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Asset Allocation Research for UK Advisers

consumer duty: what it means for advisers

24/8/2022

 
Picture
[5 min read, open as pdf]

  • Creates new principle and four key outcomes
  • Builds on TCF and PROD rules for advisers
  • New rules kick in from 31st July 2023

The FCA has now issued its Policy Statements and Finalised Guidance on Consumer Duty.  From 31st July 2023, the new rules will come into force for existing products and services.  From 31st July 2024, the new rules will come into force for legacy products and services.
The rules create a new Consumer Principle that requires firms to deliver good outcomes for consumers by “acting in good faith, avoiding cause of foreseeable harm, and enabling and supporting retail customers to pursue their financial objectives”.
Read the full article

Consumer duty: what it means for providers

23/8/2022

 
Picture
[7 min read, open link]
  • FCA has published the new rules on Consumer Duty
  • This will impact how investment products are designed and distributed
  • The new rules come into effect from 31st July 2023

In this article for FT Adviser, we explore how the new Consumer Duty rules will impact the design on investment products by providers.

Read the article on FT Adviser

UK INFLATION AT 10.1% FOR JUL-22

17/8/2022

 
Picture
[3 min read, open as pdf]
  • This is higher than 9.3%yy survey estimate…
  • … and an increase from 9.4%yy last month
  • Represents a move to double-digits and a new 40-year high
 
Latest UK inflation figure
The latest UK inflation came in at 10.1%yy for June 2022, compared to 9.3%yy survey estimate.  This is up from 9.4%yy last month and is above expectations.
This is the highest UK inflation rate in 40 years, and now in double digits.  Food prices rose meaningfully, especially bakery products, dairy, meat and vegetables, and this was also reflected in higher takeaway-food prices.  Inflation pressure has not yet peaked with Bank of England expecting 13% in 4q22 (from 11%) and a further step-up in the retail energy price cap.  The BoE remains behind the curve, in our view.
See full article including all charts

US inflation at 8.5%yy for Jul-22

12/8/2022

 
Picture
[3 min read, open as pdf]
​
  • This is lower than the survey estimate…
  • … and a decrease from 9.1%yy last month
  • Represents the lower energy prices
 
Latest US inflation figures
The latest US inflation came in at 8.5%yy for July 2022, lower than survey estimate. This is down from 40-year high of 9.1%yy last month and is lower than expectations of 8.7%.
Gasoline prices fell by 7.7% in July, compared to an increase of 11.2%yy in June 2022. Food prices continued rising at a fast rate of 10.9%yy. Shelter cost moved higher by 0.5% from last month and went up by 5.7% from the same time last year. 

Read in full including charts

which defensive etfs for a rising rate regime?

8/8/2022

 
Picture
​[3 min read, open as pdf]
  • Central Banks continue to raise rates
  • This may choke off growth without impacting inflation
  • We look at which defensive ETFs make sense in a rising rate regime

On 4th August, the Bank of England raised rates by 0.5%, the largest single increase since 1995. This followed the US Federal Reserve raising rates by 0.75% at the end of July. While these rate rises may or may not bring inflation under control, the risk they pose to growth is considerable.

We consider the ways in which investors can use ETFs to build defensive resilience as an alternative to low-yielding cash or bonds. 

Yield Curve inversion and the 'r' word

5/8/2022

 
Picture
[3 min read, open as pdf]
  • The US has entered a technical recession
  • US yield curve inversion is a reliable recession predictor
  • Policymakers can support growth or fight inflation, not both

What is the yield curve and how does it illustrate future expectations for the economy?

In this article, we explain how to read the yield curve and discuss what the current version is suggesting in terms of inflation, interest rates and recession.

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  • WHO WE ARE
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