The Morning Briefing: CII’s IT spending issues and Covid-19 investigations


Hello and welcome to your Morning Briefing on Thursday, June 9, 2022. To get this delivered to your inbox every morning Click here.


IT expenses

The Chartered Insurance Institute (CII) has received its fair share of criticism over the past 18 months.

He has now been accused of spending at least four times the original IT budget.

A source close to Money Marketing alleges that the problem is so serious that it effectively put him out of business.

The CII responded to these accusations.


FCA Investigations

Everyone loves a good survey, especially the Financial Conduct Authority.

He sent out his latest Financial Resilience Survey which drew a lot of comments on social media.

It forms the basis of our weekly survey below.

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Advisors

The profession still has some way to go in involving women in financial planning, but things have improved.

These days, there are clearer pathways into the profession for young women, and they can earn money while they learn.

Find out why in this article from our feature writer Amanda Newman Smith.



quote of the day

We believe the government should send an early signal to industry and entrepreneurs to reassure these high growth small businesses that VCTs will continue to be supported by the UK government with either the scheme made permanent or the clause extended, so that it can continue beyond 2025.

Will Fraser-Allen, Chairman of the Venture Capital Trust Association’s Public Policy Committee, Responds to the Treasury Select Committee’s Venture Capital Inquiry



Stat Attack

New official data reveals that a record 77,500 Lifetime ISA Savers (LISA) were crushed in 2021/2022.

£33 million

That’s over £33m in early withdrawal fees

8,900 LISA savers

In April 2022, 8,900 LISA savers made unauthorized withdrawals worth over £14m

£1,611

The average unauthorized withdrawal in April 2022 was £1,611

£1,706

And £1,706 over the 2021/2022 tax year

20%

The Treasury has been urged to act now by reducing the LISA early withdrawal fee from 25% to 20% – just as it did when the pandemic first hit

£322.20

Reducing the fee to 20% would mean someone making an early withdrawal of £1,611 would pay £322.20 to the Treasury instead of £402.75

Source: HMRCAJ Bell



In other news

Tilney Smith & Williamson has appointed Adrian Lowcock as Director of Investment Communications.

In this newly created internal and client communications role, Lowcock will work closely with the investment strategy team.

He will aim to keep the group’s financial planners informed of the company’s main investment proposals and to support the delivery of investment communications to clients.

Lowcock was most recently head of personal investments at Wills Owen. Previously, he held the positions of Chief Investment Officer at Architas, Head of Investments at AXA Wealth and ssenior research analyst at Hargreaves Lansdown.

He also spent nine years working for Bestinvest, now part of Tilney Smith & Williamson.


London defends the top spot in Swiss Life Asset Managers’ European Theme Cities Index in 2022. It was closely followed by Zurich and Stockholm.

The Landlord Index measures European cities against five main urban themes that are aligned with the main trends shaping a city’s real estate market.

London ranks first among European cities in terms of dynamism, networks and cosmopolitanism, as it combines an unrivaled concentration of companies, talents as well as business and lifestyle opportunities.

Second place and a new entrant in the top five is Zurich. The Swiss city is well-connected, dynamic and has an economically sound base that promises stability.

Third place is Stockholm. It gained three ranks and scores thanks to its high-quality transport infrastructure and its appeal to start-ups and venture capitalists.

Bern re-enters the top ten in ninth place, having previously ranked 19th, while Luxembourg now sits in 12th place (previously 10th).

Amsterdam, Copenhagen, Oslo, Basel, Manchester and Paris are also among the top ten.



By the way

Spac boom dies as wary investors retreat (FinancialTimes)

Soaring fuel prices and dire economic forecasts are shattering the Prime Minister’s hopes of a reset (The Guardian)

Tesla moves forward with China hiring event after Musk’s job warning (Reuters)


Have you seen?

The war in Ukraine recently reached 100 days and the news from the battlefield is no less grim than when the conflict began.

Many have asked what they can do or what lessons can be learned from the tragedy.

Rebecca Aldridge, managing director of Balance Wealth Planning, wrote a sobering article about what she got out of the war.

She writes, “If you haven’t brought up the subject of ‘Making a Difference’, consider doing so in your next chat.”

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