All advice firms should have a “technology champion”, Mint Wealth Management founder Andy Kirby has claimed.

Speaking at Money Marketing Interactive in Leeds yesterday (24 October), Kirby said that as tech advances, it is vital to have a “dedicated person who is across the subject”.

“With the challenges that most firms now have, many have a Consumer Duty champion, but I also think you need a technology champion within your business,” he said.

“I think that’s a good thing to look at. Somebody who can really get it, understand it, really get behind it and make sure it’s adopted.”

Speaking on the same panel, independent IFA Bradley Booth claimed one of the biggest challenges with technology is advisers not being motivated enough to adopt it.

Booth, from ARK Financial Planning, said: “Ten years ago, it was a massive effort to try and get yourself using the back-office system and logging everything in one place.

“You take it for granted now because it’s so easy to find everything you need.

“We need to take that kind of approach again – say ‘right, we can see the success we’ve had from properly doing technology 10 years ago’ and do it again.

“If we put the effort in again, we’ll get their reward again in five years.”

Martin McKenna, senior consultant at the Financial Technology Research Centre, said: “There’s an awful lot of people out there in the industry who are scared of changing.”

He referenced a survey FTRC conducted recently, which showed that 40% of people were happy to carry on as they are.

He said there was “nothing wrong with that”, but suggested “sometimes you have to break something to make it better, then make it stronger when it’s fixed again”.

“When you’re running a business that makes money and we’re happy, you don’t break it and say things will be better in the longer term,” he added.

“It might hurt the business, maybe even hurt the clients’ support service for little while, but the benefit is very much there in the longer term.”

The panel was asked if they understood why some advisers approaching retirement might be reluctant to put the effort in to invest in technology to get quality data.

Kirby said that “the better data you have, the better value you will get for your business if you want to exit”, as that’s what buyers are increasingly looking for.

Despite acknowledging the benefits of AI and technology, Booth said he “would not be able to sleep comfortably knowing AI has done part of his job for him”.

“I would never have confidence knowing it has not been thoroughly checked first,” he said.

“If I trust AI to deliver something in ten minutes that would take me a couple of hours normally, and then I go and give that advice to clients and three or four years down the line they say, ‘I was badly advised,’ that would massively ruin my relationship with AI.”

McKenna ended by telling the audience that “sometimes you just need to try AI and give it a go”.

“Part of the challenge with AI is getting your own mindsight right. Once you’ve done that you’ll get better results,” he concluded.

CUSTOMERS have been left gobsmacked by a cafe’s whopping 21 signs instructing them what they cannot do on its premises.

The notices at Hidden Gem Café in Manchester‘s Heaton Park tell punters dogs are not allowed, children must be supervised, and toilets are for customers only.

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And if you fancy eating your pack lunch in the cafe – think again.

The owners warn anyone caught consuming food or drink not bought in the coffee shop will be asked to leave.

The staggering number of warnings and notices has driven many to express their frustration on social media.

“Things like this really p*ss me off.

“Like most of these things are just common sense. Makes you think the owners are d*cks and in that case I’d rather take my custom elsewhere,” said one user.

Others were more understanding of the cafe’s strict rules.

One commenter wrote: “All reasonable requests, but it’s extremely funny how many signs there are.”

Journalist Jack Fifield, 26, noticed the signs when he was visiting the garden centre where the cafe is located.

He said he stumbled across the cafe while visiting the beauty spot, just north of Manchester city centre, on his day off.

Like many other customers he found the notices a little overbearing but managed to find the funny side.

He joked: “Anyone know if there’s any rules I have to follow at this cafe?”

He added: “I was shocked to be greeted by a sign telling me I could be asked to leave if I consumed my own food or drink.

“As I approached the cafe to buy myself a slice of cake, I noticed a lot more signs with different rules and regulations.

BITTER PINT Punters call me ‘UK’s strictest landlord’ because I charge them for LEFTOVERS – I don’t have time for idiots

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Mark Graham, 62, has owned and run The Star Inn pub in the tiny hamlet of Vogue, Cornwall, for the last 27 years.

He hit back at a customer who tried to shame him online after they were charged an extra £2.40 because they piled their plates high at the £12 all-you-can-eat carvery – but ate barely any.

Verity Farmer, who shared her experience on Facebook, said: “Just been for a Sunday carvery at The Star Inn, Vogue, St Day.

“We paid for our meal at £12 each, and when we got our bill it had got an extra £4.80 added.

“When questioned about it they said it was a charge for not eating all our meal. I’ve never heard anything like that before.”

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Her post prompted nearly 400 comments in less than 24 hours, with The Star Inn’s social media page among those replying.

It said: “We just try and make sure there is enough food for everyone.

“I’m sure if you were a customer later on in the day and I had to tell you I had no food left for your booking because it had all been wasted and gone in the bin you would not be very happy and would have made another social media post too.”

Now Mark – a former tin miner who also served in the Royal Navy – has defended the policy, which is outlined in notices inside the eatery.

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After buying a slice of cake and a hot chocolate he went to sit down outside.

“Afterwards, I got my water bottle out and I felt like I was breaking the rules when I took sips from it. I was worried I’d get kicked out, but of course I didn’t,” he said.

Despite the seemingly hostile signs, Jack said the staff were “friendly enough”.

“I did see a guy throw his leftover chips on the floor to feed the birds, but there was no sign saying not to do that, so I guess he was within the cafes rules,” he added.

The cafe manager, who goes by Mark, defended the cafe’s strict stance saying the signs were intended to remind customers of basic rules.

“It’s a one ace site, there’s the entrances into the shop. I went to Marks and Spencer this morning and saw more signs than I’ve got up, I don’t get what the issue is.”

“It’s not a picnic area,” he said.

He added: “The signs are things like ‘please keep your dogs on a lead’.

“Just this morning, a guy is running around with with his dog not on a lead and a bloke tripped over and banged his head.

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Three new permanent executive directors have been appointed to the board of The Pensions Regulator (TPR).

The appointments, which will “help deliver TPR’s new regulatory approach”, were approved by pensions minister Emma Reynolds.

The new directors are Nina Blackett, executive director of strategy, policy and analysis, Gaucho Rasmussen, executive director of regulatory compliance and Neil Bull, executive director of market oversight.

They will help accelerate the shift in TPR’s regulatory approach to meet the challenges and opportunities of a changing pensions market.

Blackett has served as both director of digital services and interim director of strategy, policy and analysis since joining TPR in September 2023.

She brings considerable experience in leading digital transformation in finance, healthcare and education to her new role.

Neil Bull has more than 25 years of experience in the commercial pensions sector and brings a deep understanding of the pensions market and risk management to the role.

He previously served as TPR’s head of investment before becoming interim director of market oversight in April 2024.

Gaucho Rasmussen is a regulatory and enforcement leader with extensive experience in organisational change and development.

He joins TPR from Amazon, where he has been advising on regulatory compliance across Europe.

Prior to this, Gaucho held positions as director of enforcement at both Ofcom and the Competition and Markets Authority (CMA).

TPR chief executive Nausicaa Delfas said: “The pensions market is rapidly changing and moving towards fewer, larger schemes, bringing new opportunities and new risks. We are evolving as a regulator to meet these challenges.

“Gaucho, Neil and Nina will each play a critical part in accelerating the shift in our regulatory approach that will help us to protect, enhance and innovate in a changing pensions market, and become a more efficient and effective regulator.”

In February, TPR announced the establishment of three new regulatory functions – regulatory compliance, market oversight and strategy, policy and analysis.

THE Toob app is “down” as thousands report issues with the broadband provider and blast the “useless” internet.

Downdetector received more than 3,500 complaints about the service just before 12.25pm today.

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The vast majority – 82 per cent – of those were to do with the internet.

Accurate risk profiling is the “foundation of good advice”, the Financial Conduct Authority’s head of investment platforms Kate Tuckley has insisted.

She said moving from accumulation to decumulation is likely to change a customer’s attitude to risk, so this should be reassessed.

“Advisers should not assume that a risk profile remains the same, either when moving into decumulation or from previous advice meetings,” she added.

She made the comments during a keynote speech at Money Marketing Interactive in Leeds yesterday (24 October).

“A key risk is capacity for loss – the ability to absorb losses in retirement, which is critical given the lower future earning potential.

“Many customers may have been able to recover losses during their working years, but this changes in retirement.”

She cited the FCA’s thematic review of retirement income advice, which found that some advisers’ files did not show that capacity for loss had been assessed, or where it had been assessed.

“Clear consideration of this is crucial to demonstrate the suitability of advice,” she said.

“Cash flow modelling (CFM) tools can be used for capacity for loss assessments. However, firms need to assess both attitude to risk and capacity for loss consistently.

“Tools such as standard questionnaires can be useful, but you should be aware of their limitations, especially when the language or questions are not tailored to decumulation, which can lead to incorrect profiling.

“Whatever approach is used, firms must demonstrate that their methods are suitable for retirement income advice.”

Pension freedoms came into effect in 2015, giving consumers more choice and less prescription in how they meet their retirement income needs.

“They can take as much or as little as they like, or even fully cash out if they choose,” said Tuckley.

“As you know, there’s no longer a requirement to buy an annuity, and drawdown is no longer just for the wealthy.

“However,” she warned, “more choice brings more complexity, not just for consumers but also for advisers.

“Most consumers have moved away from guaranteed income for life and keep their pension savings invested, which presents a big challenge for advisers.”

She said advisers need to help consumers manage ongoing risks and make complex decisions about meeting their income needs sustainably.

The FCA is following up on the thematic review and is “completing further work” on retirement income advice, which Tuckley said will continue to be a “priority” in its strategy.

“We want to explore this in more depth to understand how firms are responding to our report,” she said.

The regulator aims to publish further findings in the first quarter of 2025.