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Morning Briefing: Cryptocurrency War; Transact sets a new record

Good morning. Welcome to the Morning Briefing on Tuesday, July 20, 2021.To put this in your inbox every morning click here.


Paul Lewis: Banks and regulators lose in crypto war

Paul Lewis has recently been called four times to prove that the Financial Conduct Authority (FCA) cannot block popular cryptocurrency websites that openly sell banned products to British people. It was.

He decided to ring the regulator because it was at the beginning of the week Banned Binance Markets Ltd From selling regulated financial products in the UK.

But the pros and cons are that FCA has no power to prevent Binance from selling these banned products through its .com website, Lewis explains.



Transact record number

Advisor platform Transact has achieved assets of just over £ 50bn as its third-quarter gross flow hit a “highest ever” record.



FCA is willing to apply for ESG funds

The FCA is disappointed with the quality of its environmental, social, governance (ESG) and sustainable investment fund applications.

In a letter from the dear CEO, the asset manager warns that companies expect to see improvement when seeking approval to launch a fund.

Regulators have expressed expectations for the design, provision and disclosure of such funds.



Today’s quote

Most British expatriates in Europe maintain strong financial ties with the UK, but with the implementation of new Brexit rules and regulations, tens of thousands are routinely used by financial services providers such as advisors and banks. Is abandoned.

-James Green, Regional Manager of de Vere Europe

When so-called Freedom Day began, 46.3 million people in the UK received their first Covid-19 vaccine.

Of these, 36.1 million also received a second dose.

Source: Coronavirus .data.gov.uk



In other news

The process of managing the things of loved ones will be “enhanced and modernized” under the major reforms announced today.

A consultation launched by the Public Parents Office (OPG) states that the Permanent Lawyer’s Power (LPA) service will be “safer, simpler and more suitable for the future.”

The 12-week consultation will review the entire LPA creation and registration process.

In recent years, the number of registered LPAs has “dramatically increased” to over 5 million.

But the government says the process retains many paper-based features over 30 years ago.

The talks are primarily aimed at enhancing OPG’s capabilities to prevent fraud and misuse while introducing digital services.

In response to the news, RQuilter’s tax and financial planning expert, achael Griffin, said: “The lasting power of lawyers is crucial in our personal financial management and provides decisive protection in the fight against vulnerable people who are fraudulent. It’s nice to see people upgrade their system for registering LPAs and unfortunately move the wheels to help fight the tragedy of fraud that we’re too familiar with.

“The pandemic has a huge impact on the number of LPAs registered and seems to be slow to return to what is considered a pre-pandemic level. Many families are becoming more and more sophisticated and difficult to discover. It’s still a concern if you don’t return to these pre-pandemic levels, as it means you’re still at risk. “

She added: “Someone’s finances by considering where public guardian offices can use pandemics to streamline and facilitate processes and enable people to implement LPAs with minimal effort. These changes. Must also include raising public awareness. Very few people are aware of LPA and its benefits, so when doing an overhaul, improve your knowledge of LPA and how to achieve it. I need to let you.

“This talk is clearly a step in the right direction, but it’s important that people don’t wait until a new system is introduced. LPAs can only be registered if they have mental abilities. It’s too late. Talking with your family can be difficult and the process can be time consuming, but you need to put it at the top of your to-do list, or you risk losing this important safeguard. There is. “



From other places

UK early retirement pension caps are illegal and court rules (Law 360)

Studies have found that most institutional investors expect to buy digital assets (Reuters)

Rise in national insurance to pay for Tories social welfare reform (Times)

Covid: Boris Johnson resisted the fall blockade with the death of more than 80s – Dominic CummingsBBC news)


did you see?

Tom Selby, a former news director for money marketing and now a senior analyst at AJ Bell, received a lot of attention in his article yesterday. Lifetime allowance habit Keep the DC saver short.

He argues that “obsolete income multiplier” means that DB savers effectively get a much higher lifetime allowance than DC savers.

And he doesn’t know how it can be justified.

What do you think?



Morning Briefing: Cryptocurrency War; Transact sets a new record

Source link Morning Briefing: Cryptocurrency War; Transact sets a new record

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