RegTech, Protection and Pensions - the Good, the Bad and the Ugly
Your quarter three regional CPD conference will see leading subject matter specialists deliver a broad and topical programme including:
View the full programme and reserve your free place using the link on the right.
Attendance at all PFS events qualifies for structured CPD and provides the opportunity to share good practice with your peers. Lunch and refreshments will be provided.
Being a Contrarian Investor is a lot harder than it sounds. In a world driven by instant access to ‘’information’’ and ‘’headlines’’ how does the Contrarian Investor stay focused on the fundamentals of this Investment Style?
The need for inheritance tax advice may well be regarded as a lower need with the introduction of Residential Nil Rate Band (RNRB). However, there will be individuals in the UK who will not benefit from RNRB and who will see no increase in their inheritance tax relief until the planned Nil Rate Band (NRB) increase by CPI in 2021/22. So, for some, the rate of relief will not have changed for over thirteen years from when the £325,000 was introduced in April 2009. These include those who have no direct descendants and those whose net worth more than upper threshold of £2m. It may be some time before CPI makes any significant contribution to the NRB relief available if house price increases continue on their higher upward trajectory. With house price increase currently running at 2.5% (Nationwide Building Society, July 2018) this would mean the average house price would be £239,538 in 2023. Those with no direct descendants and net worth of less than £2m- are some who may need alternative strategies for wealth management. The requirement for inheritance tax advice for this demographic has therefore increased rather than decreased since 2009. As the major asset tends to be the family home this needs to be taken into account along with other assets. This, together with the introduction of pensions freedoms, has altered the landscape for inheritance tax planning. Furthermore, surviving spouses inheriting the ISA allowances mean that whilst tax efficiency continues for income and capital gains tax it is not necessarily so for inheritance tax. We will use a case study to explore this area in our session.
Retirement advice compliance is becoming more and more complex and sometimes you feel like you just can’t do right, for fear of doing wrong! In this session, we will aim to highlight some current and relevant pension areas, that are both Compliance and the FCA hot topics. We will highlight the many opportunities and some of the challenges facing those clients approaching and in retirement. We will be highlighting the latest news re the new State Pension, the impact for consumers and advisers regarding the latest FCA Retirement Outcome Review and last but not least, highlight some key areas relating to the Final Salary transfer market, with the aim of delivering best practice. We will be referencing our own recent Freedom of Information findings, the latest news from DWP, HM Treasury and FCA along with work we have just completed in conjunction with a Consulting Actuary firm relating to partial transfers. Case studies will be used as examples. The objective is to better understand the risks that come with these opportunities and share with you some ideas that help re-inforce best practice, in line PFS Pension Advice Taskforce and Gold Standard. We believe that there is a significant crossover, in how the process of advising clients, going into and already in Flexi Access Drawdown as well as those clients with a Final Salary Pension, this will help build on a Centralised Retirement Proposition.
One thing is for sure, it’s raining regulations and associated costs are increasing. Retail Investment Advice firms now need to ensure they not only implement compliance strategy but also evidence how they comply on a sustained basis. Model Office’s presentation will show how the FCA are now looking to regulation technology (RegTech) as a major enabler platform to ensure retail investment adviser firms can empower their professional practice and continue to comply and compete in an ever demanding and hard regulatory market. The benefits of which can not only evidence compliance but also reduce time and costs spent on compliance activity.
b. Conduct (Behaviour)Speaker: Chris Davies, Model Office
Significant changes have altered the investment landscape, from the impacts of longevity, shifting responsibility to rising costs. These changes with the increased lack of confidence make it a difficult environment for investors to know where to put their money which is why we see 74% referring to themselves as “savers” rather than “investors” (Source: BlackRock Global Investor Pulse 2018, Nat Rep Base: UK (4,163). During this session we are going to discuss the challenges investors are facing today, the intensifying scrutiny on advisers and then look at the importance of a multi-asset solution to create a diversified portfolio. We will highlight our recently launched fund of funds range which offers investors a product that is cost-effective, dynamically risk managed and rebalanced regularly to ensure they are fit for any market environment.
Focusing on the key regulatory and commercial challenges facing advisory businesses, The SimplyBiz Group will explore the best practice approaches used by many of the more the firms they provide services to. Drawing on real examples from differet types and sizes of advisory firms, this session will allow time for delegates to reflect on their current business processes, prioritise the challenges to tackle next, and leave with a tangible “to do” list.
With the implementation of the IDD and the Senior Managers Regime due to be rolled out later this year, this session will provide an overview of the final IDD rules as relevant to individual protection, including compulsory training, market awareness, conduct of business and acting in your customers best interests. It will also explore the need to improve access to insurance for consumers with disabilities and pre-existing health conditions, and the steps that intermediaries can take to achieve this as well as improve outcomes. We will look ahead to the Senior Managers Regime and its requirements coming later this year. We are today in many cases triaging the customer out of the sales process - Why?...we will look at the consequence of not putting protection in place, the current application process and clients with pre-existing health conditions. Finally, his session will provide an overview of using price as the primary differentiator - what this drives and what it means for customer journeys and outcomes.
This event has been accredited by the Personal Finance Society and the CII and can be included as part of your CII CPD requirement should you consider it relevant to your professional development needs.
Colin is a Chartered Financial Planner and a Fellow of the Personal Finance Society. He has worked for Prudential for 19 years starting in the Banking and Finance departments before becoming a Prudential Financial Adviser. For the last fifteen years Colin has been a pension and retirement income specialist, pioneering Prudential's growth in the Individual pension & Income drawdown market. Colin regularly represents Prudential, speaking at seminars and conferences to financial advisers across the United Kingdom. When he’s not working for Prudential Colin volunteers his time as Chairman of the Thames Valley Personal Finance Society, trains regularly at Tae Kwon-do and when he gets time loves to cycle.
Company: Canada Life
Kevan has worked at Canada Life, formally Retirement Advantage, for 5 years in his role as a Pension and Income Specialist, where he works closely with Andrew Tully, Canada Life Technical Director. He has over 30 years’ experience, all of it in the intermediary sales market and most of it in the pension and retirement space. His main role today, is to work with the Canada Life distribution teams. He supports them and their accounts in both a technical and sales presentation capacity. Kevan is also a regular speaker at National Adviser and PFS events around the country. He has a real passion for sharing best practice, recently in the higher risk advice markets, such as defined benefit transfers but, he is also in great demand with regards to helping, both advisers and para-planners better understand the T&Cs from the plethora of more complex guaranteed drawdown pension plans, marketed throughout the UK.
Kevin is an Adviser Development Manager at Aviva. For the last 13 years he has been working with advisers to keep them up to date with changes in regulation and legislation, bringing out the opportunities these present. This helps improve outcomes for clients and advisers alike. Kevin has over 30 years’ industry experience, including 20 in sales. He has 23 industry exams, is a fellow of the PFS and Chartered Financial Planner. Kevin loves his job. Away from work Kevin enjoys many sports, especially cycling up hills to get the best views and justify the meals and drinks after.
Company: Model Office
Chris has enjoyed 27 years within retail financial services initially as an IFA in the UK and Hong Kong then moving into Wealth Managment before branching out into business consultancy into Australia and South East Asia. Chris’s passion has always been client engagement and empowering professional practice through technology advancement and has now built and developed Model Office a RegTech platform that enables firms to benchmark their on-going performance against all rules and regulations and delivering tailored and heat mapped dashboards, tasks and resources to ensure compliance and streamlined business development saving time and costs.
Susan has worked for BlackRock since 2008 on the US Retail team and has recently joined the UK Retail team to focus on delivering thought leadership, fund and market views to the Regional wealth marketplace Prior to this role, Susan provided presentation support to the Direct Channel in the US covering firms like Merrill Edge, E*Trade and TD Investments. Her hobbies include running, reading, and traveling.
Prudential Financial Planning
Neil joined SimplyBiz in 2003 as a consultant before being appointed Operations Director in 2004. From here, he led the acquisition of Compliance First, subsequently becoming the Managing Director of that business in 2007, a role he held until 2010 when he was appointed Joint Managing Director of the SimplyBiz Group. Now Joint CEO of the Group, Neil has executive responsibility for compliance, operations and finance for The SimplyBiz Group. He is also Chairman of Defaqto. Neil is passionate about bringing systems and technology to advisers, to enable them to deliver even more to clients, and is an advocate of advisers creating a 'supply chain' around their business and service.
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