Actuarial Post: All the king’s horses…

September 11, 2018 Tom Murray

Pensions freedom retirement planning FCA Pension Wise retirement income

ACTUARIAL POST: All the king’s horses…  This article was originally commissioned for Inner Workings, a monthly column written by Tom Murray, in the  August 2018 edition of the Actuarial Post.   Once upon a time, people saving for their retirement were given a great deal of support by the taxpayer. This was provided on the basis that there were severe restrictions around the money saved and that the savers would ultimately be forced to use that money to buy annuities. These would provide a guaranteed income in retirement, ensuring that the taxpayer would have far less responsibility for the retiree, and therefore was getting a good deal for the tax foregone.
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Actuarial Post: Even Robots must be regulated

June 28, 2018 Tom Murray

FCA regulations robo-advice robots

Actuarial post: Even Robots must be regulated This article was originally commissioned for Inner Workings, a monthly column written by Tom Murray, in the  June 2018 edition of the Actuarial Post.   The FCA have started their review process of firms providing retail investment advice through automated channels. They are trying to see how they can best regulate the new area of auto-advisers. Whilst it is still early days in this market, it is only at the evolutionary stage and there were only three firms examined, the potential for significant harm if they get it wrong is very great. The challenges for the FCA are great in trying to control an aspect of the industry that is only beginning to take on shape.
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Nostalgia ain't what it used to be!

September 28, 2016 Tom Murray

UK advice gap insurance industry Retail Distribution Review (RDR) FCA

Nostalgia ain't what it used to be! Nostalgia is back in vogue, with a general trend to hearken back to a golden era, when the EEC was a far-off organisation and America was great. As part of this trend, the FCA have decided to chip in with their latest wheeze to sort out the lack of advice available for the smaller investor.  
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FCA surprised that doing nothing didn’t fix OMO!

January 08, 2016 Tom Murray

Pensions UK Retail Distribution Review Financial Conduct Authority Life and Pensions

FCA surprised that doing nothing didn’t fix OMO! The Financial Conduct Authority (FCA) have released data that shows that the majority of people purchasing annuities actually bought them from their existing provider and didn’t make use of the Open Market Option to shop around for a better deal.
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More regulation is not the answer

August 06, 2015 Tom Murray

Pensions UK trustee Life and Pensions regulation

More regulation is not the answer I went to see my consultant prior to an operation on my shoulder. He gave me two options and then asked me which one I wanted to take. A bit astounded, I told him that I was paying him to make the best decision, he had 7 years of medical school and over 20 years’ experience to help him, and therefore there was no point in me trying to decide based on information gleaned from 15 minutes on Google.
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The FCA should apologise to Pension Providers and IFAs

October 17, 2014 Tom Murray

Pensions UK pension provider trade magazines pension freedom

For the last decade, the FSA, and latterly its reincarnation as the FCA, have lambasted pension providers and the financial advisers that recommend their products. The FCA have criticised their work and insinuated that the IFAs and providers are ripping consumers off and need huge amounts of regulation to prevent them from essentially robbing the consumers.
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Actuarial Post: Are your systems too interlinked for independence?

June 24, 2014 Tom Murray

regulatory requirements UK national borders vote scottish independence

This article was originally commissioned for the May/June edition of the Actuarial Post.
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Regulation, Regulation… Regulation

December 03, 2013 Tom Murray

unified regulator Pensions UK snp british-irish council

The publication of the SNP’s white paper on Scottish independence last week has given rise to a lot of discussion on its effects on every industry if the referendum on independence was to get a “yes” response. As the main debate has been around the economic effects of a sundering of the 300 year old union, a substantial section concerned issues impacted directly or indirectly on the financial services sector.
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Regulator needs to trust the IFAs

September 17, 2013 Tom Murray

Pensions UK Retail Distribution Review Financial Conduct Authority FSA

One has to feel sorry for Martin Wheatley, CEO of the Financial Conduct Authority, as he struggles to find a proper path out of the morass into which the regulator was led under the previous incumbent. Sadly, a change of one letter in the name from the FSA to the FCA is not enough to chart a way forward, the problems are deeper than anything that could be corrected by a rebranding exercise.
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Attacking IFAs is counter-productive

September 10, 2013 Tom Murray

Financial Adviser Pensions UK Retail Distribution Review advice gap

There is a huge advice gap in the UK. Everyone is fully agreed on this and every week there are a number of articles lamenting this fact in the trade press. It’s an issue that needs to be addressed urgently as so many people are approaching retirement, a time when they really need to get financial advice.
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