The Week in Numbers – 17th November

The Week in Numbers – 17th Novemberblue news

24% – Proportion of calls not answered by HMRC staff. MPs have criticised the tax office’s performance calling it “completely unacceptable”

£500 – Amount each new employer using The People’s Pensions for auto-enrolment will be charged in 2016

9 – Number of insurers on the Financial Stability Board’s “Too big to fail” list. Dutch insurer Aegon replaced Generali last week

400 – Number of advice firms and providers approached by the FCA for a data-gathering exercise to inform the Financial Advice Market Review

£10K – Compensation awarded by the Pensions Ombudsman to an Abbey Life customer who was made aware of a guaranteed annuity rate

£5bn – Outflows in the year to September at Prudential-owned asset manager M&G

£100m – Investment in film partnerships by Kingsbridge Asset Management on behalf of clients, including former England Footballers

£733,794 – Payout minus bonus and redundancy payment Partnership chief executive Steve Groves will receive when the provider merges with Just Retirement

 

Quote: “If we didn’t have Pension Wise, everyone would just go to their provider, and we know what they are like” – Pensions minister Ros Altmann argues it is in advisers’ and consumers’ interests to boost the take-up of guidance

 

Originally published in Money Marketing Magazine on 12th Nov 2015
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The Week in Numbers – 3rd November

The Week in Numbers – 3rd November 2015blue news

44% – Year-on-year rise in pension investment inflows reported by St James’s Place in the third quarter , from £430m to £620m

0.5% – Growth in UK GDP in the third quarter, according to estimates from the Office for National Statistics

£15.4m – Redress that payday lender Dollar Financial UK will pay to over 147,000 customers after reaching an agreement with the FCA

£204k – salary of MAS corporate services director Lesley Robinson in 2014/15. Robinson is leaving the organisation to join MDL Marinas

£150m – Year-on-year rise in investment-linked bond sales recorded by LV= in the first nine months of 2015, from £98m to £248m

70% – Proportion of 500 adviser websites surveyed by Which? that do not publish their charges online

£474.6bn – Amount wiped off the assets of some of the UK’s largest fund managers in the wake of the China crisis in the third quarter

£452.6m – Total amount lent through equity release products during Q3, £68.3m more than the previous quarter – the biggest quarterly rise in 11 years.

 

Quote of the week: “They need to put the fire out first before repainting the hallway” – Cazalet Consulting chief executive Ned Cazalet on the need for platforms to address immediate regulatory challenges before tech upgrades.

 

Originally published in Money Marketing Magazine 29th October 2015

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The Week in Numbers – 26th October

The Week in Numbersblue news

34% – Year on year rise in SIPP claims reported by the Financial Ombudsman Service, from 210 in Q3 2014 to 281 in the same quarter this year

10 Years – Length of SIPP administration deal agreed between Curtise Banks and Zurich

100 – Number of Sanlam Wealth Planning employees whose jobs are under threat after the firm placed its Rhyl and Worcester offices under review

£49 – Annual cost to members of using the Pensions and Lifetime Savings Association’s new automatic enrolment guidance service

£5.3m – loss reported by Nutmeg in its 2014 annual accounts

£11.3m – Profit recorded by Woodford Investment Management during its first year of trading

£263m – Losses on investments held by Brooks Macdonald in the three months to the end of Septmeber

One – Number of advisers on the 15-strong expert panel advising the Treasure and the FCA’s Financial Advice Market Review

 

“There is only so much you can chuck at an industry and expect it to cope” – Apfa director general Chris Hannant on the regulatory burden of extending the senior managers regime to advisers .

 

Originally published in Money Marketing magazine 22nd October 2015
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The Week in Numbers – 13th Oct

The Week in Numbers – 13th Oct 2015Website Photos 059

6 – Number of former brokers standing trial at Southwark Crown Court facing charges of Libor rigging

80% – Proportion of cash lump-sum withdrawals since pension freedoms made by savers under 65, according to the ABI

£35K – Funds pledged by the CISI to promote financial planning following its merger with the IFP

£3.5m – Cash injection secured by adviser reviews website VouchedFor. The fundra
ising was led by Octopus Investments and supported by private equity group Samos Investments

£296m – Positive inflows achieved by Standard Life Investments’ Global Absolute Return Strategies OEIC in August

1,340 – Whistleblowing disclosures received by the FCA in 2014/15. The regulator this week unveiled details of a new whistleblowing regime to be introduced in September 2016

£2bn – Value of shares in Lloyds Banking Group the Treasury plans to offer to retail investors

Original Figures Published by MoneyMarketing Magazine 8th Oct 2015
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The Week in Numbers – 23rd Sept 2015

51% – Proportion of people who do not know if their provider levies charges for admin chartmanaging their pension pot.

0% – CPI inflation in August, down from 0.1% in July according to the Office for National Statistics

80% – Proportion of investment houses that publish out-of-date fund data, research by fintech company Instinct Studios shows

5.2% – House price growth in the year to July 2015, down from 5.7% in the 12 months to June, according to the ONS

59.5% – Proportion of Labour members who voted for Jeremy Corbyn to become leader of the Labour Party

23,000 – Jobs to be cut by Deutsche Bank, a quarter of its workforce, reports say

£2.4bn – size of the longevity swap deal agreed between Friends Life and Heineken this week

2 – Number of ABI members which have left the trade body in the past 13 months, with Aegon following in L&Gs footsteps this week

 

Originally published in Money Marketing Magazine 17th Sept 2015
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The Week in Numbers – 14th September

The Week in Numbers – 14th September

50% – Rise in protection sales reported by LV= in the first half of the year. Total life sales hit £869m, with profits of £12mWebsite Photos 011

£8bn – Size of Jupiter’s Merlin fund range. Jupiter’s John Chatfield-Roberts has stepped down as CIO to focus on managing the funds

2.83% – Average interest rate on gross mortgage advances in Q2, the lowest figure on record

£2.1m – Pre-tax profits for Curtis Banks in the first six months of 2015, up 82% from £1.2m in H1 last year

£12bn – Amount the tax on bank profits will raise, almost twice the Government estimate, according to EY

218 – Number of IFP members who engaged in a consultation on the CISI merger out of a total membership of 2,173

70% – Proportion of those who engaged in the consultation who backed the IFP/CISI merger

£1.9bn – AUM at Parmenion, the platform and DFM acquired by Aberdeen Asset Management

 

Originally published in Money Marketing Magazine 10th Sept 2015

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The Week in Numbers – 5th August

The Week in NumbersWebsite Photos 070

£40K – Amount lost by Yorsipp member who complained to the Pensions Ombudsman claiming due diligence failures. The complaint was thrown out last week.

Up to 30% – Estimated hit to fund flows to pension providers if the Government radically reforms pension tax relief

£20m – Level of redress Cash Genie has agreed to pay 92,000 customers following a deal with the FCA

Five – Number of tracker funds on which BlackRock has cut charges with some fees reduced by half

Jan 2018 – Date of implementation for new account standards that could increase the cost of mortgages

18,000 – Number of guidance appointments delivered by Pension Wise since the launch in April, according to the Treasury

£486k – Size of the net estate left by Melita Jackson. Her decision not to name her estranged daughter as beneficiary has been overturned by the Court of Appeal.

 

Original figures published by Money Marketing Magazine 30th July 2015
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The Week in Numbers – 30th July

The Week in Numbers – 30th July

186 – Visits made to Barclays by the FCA during 2014, according to a Freedom of Information request – the most of any British bankblue news

145% – Jump in compensation paid relating to investment advisers in 2014/15, totalling £183m, according to the FSCS annual report

£20bn – Savings Chancellor George Osborne is demanding of Government departments over the life of the new parliament

2020 – Date to which the long term care cap has been pushed back. It was meant to be in place by April 2016

6 Months – Length of outgoing FCA chief executive Martin Wheatley’s gardening leave

2 – Number of auto-enrolment providers on The Pensions Regulator’s list of schemes that will accept any employer and meet governance standards

£8,100 – The drawdown charges someone with a £50,000 pot will pay over a decade with The Share Centre according to Which?

104,950 – Number of residential property transactions in June, marking a 16-month high

 

Figures originally published in Money Marketing Magazine, 23rd July 2015
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The Week in Numbers – Week beginning 22nd June

The Week in Numbers – Week beginning 22nd June

£60K – Number of people who have accessed the pensions freedoms since they were introduced in April, Chancellor George Osbourne saysblue news

£1bn – Amount of money savers have taken from their pension pots since April

4 – Number of providers removed from Intrinsic’s protection panel following a review. The Providers are Cirencester Friendly, LV=, Shepards Friendly and Zurich

3 – Number of offices Aviva plans to close as part of a cost-cutting drive following its merger with Friends Life

0.1% – UK inflation in May, up from a negative figure of -0.1% in April, according to the Office for National Statistics

£100m – Value of shares being issued by Aberdeen Asset Management to Japanese bank Mitsubishi UFJ Trust and Banking Corporation in a bid to power new fund launches

£2tn – Total UK private sector defined benefit liabilities according to pensions consultant Hymans Roberston

£2.9bn – Office for Budget Responsibility’s latest cost estimate for the state pension triple lock – around £2.4bn higher than its original guess in 2010

 

Original Figures Published in MoneyMarketing Magazine 18th June 2015

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The Week in Numbers – Week beginning 15th June

The Week in Numbers – Week beginning 15th June

Website Photos 01110% – proportion of advice firms that disclose charges on their website based on a review of 50 firms by Candid Financial Advice

£117m – Record fine imposed against Lloyds banking group for failing to handle PPI compliants properly

1,300 – Number of customers Friends Life wrote to last week to apologise for not being ableto offer full pensions flexibility

£1m – amount in “illegitimate transfers” channelled from equity release provider New Life to mortgage broker NMB between 2009 and 2013. Former NMB director Kevin Allen has been banned by the FCA.

8,000 – Expected UK job losses at HSBC as part of 25,000 job cuts worldwide

£2.9bn – Amount collected by the treasure in FCA fines since April 2012. The Treasury cannot account for how all this money is spent

£21m – Amount Neil Woodford has invested in platform AJ Bell across the CF Woodford Equity Income fund and the Woodford Patient Capital Trust

Up to £1.6m – Ongoing costs for firms to comply with the pension transfer qualification overhaul announced by the FCA this week

 

Figures originally published in MoneyMarketing Magazine 11th June 2015
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