@peter_IFAMAG reads Twitter so you don’t have to.
The FCA revealed yesterday 119 firms that held DB transfer permissions did not have the relevant PI cover. Josephine Cumbo, the FT’s global pensions correspondent, detailed how contingent charging fuelled a rush of advisers to transfer DB Pensions. Cumbo suggests a link between this fee model and the ensuing transfers scandal. Elsewhere, Chinese offshore stocks have a stellar day.
Beijing is encouraging investment abroad, as it increases foreign investment quotas for the fourth time since September.
For the fourth time since September Beijing has increased foreign investment quotas for qualified domestic investors. Because so much money is pouring into China through the trade and financial accounts, Beijing wants to encourage more investment…https://t.co/pYMQ1uSxwF
— Michael Pettis (@michaelxpettis) January 19, 2021
Meanwhile, Hong Kong stocks have a stunning morning.
https://twitter.com/Trinhnomics/status/1351358142727090177
Bank of America survey finds Bitcoin to the State’s most crowded trade.
Bitcoin overtakes 'long tech' as most crowded trade: BofA survey https://t.co/Eg8lSJemnF
— Anna Irrera (@annairrera) January 19, 2021
Tony Vilder reports a 50% increase in advisers allocating to cryptocurrency in 2020, David Hearne comments.
ok, own up, who was the 3rd adviser to allocate to crypto https://t.co/y29nMdJni0
— David Hearne, CFP™ (@dontdelay) January 19, 2021
City Wire reported yesterday how 119 advisory firms that held DB transfer permisions did not have the cover, however the problem could be even worse.
The @TheFCA confirmed to @laurapurkess that this 9% number does NOT include firms that have the DB permission but not using it. This is worrying to say the least. https://t.co/qevyeNdC3c
— Will Robins (@Will_Robins) January 18, 2021
And finally, Josephine Cumbo shares her insights into the DB pensions scandal in this thread below.
There's been an outpouring of anger today from consumer campaigners over the FCA's delay in introducing a ban on contingent charging.
This controversial fee model used by advisors is believed to have fuelled a multi billion pound #pension transfer scandal.
Thread to follow:
— Josephine Cumbo (@JosephineCumbo) January 18, 2021
What are your thoughts on these tweets?
Tweet your responses to @peter_IFAMAG
