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The Morning Briefing: Towards Crypto-Asset Regulation and Conversation with Langley Consultancy | Money Marketing

Hello and welcome to your Morning Briefing for Wednesday, January 11, 2023. To get this delivered to your inbox every morning Click here.


Towards a regulation of crypto-assets

Crypto-assets are still on the UK government’s agenda and a consultation paper is expected to emerge in the coming weeks.

This will be done in conjunction with the Bank of England’s plans for a sovereign digital coin.

HM Treasury Economic Secretary Andrew Griffith MP has warned it would be wrong if the UK did not “look forward to seek to make the most of this opportunity”.

In conversation with

Carla Langley, Owner and Founder, Langley Consultancy joins Kimberley Dondo to discuss regulations and common compliance mistakes companies make. They also discuss the effect Consumer Duty will have on businesses.


Introducing our first cover of the year

Our acting editor Michael Klimes presents the first cover of the year.

For the January 2023 edition, chief reporter Lois Vallely focused on the fight against greenwashing.

Although Michael admits that he is not very interested in climate change, he thinks the right strategy is not to point fingers hysterically, but to win hearts and minds.

That’s what good writing can do.



quote of the day

Despite the huge amount of time young people have spent away from work during the pandemic, the job outcomes of those who graduated between 2019 and 2021 appear to be at least as good as those of previous cohorts.

IFS Research Economist Sam Ray-Chaudhuri comments on new IFS research that found no evidence of persistent negative effects on employment rates or job quality for cohorts graduating during or just before the pandemic.



Stat Attack

UK investors invested £389 million in funds in November 2022, the second month of net retail inflows in 2022, according to data released today by the Investment Association (IA).

£608 million

The last month of net retail inflows in 2022 was £608m in April during the ISA season

£1.3 billion

Bond funds returned to inflows of £1.3bn, following outflows of £548m the previous month

Corporate Bond and Corporate Bond £

This was driven by Corporate Bond and £Corporate Bond, which saw inflows of £720m and £238m respectively.

£486 million

Equity funds saw outflows of £486m

Tracking funds

Remained in entries, reaching £1.6bn in November. This is the highest inflow into tracker funds in 2022

North America

Was the best-selling AI sector this month, with inflows of £1.3bn

£976 million

UK All Companies recorded the highest outflows in November with outflows of £976m

Responsible investment funds

Return to November releases at £153m, following modest October inflows

Source: Investment Association



In other news

European insurtech company Lumera has joined the protection industry body for GRiD group risk

Lumera sees a strong cultural fit between the organizations, including a shared mission to promote the value of employee financial protection, as well as supporting wellness and improving engagement.

As a member of GRiD, the company will benefit from access to research, training, networking and insights from industry leaders.

GRiD President Paul White says“We are continually developing new ways to add value to our members, both strategic and practical, and we are always delighted to have new businesses join and benefit from it. We welcome Lumera and look forward to working together.

Lumera UK and Ireland CBDO Andrew Hubbard said“We are dedicated to the digital transformation of group risk, and we look forward to opportunities to share our knowledge with the industry. As a company, we are growing and developing all the time, and our members will play an important role.


Unicorn AIM VCT intends to launch a new subscription offering to raise £10 million, with an over-allotment facility to raise up to an additional £5 million through the issue of new ordinary shares.

Since its launch in 2001, Unicorn AIM VCT has returned 104p per share to shareholders over the past ten years, from 30 September 2012.

VCT has net assets of over £221m, while Unicorn Asset Management invests in the region of £1bn in UK equities across a range of strategies.

More than £370m of this £1bn is invested in companies listed on AIM.



Moreover

Paramedics go on strike as tensions with ministers erupt (The Financial Times)

MPs and their peers should declare ties to companies they support for contracts, says NAO (The Guardian)

World Bank dramatically cuts 2023 growth outlook, says world is “dangerously close” to recession (CNBC)


Have you seen?

The appointment of three institute directors to the board of directors of the Personal Finance Society (PFS) by the Chartered Insurance Institute (CII) proved to be a controversial decision.

Some PFS members are now consider the possibility of moving to other professional bodies. This is particularly true for those who are not accredited and who are mainly interested in issuing certificates of professional status (SPS).

Experts believe that the Chartered Institute for Securities & Investment (CISI) and the London Institute of Banking & Finance (LIBF) are likely to be the main beneficiaries.

CISI currently has 26,622 members, while LIBF has over 26,000 members.



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