has been nominated for or won, events they’ve been involved with, and really get a sense of what’s important within the company culture. Then ask questions related to those aspects you identify with.”

Enquiring about how the changes in the Consumer Duty have impacted the business shows they have undertaken thorough research

Another subject candidates may want to ask about is the firm’s compliance culture.

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Karishma Galaiya, senior manager of investments at compliance consultant Thistle Initiatives, says showing an interest here demonstrates that the candidate understands the sector and the importance of delivering positive consumer outcomes.

“Enquiring about the organisation’s implementation of the Consumer Duty may also offer insight into how consumers are treated,” she says.

Training and development

We have all heard cautionary tales of people joining a firm but not progressing, or being given unrealistic targets. To avoid this at the start, commentators recommend asking questions about training and development during the job interview.

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Eyton-Jones suggests finding out about the qualifications or exams that must be completed in the first year, or the types of client they may expect to work with.

“These questions not only help to manage candidates’ expectations but also provide them with valuable insights into their potential long-term work,” she says.

Questions around ethics, continuous professional development, targets for report writing and the firm’s own plans for growth are always good areas

For Taylor, tactful questions such as, ‘What will the first 12 months look like?’ and, ‘How will you train me?’ can determine whether a firm invests in developing its people.

“You can also ask things like, ‘How will you measure my performance?’ and, ‘What is the most important thing you would want me to achieve?’ You can then take a view on whether it’s achievable,” he says.

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“If the business sounds great but expects you to do too much — well, nobody can do that.”

Industry trends and topics

Employers want to hire genuinely enthusiastic people — not someone who simply wants a job. So, anything that shows that a candidate has done their homework on the firm and the profession will go down well.

“By asking about current events and trending topics, candidates can demonstrate a genuine interest in the industry,” says Eyton-Jones.

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Company culture is becoming more important to candidates, with 45% of employees and business leaders ranking this as the most important factor

“For instance, enquiring about how the changes in the Consumer Duty have impacted the business shows they have undertaken thorough research and have a sincere interest in the industry.”

Asking about a firm’s approach to technology is also a good idea.

“If I were starting out, I’d want to understand how a firm embraced technology to assist its clients and how it provided exceptional client service,” says Twenty7tec chief executive James Tucker.

“If a company is getting these things right, it’s very likely to be a great environment to learn in and develop a long career.”

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This article featured in the September 2024 edition of Money Marketing

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