It was A-level results day this week as students up and down the country set upon their career paths - perhaps some of them will find themselves in the financial advice industry and plug the "huge recruitment crisis" that was heralded last week.
Elsewhere a different set of results saw one of the industry's big fund managers in the doghouse.
It's time for the week in news.
1 Pensions cap disputed
On Tuesday (August 12) Aegon called on the government to lift a "little known" pensions cap and reinstate the money purchase annual allowance from the current £4,000 to its former £10,000.
The MPAA is the amount a person who has already begun drawing on their pension can pay back into their retirement pot in a given year without incurring a tax charge, and in 2017 the allowance was cut to £4,000.
But this week pensions giant Aegon warned this was putting thousands of older workers at risk of finding out too late that they have damaged their future pension potential.
Instead it urged the government to substantially increase the limit which it said would "dramatically reduce the number who otherwise accidentally damage their future retirement prospects".
2 Investors victorious in Sipp ruling
A group of 176 investors was victorious in a multi-million pound claims case against Berkeley Burke, in a development experts have said could see the self-invested personal pension provider enter insolvency.
Berkeley Burke had its defence thrown out by the High Court in a case brought by investors after it decided it did not want to participate in the proceedings.
The claimants had suffered losses incurred from high-risk assets invested via Sipps, with the provider ordered to pay an initial payment of almost £1m to cover the claimants' costs.
Due to Berkeley Burke’s defence proceedings being thrown out the claimants are now permitted to enter judgment and the court will now determine the value of the 176 claims which will have to be paid by Berkeley Burke.
In light of this and the £1m legal bill experts believe there is a possibility the firm may enter insolvency.
The provider's reasoning for not wishing to fight the case any longer was to concentrate instead on its upcoming appeals case against the Financial Ombudsman Service, which is scheduled for October 15.
3 Invesco defends stay in the doghouse
This week Invesco defended the performance of six of its equity funds after they featured on the latest “dog” list of chronic underperformers, pointing instead to volatility in UK equity markets caused by political uncertainty and "other geopolitical and global economic factors".
A "dog" fund is that which has underperformed its sector for each of the past three years, with the total level of underperformance being 5 per cent below the index or worse.
Invesco had six "dog" funds on the list, more than any other fund house.
Invesco said: "Whilst recent performance has been challenging, our investment process remains robust and we continue to believe in the long term value of the UK equity market."
4 Half a dozen in default
Six firms found themselves in default with the Financial Services Compensation Scheme this week, including an adviser which was told to cease all pension and investment work by the regulator last year.
In July 2018 the FCA instructed Omega Financial Solutions, which has now gone into liquidation, to stop all regulated activities relating to pensions and investments and this week the firm found itself on the latest list of firms in default with the lifeboat scheme.
Meanwhile Plymouth-based Leech & Burgess IFA LLP has also been declared in default, having gone into liquidation, as had Cornwall-based Premier Mortgage Centre (UK) Ltd - opening up a path for consumers to make claims for compensation against the firms.
5 Learning in the fast lane for Quilter's students
Students at Quilter's advice school can now get their Diploma for Financial Advisers in three months with the launch of a new fast track course.
Quilter's standard part time programme takes 47 weeks but the fast track course is aimed at students wishing to study full time over three months. The company will also cover the costs of tuition fees, overnight accommodation and travel expenses if a graduate remains with Quilter Financial Planning as a restricted financial planner for two years.
The school said the course had been introduced in light of a "dramatic and growing advice gap" and growing demand from students for a shortened and more intense course.
Scott Stevens, director of adviser recruitment and acquisition at Quilter Financial Planning, said: "We’ve seen a demand at the Quilter Financial Adviser School for an intense, shortened course for those that want to jump straight into a career as a financial adviser, particularly those who are looking for a career change."
rachel.mortimer@ft.com
