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Former UBS chief executive Ralph Hamers has taken a position at an AI wealth management start-up in his first significant role since leaving the Swiss financial behemoth 18 months ago.

Hamers was Europe’s highest-paid bank boss when he was at UBS, but left shortly after it agreed to take over its former rival Credit Suisse last spring. He was most recently in the running to become chief executive at UK asset manager Schroders, but lost out to chief financial officer Richard Oldfield.

Hamers has agreed to become an external senior adviser to Arta Financial, a wealth management start-up founded by several former Google employees. Based in Silicon Valley and Singapore, it aims to use artificial intelligence to offer high-end wealth management services to mid-market clients.

The company initially offered services to US customers, but has recently rolled out its offering to Singapore and plans to attract business in India, where chief executive Caesar Sengupta is from.

Hamers has also taken a stake in Arta Financial, which focuses on working with clients with assets over $1mn.

While UBS chief executive, the 58-year-old Dutchman attempted to acquire a similar business, striking a deal to buy robo-adviser Wealthfront for $1.4bn in early 2022. But UBS later aborted the deal.

Hamers was hired by UBS for his digital expertise and set about trying to improve its technology and he stated his ambition was to turn the storied Swiss institution into a “Netflix for wealth”.

But his time at UBS was dogged by an investigation in the Netherlands into his involvement in a money-laundering case at ING, the Dutch bank he used to run.

Prosecutors are due to decide by the end of the year whether he will be forced to appear in court over the matter or if they will drop the case.

Hamers declined to comment on the case.

GETTING a mortgage past retirement age used to be a hurdle that was hard to jump over, but older home buyers and borrowers have more options than ever before.

Lenders have become more flexible in their criteria and deals for homeowners heading into their later years.

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Some providers now have no maximum age limit at all, giving older borrowers the chance to get the home they want.

It comes as first-time buyer ages have gradually increased over the past few years, as higher house prices mean it is more difficult than it used to be to get on to the property ladder.

At the same time, people are living for longer and working past the traditional State Pension age in many cases.

In some cases, this may be out of financial necessity but it can also be for enjoyment and to keep mentally or physically active in later life.

As a result, lenders have adapted to changing patterns.

Chris Sykes, at financial firm Private Finance, said: “Lenders have indeed become more flexible in this space in recent years.

“It might sound like some people’s worst nightmare to have finance into later life, but for some it’s a lifeline as they can’t pay for food with bricks.

“Others haven’t been able to get on the property ladder as early in life as they would have liked, and some would rather pay monthly but raise capital for children or even grandchildren to buy.”

Whatever the reason for wanting to borrow, the chances are that there will be lenders willing to look at your case.

Chris added: “Mainstream lenders are taking employed and self employed income later and later in life, often to 75 now, some to 80 even.

“But the lenders who really specialise in this space is specialist building societies.”

Big lenders usually have set criteria for mortgage applicants which will specify things such as the age you will need to be by the time your mortgage ends.

However, specialist lenders such as building societies are more likely to look at applicants on a case-by-case basis.

As long as these lenders think you will still be able to afford to make the mortgage repayment at a later age, you could find that you are accepted at almost any age.

In some cases, pension payments will even be an accepted form of income whereas in the past it wasn’t.

Mr Sykes said: “Building societies are having to innovate in their criteria in order to win business so can be flexible.

“Often as you get into your 70s, lenders are looking at incomes guaranteed into later life, such as pensions. investments and buy to lets.

“But also if you own a business that pays you and is family-run, for example.”

Lenders typically assess whether you can qualify for a mortgage based on your income through your job.

The best mortgage rates for over-60s

 A borrower who is 60 and looking for a five-year fixed-rate mortgage today has plenty of choice and can get sub 4% rates.

The scenario assumes the borrower has an income of £50,000 and wants the mortgage for a 25-year term on a loan to value of 60%, according to data supplied by broker John Charcol,

The lowest rate is with Barclays with a competitive offering of 3.7%, it’s the only high street lender in the top five.

The rest of the leading rates are from building societies with Newbury offering 4.39%, Darlington 4.49%, Cambridge 4.69% and Family 4.74%.

Some building societies have specialist conditions such as requiring you to live within a particular region of the country.

The mortgages also come with different product fees which need to be taken into account when looking at the overall value of the deal.

An independent mortgage broker can help you understand the best deals available to you in your specific circumstances.

SPECIALIST LENDING

As well as traditional mortgage products there are also specialist products available to older borrowers.

Retirement interest only mortgages, for example, have increased in popularity.

These loans are available to borrowers over 55 and allow borrowers to pay a fixed amount of interest on a loan with the underlying sum paid off from the property when the owner dies or moves into long term care.

There are currently 181 retirement interest-only mortgages available, according to data site Moneyfactscompare.co.uk, compared to 104 products in 2021.

Caitlyn Eastell from the site, said: “Many people may have existing mortgage debt as they approach retirement age or are simply choosing to continue working past typical retirement age.

“S0, it is positive news to see a rise in the number of Retirement Interest Only products available to later-life borrowers despite only being a niche sector of the market.

“RIO mortgages are a way for older homeowners to continue borrowing into retirement and may well help with monthly repayments as it removes the need to repay the capital sum, which could appeal to those who are indeed relying on their pension to make payments.

“In any case, it is important borrowers seek advice before committing and ensure they are making the correct decision to suit their needs.”

Equity release is another product that may suit older homeowners looking to borrow cash.

You’ll need to get professional advice before you take out specialist lending products.

Later life advisers can help you to navigate the options available to you whether it’s a mainstream mortgage or a specialist product is best for your particular circumstances.

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Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.

Darktrace co-founder Poppy Gustafsson has been appointed as the UK’s investment minister ahead of the government’s international business summit on Monday, according to officials.

Gustafsson, who left Darktrace last month ahead of a £4.3bn takeover of the cyber security group, will be charged with promoting the UK as a place to invest and do business.

Filling the vacancy before the investment summit was seen as an important step with a shortlist whittled down in the weeks since the governing Labour party’s annual conference in late September. 

The junior ministerial role is regarded as particularly important given Prime Minister Sir Keir Starmer’s focus on growing the economy and attracting international investment.

Previous investment ministers under the Conservatives included City grandee Lord Gerry Grimstone and Lord Dominic Johnson, a former business partner of ex-Tory minister Sir Jacob Rees-Mogg. 

The appointment of an investment minister was delayed after chancellor Rachel Reeves’ first choice, Benjamin Wegg-Prosser, turned down the chance to take the role to focus on his private sector career.

Wegg-Prosser heads Global Counsel, the advisory group he co-founded with former Labour minister Lord Peter Mandelson. 

Gustafsson spent more than a decade at Cambridge-based Darktrace, which she had led since 2016. The company listed in 2021 and agreed a sale to US private equity group Thoma Bravo this year.

Darktrace was backed by Mike Lynch, the British entrepreneur who died in August when his yacht sank off the coast of Sicily.

It listed in 2021 but faced turbulence on the public markets, with short sellers alleging in 2023 that the company seemed to have incorrectly booked some sales and may have misrepresented the nature of its revenue. Darktrace rebutted the claims.

Gustafsson’s appointment comes as Starmer prepares to welcome about 200 executives to Monday’s summit in central London, with some flying in from the US and Asia. 

Starmer, chancellor Rachel Reeves and business secretary Jonathan Reynolds are set to address executives at the event, according to a copy of the agenda seen by the Financial Times. 

The prime minister will also take part in a discussion with former Google boss Eric Schmidt and GSK chief Emma Walmsley.

Gustafsson was already due to speak at the summit, according to the agenda circulated to attendees this week. 

Labour promised to convene global investors within 100 days of taking office after its July 4 election victory. 

Some businesses have expressed concern that the event will be overshadowed by uncertainty over potential tax rises at the Budget to be held 16 days later. 

A secret boiler button could slash your heating bills by a whopping £150.

There’s claims that average gas bills could go down by as much as 9per cent by turning your boiler flow temperature down.

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Families are trying to find ways to stave off energy costs down while keeping warm during the winter months.

But energy experts from one of the UK’s biggest money saving expert’s have revealed some top tips on how to combat heating bills as temperatures plunge.

Ben Gallizzi, energy expert at Uswitch.com, said: “The boiler flow rate controls how hot the water is when it leaves the boiler and goes to your radiators. It’s separate to heating and radiator controls.

“Reducing the flow rate can make your boiler run more efficiently, which can save you energy and money.

“People with a condensing combi boiler may be able to turn down the flow temperature to save themselves some money on their energy bills.

“For combi boilers, the recommended output temperature for the radiators is 75C and at least 60C for water, which is the temperature that kills legionella bacteria.”

Flow rate control work is a key element that homeowners can use to lower their payments.

Which? Energy Editor Emily Seymour explained why it’s important.

She said: “Most homes are heated by wet central heating. The heating flow temperature of your boiler is the temperature at which water leaves your boiler on its journey to your radiators.

“By default, many boilers are set to heat this water to 75-80C. But many homes with condensing combi boilers can be suitably warmed with heating flow temperatures of 60-65°C or lower.

“Lowering that temperature means your boiler uses less gas and operates more efficiently.

“Combi boilers also let you select how hot the water supplied to your taps is. As a result, you can adjust both your heating and hot water temperature separately.

“Water comes back from radiators into your boiler when it reaches a certain lower temperature, ready to be heated up again. This is called the return temperature.

“The return temperature is likely to be 60 degrees if you have a flow temperature of 80 degrees.”

By tweaking it, you could save yourself a fair bit of cash if your home is well insulated.

Your average gas bills could go down by as much as 9per cent by turning your boiler flow temperature down – which equates to roughly £150 a year.

But for those that aren’t well insulated or have small radiators, the benefits may not be as good.

To change your boiler’s flow temperature, Emily says: “On a combi boiler, flow temperature for heating is usually shown by a radiator symbol and, for hot water, a tap symbol.

“Use the up and down arrows to adjust the temperature.”

It is important to note that the Heating & Hot Water Industry Council (HHIC) recommends that people adapt their boiler settings with the advice of a boiler engineer.

But if you have a combi boiler, you’ve made sure it’s safe and you’ve checked your boiler’s technical manual, you can adjust these settings yourself.

This setting is accessible to anyone and it can be changed using your boiler controls.

Teranaka Resort on the Island of Formentera

Nestled along the Migjorn coast of Formentera, Teranka, an intimate boutique hotel, seamlessly combines luxury, wellness, and a profound connection to nature. During a recent visit to Ibiza, I took the opportunity to ferry over to Formentera and explore all that Teranka had to offer. From indulging in their exquisite cuisine and wellness programs to soaking in the serene surroundings, I discovered a true haven for relaxation and rejuvenation where I could unwind and recharge.

Nestled amidst the crystal clear waters of the Mediterranean lies Formentera, the smallest and most enchanting island in the Balearic archipelago. Teranka offers a peaceful retreat where the sounds of the sea and wind provide a calming soundtrack to your stay.

The Migjorn Coast of Formentera – Dynie Sanderson

Known for its pristine beaches, free-spirited culture, and laid-back charm, Formentera’s beauty has long been a well-guarded secret. Just a short ferry ride from Ibiza, it feels like a world away from bustling nightlife, offering a serene haven for those seeking a slower pace and a more profound connection with nature.

The Welcoming Outside Gathering Place

With its blend of bohemian elegance and modern sophistication, Teranka has opened its doors to those seeking an escape from the fast pace of everyday life. Whether drawn by the island’s history, natural wonders, or promise of peace and renewal, this destination inspired and rejuvenated me. 

During my visit to Teranka, I treasured my many moments of personal peace — often sitting in silence, hearing only the gentle rustle of the wind through the pine trees, or being enchanted by the melody of the waves from the nearby sea.

The Easy Trip From Ibiza to Formentera by Ferry – by Dynie Sanderson

The Island of Formentera: A Hidden Gem in the Balearics

Located just 19 kilometers (12 miles) south of Ibiza, Formentera is accessible only by ferry, which helps preserve its peaceful, unspoiled character. Unlike Ibiza’s bustling nightlife, Formentera offers a slower, more tranquil pace. The scenic ferry ride set the perfect tone for the rest of my stay as I transitioned from the vibrant energy of Ibiza to the serene calm of Formentera. 

Teranka’s Sandy Shoreline

Teranka: A Haven of Wellness and Sanctuary

Just steps away from the sandy coastline of Migjorn Beach, Teranka is designed to harmonize with its natural surroundings. The name, derived from ‘tierra’ (land) and ‘ancla’ (anchor), symbolizes the perfect balance between earth, sea, and sky—a grounding retreat that offers guests a destination of peace and tranquility.

View of the Sea from One of the Mar Guest Rooms

Teranka’s Stunning Guest Accommodations

The hotel’s 35 guest rooms and suites are spaciously scattered across three handcrafted stone buildings: Mar (sea), Tierra (earth), and Cielo (sky). Each building has its own identity:

·      Mar rooms reflect the calming influence of the sea, with soft blues and whites inspired by the Mediterranean.

·      Tierra rooms evoke the earthy tones of Formentera’s lush pine forests with greens and browns.

·      Cielo suites on the upper floors offer expansive views of the sky and sea, filled with natural light.

During my stay in one of the beautifully appointed ‘Mar’ rooms with stunning ocean views, I was captivated by the flawless attention to detail. Every guest amenity was thoughtfully placed within easy reach. Each morning, I awoke to the gentle symphony of nature outside, creating a peaceful beginning setting the day’s tone.

Beautifully Appointed Chambers

Each guest chamber is adorned with natural tones, organic materials, and abundant sunlight, which made me feel connected to the island’s beauty. The room’s floor-to-ceiling windows framed breathtaking views of the Mediterranean, while the handcrafted furnishings added a touch of understated luxury. I toured several unique rooms at Teranka, each offering its own enticing sanctuary.

The Welcoming Lobby Lounge Area at Teranka

Throughout Teranka, the design emphasizes natural light and open spaces, allowing the surrounding nature to become part of the experience. The hotel’s interior features art curated by London native and Ibiza resident Katrina Phillips, celebrating Formentera’s essence through indigenous techniques and materials. This minimalist décor creates a serene, calming atmosphere that encourages guests to unwind and reconnect with nature.

The Wellness Center at Teranka

A Wellness Sanctuary in the Heart of Formentera

Teranka’s Essence of Flow program prioritizes wellness in the guest experience. The hotel offers transformative retreats throughout the year, led by a rotating roster of wellness experts. Complimentary yoga and meditation sessions grounded my mornings and left me with a newfound sense of peace.

Morning Yoga at Teranka

In addition to yoga and meditation, Teranka offers a variety of unique wellness activities, including stargazing, sound baths, and cathartic breathwork sessions led by expert hypnotherapists. I also enjoyed invigorating hikes and ice bath immersions with life coaches, which provided a rejuvenating blend of physical and mental renewal.

Teranaka’s Gatronomic Journey

A Culinary Journey Through the Balearics

One of the highlights of my stay was the culinary experience at Teranka. Overseen by Chef José Doblas, the hotel’s restaurants offer a range of dining experiences focused on fresh, seasonal ingredients that celebrate the flavors of Formentera and the Balearic Islands.

Pulpo – Grilled Octopus – by Dynie Sanderson

Teranka Garden serves al fresco dining in a finca-style setting. I savored dishes like grilled octopus, local red prawns, and Iberian pork while enjoying the wildflower garden atmosphere and live acoustic performances.

Inviting Roof Top Lounge

For stunning sunset views, I found myself frequently returning to the Teranka Rooftop. With panoramic vistas of the Mediterranean and pine forests, the rooftop serves tapas, seasonal crudo dishes, and signature cocktails infused with local herbs. The ambient music played by live DJs perfectly complemented the magical atmosphere as the sun dipped below the horizon.

A Zen Experience by the Teranka Pool

Poolside Bliss: Relaxation in Style

When I wasn’t exploring Formentera or engaging in wellness activities at Teranka, I spent relaxing afternoons by the pool at Teranka’s Pool Bar. Surrounded by the hotel’s Mediterranean garden, the pool area offers a welcome retreat with comfortable daybeds and loungers. I enjoyed refreshing drinks and light bites, like healthy salads and seasonal fruit, all from the comfort of my sun-soaked daybed.

Like the rest of the hotel, the poolside area’s minimalist design allows the natural beauty of the surroundings to take center stage, providing the perfect spot to unwind and take in the serene island atmosphere.

Hiking Retreats Around Fromentera

Exploring Formentera: Adventure Awaits

Formentera offers endless opportunities for exploration, and Teranka makes it easy for guests to discover the island’s hidden treasures. During my stay, I took advantage of the complimentary kayaks, paddleboards, and snorkel gear to explore the crystal-clear waters and marine life along Migjorn’s azure coastline. Kayaking along the primitive coastline was a memorable experience with the pristine waters and remote coves.

For land-based adventures, Formentera’s extensive network of hiking and cycling trails winds through fig tree forests and along the coastline, offering plenty of chances to immerse yourself in the island’s rugged beauty. I visited iconic landmarks like the Cap de Barbaria lighthouse and wandered through charming villages dotted with ancient windmills.

Teranaka Resort

Teranka: Your Perfect Island Escape

With rooms starting at €640 per night, Teranka offers a luxurious yet laid-back experience for travelers seeking relaxation, adventure, and a deeper connection to nature. The price includes breakfast and complimentary access to the hotel’s wellness programs and water sports equipment, ensuring guests can fully enjoy everything the island offers.

Formentera’s Untouched Shoreline

Formentera: An Island with a Rich History

Formentera’s history is as diverse as its landscape. First settled by the Phoenicians, the island was influenced by the Romans, Byzantines, and Moors. It was largely abandoned during the Middle Ages due to pirate raids, leaving its natural beauty untouched for centuries.

In the 1960s, Formentera became an international retreat for artists, musicians, and countercultural movements. Today, the island’s commitment to conservation, with regulations protecting its coastline and natural resources, ensures it remains a peaceful haven for those seeking refuge from the outside world.

A Journey Around the Island

How to Get to Formentera

Formentera is accessible only by ferry or private boat, as the island has no airport. From Ibiza, visitors can take a scenic 30-minute ferry ride, with frequent departures from Ibiza Town or Playa d’en Bossa. Upon arrival, guests can explore the island by renting a car, scooter, or bicycle or arranging a private transfer to Teranka for a seamless journey.

Evening From Teranka

A Timeless Escape

With Teranka as my home base oasis on this relatively untouched island, I immersed myself in the magic of Formentera. Whether sipping a local libation while taking in the vibrant colors of the sunset from the rooftop, practicing yoga among the pines, or indulging in many regional flavors and fresh seafood daily, Teranka offered me an unforgettable experience that captured the essence of this enchanting island.

‘As I left Formentera, I carried with me not just the memories of a stunning island and its luxurious hideaway, but a deeper sense of calm and renewal—one that lingered long after the ferry ride back to Ibiza.’

For more information or to book your stay, visit Teranka.

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A senior adviser to Iran’s supreme leader has warned Tehran could change its nuclear doctrine if Israel targets the Islamic republic’s atomic facilities.

As Iran and the wider Middle East brace for Israeli Prime Minister Benjamin Netanyahu’s response to last week’s Iranian missile attack on Israel, Brigadier General Rasoul Sanaei-Rad said: “Striking nuclear sites could certainly have an impact on the calculations during and after the war.”

“Some politicians have already raised the possibility of changes in [Iran’s] nuclear strategic policies,” Sanaei-Rad, a political adviser to Ayatollah Ali Khamenei, told Fars, an Iranian news agency. “Moreover, such actions [an Israeli strike on Iran’s nuclear plants] would cross regional and global red lines.”

After Iran fired more than 180 ballistic missiles at Israel in retaliation for the assassination of Hizbollah leader Hassan Nasrallah and other militant leaders, prominent right-wing Israelis said Netanyahu’s government should target the republic’s nuclear programme. Israel has long viewed it as its most serious strategic threat.

But western diplomats have warned that would be the most extreme retaliation. The US has urged Netanyahu against targeting Iran’s nuclear sites or its oil infrastructure.

Experts say Israel was unlikely to be able to launch successful strikes on Iran’s nuclear facilities — its main plants are heavily defended and built deep underground — without US support.

But Israeli defence minister Yoav Gallant on Wednesday said Israel’s response would be “deadly, precise and above all surprising”.

“They will not understand what happened and how it happened,” he said. “They will see the results.”

Since Hamas’s October 7 attack last year on Israel triggered a wave of regional hostilities between Israeli forces and Iran-backed militants, officials in Tehran have warned the Islamic republic could change its nuclear doctrine if it faced an existential threat.

But they have been deliberately ambiguous about what that might entail.

Sanaei-Rad said: “Nuclear facilities have their own protocols that both parties must consider during wartime.”

“Any potential response from Iran would undoubtedly reflect on this and have an impact, just as attacks on oil and gas facilities could affect regional energy security and global energy prices,” he said, hinting that Iran could retaliate by targeting Israel’s nuclear facilities.

Israel — the only Middle East state with nuclear weapons, although it does not publicly acknowledge the fact — and western nations have long harboured concerns about Iran’s expanding programme.

Tehran has aggressively built up its nuclear activities since former US president Donald Trump in 2018 unilaterally withdrew from an accord Iran signed with world powers and imposed sanctions on the country.

It has installed advanced centrifuges and has been enriching uranium at 60 per cent purity, which is close to weapons grade, for more than three years.

The International Atomic Energy Agency, which has inspectors in Iran, estimates the country has sufficient fissile material to produce about three nuclear bombs within a matter of weeks, if it chose to do so.

But the UN nuclear watchdog and US officials say there is no evidence Iran is developing a weapon.

Iran insists its programme is for civilian purposes only, and its new president, Masoud Pezeshkian has said he wants to re-engage with the west to resolve the nuclear stand-off and secure sanctions relief to boost the economy.

But a hardline Iranian MP this week said 39 lawmakers had signed a letter addressed to the Supreme National Security Council, saying the country should strengthen its defence doctrine by including nuclear weapons.

An Iranian government spokesperson said there was no change in the nuclear doctrine, and cited a fatwa issued by Khamenei two decades ago prohibiting the development of nuclear weapons.