Our usual way of life has been turned upside down by the global pandemic. Thankfully, due to the exceptional role out of the UK Covid-19 vaccination programme, the hope that life will return to some semblance of normality is a realistic prospect.
This week I did something rather different. I put on a pair of black work shoes, a decent work shirt and a pair of trousers. I then went to my annual business meeting at our accountants.
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.
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.
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.
When a client meets with a Financial Planner they want to feel that their life is special.
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.
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.
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.
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.