Hello and welcome to your Morning Briefing on Thursday, January 12, 2023. To get this delivered to your inbox every morning Click here.
Customer data is useless if you can’t put it together in a way that people who read it can understand.
The platform industry is an area of financial services that suffers from uneven technology in places.
Our reporter Momodou Musa Touray wrote a leader why it needs to get better for the January magazine.
The UK needs to be ahead of the curve when it comes to leveraging crypto-assets.
That was the view of Economic Secretary to the Treasury and MP Andrew Griffith who made the call during a Treasury Select Committee hearing this week on crypto-assets.
“Our aim is to continue to seek for the UK to be home to a well-regulated, technologically advanced financial system and there is absolutely room for this technology in that framework,” Griffith said.
But is that wise given the fallout from the FTX scandal that saw billions of dollars of investor money go up in smoke?
This is the basis of our survey this week.
quote of the day
No country has seen as much controversy over state pension reform as France, with the government previously reluctant to push through changes for fear of triggering mass protests.
-Tom Selby, chief pension policy officer at AJ Bell, said after France announced retirement age would rise to 64 by 2030
Retirees aiming to achieve a basic standard of living will have seen their spending increase by 18% over the past year, according to new research.
Pensioners with the lowest incomes are the most affected because, on average, they spend a greater proportion of their budget on high inflation items like food and energy.
People aiming for “moderate” and “comfortable” pensions are also facing double-digit increases in the cost of living.
According to the PLSA, a single person would need to spend:
£12,800 per year
To take advantage of a ‘minimum’ standard of living in retirement (up 18% from £10,900)
£23,300 per year
For a ‘moderate’ standard of living in retirement (up 12% from £20,800)
£37,300 per year
For a ‘comfortable’ standard of living in retirement (up 11% from £33,600)
Source: AJ Bell
In other news
Research from protection specialist LV= shows that millions of self-employed people would have to continue working if they suffered an illness or injury.
More than half (56%) of UK working adults surveyed said they would feel more financially resilient if they had insurance that paid an ‘income’ if they were unable to work due to illness or injury.
Awareness of protective products has increased since the pandemic and has led many people to re-evaluate their financial and personal priorities. Compared to people without a protection policy in place, policyholders were more likely to see no impact on their financial situation if they were to experience a major health problem.
Isio Group Limited has signed an agreement to acquire Deloitte Total Reward and Benefits Limited (DTRB), the UK pension advisory business of Deloitte LLP, subject to FCA regulatory approval.
DTRB provides actuarial, pension administration and investment services to some of the UK’s largest organizations and pension schemes. The acquisition and addition of DTRB’s 200 employees to Isio’s existing team will create one of the largest pension advisory businesses in the UK when completed.
Since the launch of Isio in March 2020, supported by Exponent, the company has experienced strong organic growth thanks to the acquisition of new customers and the development of additional services.
Climate regulations “could trigger a banking crisis worse than in 2008” (The Guardian)
Royal Mail tells people not to post overseas due to ‘computer incident’ (BBC News)
Salvadoran lawmakers pass law on issuing digital assets in bitcoin haven (Reuters)
Have you seen?
Alan Hughes has written for us on legal issues in financial services for a long time.
His columns are always thoughtful and measured regardless of the point of view expressed.
So I got up and noticed when I read Hughes last column on the failures of the Senior Management and Certification Scheme (SMCR).
It asks some very good questions about the SMCR: where does non-financial misconduct fit into the regime, and why have there been so few FCA enforcement decisions since its introduction?
The government has begun a review of the SMCR as part of the ‘Edinburgh Reforms’. We’ll see where that leads.