It's still hot, but not as hot as the news we've got for you this week. From Baroness Altmann's move to chair new auto-enrolment start-up Pensionsync, to the news that Moneysupermarket is quickly but surely taking over the entire world, we've got it all. So pour yourself a strong one, this could be a long one.
Baroness Altmann backs fintech pensions start-up
Former pensions minister Baroness Altmann, who first came to the public’s attention when she campaigned for the rights of 150,000 workers who had lost their pensions, is to chair fintech start-up Pensionsync.
Pensionsync, which is in the FCA’s Regulatory Sandbox, wants to tighten up auto-enrolment administration and will focus on data protection.
Quoted in Money Marketing, Baroness Altmann said:
“Our mission will be to improve pension auto-enrolment administration to ensure more accurate and secure data. In the next stage of development we also intend to enable millions more workers to have low-cost life, critical illness and health insurance, which has been out of reach for employees of most small firms.”
Financial advice needs to get down with the kids
The financial planning profession needs to work harder on recruiting young blood, Rohan Sivajoti of Postcard Planning and co-founder of NextGen Planners has argued.
Writing for Nucleus’s Illuminate blog, Sivajoti said that in general, the profession wasn’t very good at explaining what it does to the outside world, which has a negative impact on attracting younger recruits. Managing ‘young guns’ requires different skills too, he said. Read the full piece here.
Mortgages are so Moneysupermarket
Moneysupermarket is setting up a 50-50 joint venture with two entrepreneurs to digitise the mortgage process.
The joint venture, called Podium, could pose a serious threat to the start-ups who have already been innovating in this space, such as digital mortgage brokers Habito and Trussle.
16 million people visit Moneysupermarket’s website a year searching for information on mortgages, making up around 25% of the total UK search traffic on the topic, according to Business Insider. Customers will not only be able to compare mortgages, but apply through the website too. Click here for more.
Influencers have had bad press recently, and for some it is for good reason. A fair few of them have been caught buying followers, which you can do for as little as 1p. Buying followers has been a long-run, little-spoken-about quirk of the industry, but it has now landed it in hot water, leading marketers to hold back on spend. So while an influencer can command thousands of pounds per social media post if they have followers in their thousands, marketers are turning to other metrics such as post impressions instead to prove legitimacy, according to Digiday.
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