“Bank of mum and dad drives economic inequalities”

Not sure if there are any surprises or changes to the world order here. It was ever thus, that more educated and affluent parents can give their kids better life choices and opportunities, that ‘the children of university-educated home owning parents receive around six times more in wealth transfers during their 20s and early 30s than the children of renters; and so the status quo self-perpetuates. What did change in the second half of the last century were our expectations. My grandparents didn’t get their first mortgage until they were 60, and, like 80% of then pre-1960 population, were renters for most of their lives. Getting on the property ladder then became a rite of passage, accelerated by Maggie, and that, I think, is changing. For better or worse, the ‘mortgage millstone’ is being acquired later and renting after 30 will, hopefully, lose its stigma. 

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“FCA is managing out smaller firms it does not trust, industry says”

“FCA is managing out smaller firms it does not trust, industry says”

Are we ‘small firms’ really doomed? Is the regulator plotting our demise by default? The argument is that the rules, particularly the most recent ‘Consumer Duty’ set, are designed for the big players with big compliance departments and plenty of time and money to produce the endless paperwork they require. How can we minnows keep up?