The Morning Briefing: No state pension forecasts and Liontrust digital marketing

Good morning and welcome to your Morning Briefing for Tuesday 12 April, 2022. To get this in your inbox every morning click here.

No state pension forecasts

The Department for Work & Pensions (DWP) has confirmed to Money Marketing that financial advisers can no longer obtain state pension forecasts on behalf of their clients.

The exception to the rule is when advisers have a power of attorney from the client.

This measure applies for any request signed after 23 February 2022.

Liontrust digital marketing

Liontrust has said it is making a significant investment in its digital marketing strategy to “further enhance” engagement with clients and investors.

This was epitomised through the launch of its new website at the end of March. The new site features “distinct customer journeys and personalisation”.

The website and wider digital marketing strategy are designed to give clients and investors “the information and content they want and in the way they want to consume it”, while also enhancing their online experiences with Liontrust.

Remembering what really matters

Ten days ago, I received a phone call from a friend of mine, letting me know that one of our close friends had passed away. As soon as I saw the call coming at 8:30 on a Saturday morning I knew what the call was about. 

“We had been told that cancer had gotten the better of him, after fighting it off for the previous 18 months. He was just 42 years old. He leaves behind a wife and beautiful 11-year-old daughter.

“If you didn’t know it already, life is short and it can be cruel.”

The death of a close friend can be traumatic and highly upsetting, yet deliver perspective about what really matters in life and what we value most, says Sam Sloma – managing director of Engage Financial Services.

Quote Of The Day

Markets will be paying attention over coming weeks not only to the earnings season but also developments in France. Macron now faces Le Pen in the second round of the French Presidential election on 24 April.

– Rupert Thompson, Investment Strategist at Kingswood, comments on the impact of French Presidential Election on markets

Stat Attack

The number of wealthy UK taxpayers admitting to unpaid tax on offshore assets has increased in the last year according to multinational law firm Pinsent Masons.


The number of wealthy UK taxpayers admitting to unpaid tax on offshore assets has jumped from 3,301 to 4,443 in the last year


This is a 35% increase year on year


The increase in the number of disclosures has seen the amount of additional revenue from offshore income increase from £44.5m to £56.9m in the last year


This is a 28% increase compared to last year


The maximum penalty for failing to disclose offshore income is 200% of tax owed

12 months

The Finance Act of 2016 also created the criminal offence of failing to declare offshore income, carrying a possible prison sentence of up to 12 months

Source: Pinsent Masons

In Other News

The South Coast branch of the Chartered Institute for Securities and Investment (CISI) has appointed O-IM investment manager Matthew Hull as its new president.

He has more than 10 years’ experience in investment management.

Prior to joining O-IM, he was co-Manager of the TAMAC Global Champions Fund and an Investment Manager at Rockfire Capital, closing around £250m of Infrastructure investments.

Hull’s academic background and personal interest in current affairs, politics, history, and economics is the driving force behind his work.

In addition, he finds continuing extra-curricular development is imperative, with his current focus being on German, Chinese, advanced Excel and Python.

Ninety One has announced the launch of the Global Sustainable Equity strategy.

The strategy is managed by Stephanie Niven, and is a concentrated, active, long-term global equity solution focused on sustainability leaders.

It will complement Ninety One’s suite of sustainable capabilities, including global environment, UK sustainable equity and global multi asset sustainable growth.

The Global Sustainable Equity strategy is investing for a world transitioning towards a more sustainable future, where externalities will be increasingly priced and valued.

This includes not just the carbon externality, where there has been significant momentum over the last eighteen months, but broader externalities that impact a company’s employees, wider society and the natural world.

Rathbone Greenbank Investments has appointed Marian Woodward as impact manager.

She will be based in Rathbones’ London office and will report to Kate Elliot, head of ethical, sustainable and impact research.

In the role of impact manager, Woodward will work closely with Greenbank’s investment teams based in London, Bristol, Liverpool and Scotland.

She will be responsible for leading the enhancement of Greenbank’s impact investment offering, including identifying further impact investment opportunities for clients and developing Greenbank’s impact reporting.

Prior to joining Greenbank, Woodward completed a Master of Public Administration (MPA) at the London School of Economics.

Before this she was a responsible investment analyst for Fidelity International, where she developed a proprietary ESG ratings framework and formalised its ESG corporate engagement framework.

From Elsewhere

Workers suffer biggest drop in real pay since 2013, figures show (Evening Standard)

Dollar holds steady ahead of expected red-hot U.S. inflation data (Reuters)

Cost of living crisis risks stalling the economy as storms, Covid and supply chaos dim UK prospects (i News)

Did You See?

“I was intrigued to read that Aviva will be buying Succession for £385m and I wish both parties the best of luck. However, experience suggests that there will be some significant challenges ahead.

“In fact, as I have said before, there is little evidence that this kind of consolidation helps institutions achieve their goals.

“Sometimes the issue is weak due diligence such as the recent debacle where Quilter found £35m of DB to DC liabilities after the deal with Lighthouse Group was done. But most of the time I think it is down to culture.”

Proudly announced mergers may sound ideal from the outset, but, says independent consultant Malcolm Kerr, combining cultures may require significant work.

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