Good morning and welcome to your Morning Briefing for Tuesday, 23 June, 2020. To get this in your inbox every morning click here.
Who is the FCA’s new chief?
London Stock Exchange boss Nikhil Rathi is set to take up position as chief executive of the FCA this autumn, but the former Treasury insider has commanded very few column inches to date.
Rathi will be replacing temporary chief executive Christopher Woolard who had also been tipped for the permanent role after spending seven years at the regulator.
So, what do we know about the new boss of the regulator?
Openwork exceeds more than 4,000 advisers
Around 100 advisers have joined Openwork during lockdown, taking the network’s number to more than 4,000.
The recruitment drive was mainly seen in the firm’s mortgage and protection areas.
Landmark ruling could open PPF claims can of worms
The High Court has ruled a cap on Pension Protection Fund compensation for those with larger pensions is illegal on age discrimination grounds.
But the decision could open a can of worms, according to a former pensions minister.
Just under two-thirds (63 per cent) of business owners over 55 think they will never stop working
Say this is out of choice rather than necessity
A quarter of business owners over 55 have no clear long-term plans
Source: Hitachi Capital Business Finance
Quote of the day
Moving to a flat rate of pension tax relief is a radical proposal and one that must be carefully considered. Pensions are for the long-term and so any policy making needs to be made with that in mind. We cannot have an overhaul of the pension tax system only to find it flawed and altered when challenges present themselves. Consultation on how it could be implemented, and to which schemes, is important as on the surface it sounds like an easy thing to do, but in practice it is not necessarily the case.
– Quilter head of retirement policy Jon Greer commenting on the Pension Policy Institute and ABI report, which today calls for an overhaul of pension tax relief
In other news
The FCA is preparing “to gradually” move firms across to its data collection platform called RegData, which is replacing Gabriel.
Firms will be moved to RegData in groups “to minimise” the impact and moving dates will be determined by the nature of their reporting obligations and schedules.
Zoom is no longer the best-performing work-from-home stock, according to reports from CNBC.
Former chancellor Sajid Javid has warned against a return to austerity as the UK economy struggles with the effects of the coronavirus crisis, the BBC has the details.
Did you see?
We delve into the FCA’s decision to ban contingent charging.