The Week in Numbers
£20K – New minimum capital adequacy requirement for advice firms. It was previously £10,000.
0.3% – Expansion of Eurozone GDP in Q3 2015, compared to Q2, according to estimate by Eurostat
25% – Shares in Clydesdale and Yorkshire Bank to be sold in an IPO by parent NAB. The remaining shares will go to existing investors.
15,100 – Number of new complaints relating to investments and pensions, the FOS forecasts for 2015/16
£611bn – Combined assets of M&G, Schroders and St James’s Place, which are all set to leave the Investment Association.
£600m – Expected valuation of national advice firm Towry, which is up for sale after it abandoned plans to float on the stock market.
6 – Number of months by which the Government has extended the Lloyds share sale. The Treasury will sell shares to institutional investors until 30th June 2016, subsequently opening up to retail investors.
“I find it hard to believe everybody who is acquired is moving to a place that is better than where they were” – Gbi2 managing director Graham Bentley on suitability concerns in the advice consolidation market.
Originally published in Money Marketing Magazine 10th December 2015