The rules of financial regulation were effectively torn up and rewritten this week after the Government stepped in and launched a £120m compensation fund for victims of the London Capital & Finance collapse.

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If there is one positive from the London Capital & Finance fiasco it is that the whole sorry business has prompted government and regulatory action to stop a repeat of LCF.

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The pandemic has forced many of us to turn to online platforms for hosting client engagements. Meetings that may have begun with the adviser greeting their client with a handshake or perhaps a hug, offering them a cup of tea, and leading them into a welcoming setting with comfortable seating and good lighting are no longer possible.

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When a client meets with a Financial Planner they want to feel that their life is special.

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I entered financial services just as the tech bubble was about to burst. One of my earliest professional experiences of investing was watching the bubble surrounding tech stocks, swiftly followed by the disappointment of investors who had become over exposed to that sector as it collapsed. 

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During a call with a client last week, I was reminded again of the dangers of unregulated investments. The client explained that his good friend had lost £120,000 to a Bitcoin scam. 

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Monday saw a grilling of Andrew Bailey, former CEO of the FCA, by Treasury Committee MPs regarding missed opportunities for the early detection of problems at the failed mini-bond provider London Capital & Finance. 

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A year ago, in January 2020, who could have imagined what the following 12 months would bring. I know many will look back and think it’s a year that they would rather forget. 

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The economic and business impact of the Covid-19 pandemic since last March has been significant. In many cases, the worst is yet to come, with no definitive end date in mind and forecasts of peak unemployment by the middle of the year. Read more ...

Wednesday, 23 December 2020
Comment

In my two previous articles reflecting on my 50 years in the world of pensions and financial services I looked at current issues and challenges, focussing on what I saw as some of the dominant features of the financial landscape today: technology, complexity, (inconsistent) government policy, (increasing) longevity and the evolution of financial advice.

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