The CISI Guernsey Branch Committee have agreed at the request of ‘The International Stock Exchange’ (TISE) based in Guernsey to place the following note on the ‘CISI Guernsey Branch web pages’ as it may be of interest to local members. (Please note however that the service is not endorsed or recommended by either the Chartered Institute of Securities, or it’s local Guernsey Committee and the details reproduced below are for ‘information purposes’ only).

The International Stock Exchange (TISE) has launched a new service to assist firms – and their clients – with obtaining a Legal Entity Identifier (LEI).

What is an LEI?

An LEI is a unique 20-character alphanumeric identification code designed for regulators to globally identify all legal entities that are engaging in financial transactions.

Which entities must have an LEI?

Some entities have already been required to have an LEI but the scope is set to widen significantly. From 3 January 2018, all entities within the EU, including the UK, which are subject to the Market in Financial Instruments Directive II (MiFID II) and its associated regulations – or non-EU entities wishing to transact with such entities – must have an LEI. “No LEI, No Trade.”

TISE’s LEI service

TISE is now able to act as an easily accessible conduit through which its member firms AND also non-member firms (i.e. those without a pre-existing relationship with TISE) are able to obtain LEIs from the London Stock Exchange (LSE).

Key features

• A service from within the Crown Dependencies
• Open to existing Members and also non-Member firms
• May be used by firms for their own entities and/or those of their clients
• May be used for a single LEI or multiple LEIs
• Administration hub for obtaining, renewing and maintaining LEIs with the LSE
• Approachable team available to assist you

Cost

• Each LEI request received has an initial set up fee of £155
• Each LEI has an annual renewal fee of £95

Next steps

For more information or to submit an application, please visit our new LEI Service webpage: http://www.tisegroup.com/lei-service/

Please note that the LEI Service terms and conditions on that webpage must be read, understood and accepted prior to any application being submitted.

If you still have any questions once you have consulted our LEI Service webpage and terms and conditions, then please contact:

Robbie Andrade, Director
Robbie.andrade@tisegroup.com

Ben Snook, Senior Manager
Ben.snook@tisegroup.com

The International Stock Exchange Group Limited.
PO Box 623 Helvetia Court, Block B, 3rd Floor, Les Echelons, St Peter Port, Guernsey, GY1 1AR

TISE is a registered trademark of The International Stock Exchange Group Limited.

Kate Lester, a local entrepreneur, provided the audience with insights into the importance of ethics, values and integrity in the financial services sector at the event, held on 30 November 2017 at Harbour Hotel, Surrey

View the photos from the dinner here.

The Chartered Institute for Securities & Investment (CISI) is delighted to announce the appointment of Maggie Lindsay, Chartered FCSI as President of the CISI Scotland branch.

Click here to read more.

The first annual dinner for the new CISI Cotswold branch was held at the Greenway Hotel, Cheltenham on 30 November 2017

View the photos from the ceremony here.

Magician Chris North kept an audience of over 45 on their toes with his tricks at the event, held on 9 November 2017 at Corpus Christi College, Cambridge

View the photos from the dinner here.

CISI friend John Young, Agent for the North West spoke at Rathbone Hall on 14^th December, for our Christmas CPD event. 

Interest Rates

On the 2^nd November, interest rates were raised to 0.50% in order to meet the inflation target while still supporting jobs and growth.

Overall, the committee’s growth forecast hasn’t changed much. But global growth remains strong and inflation is above target (3.1% in November) and more people are in work than ever before

What will be the impact of the rate increase?

A fifth of people with mortgages have never experienced an increase in Bank Rate. But half of these borrowed after the FPC introduced its affordability stress in 2014, which requires mortgagors to be able to withstand an increase in their mortgage rate to around 7%.

For companies, the share of profits required to meet monthly debt repayments has fallen to its lowest level for at least two decades. Company gearing is much lower than in the run up to the financial crisis.

Brexit

John advised that the FPC will continue to identify and monitor the UK financial stability risks associated with Brexit.

There are a range of possible outcomes for the UK’s future relationship with the EU and a number of possible paths to that relationship. The UK banking system can support the real economy through a wide range of Brexit outcomes. This includes a scenario in where there is no agreement in place when the UK leaves the EU.

Renewal of the RTGS system

Real-time gross settlement (RTGS) service - infrastructure that holds accounts for banks, building societies and other institutions.

On an average day, RTGS settles around £500 billion between banks. Renewal of the system will include higher resilience, wider interoperability and improved functionality

Stress Tests

John closed by discussing the 2017 stress test of UK banks. The stress test scenario allows for more severity than the financial crisis. Therefore no bank needs to strengthen its capital positon in response.

 

On behalf of all the Liverpool, Chester & North Wales committee, we wish all our members a very Merry Christmas and all the best for 2018!

2017 is nearly over and the CISI Southern Branch Committee wanted to send their thanks to all of you who have helped, been involved, and attended our events over the year. It’s been a good year for the Southern Branch and as you can guess we have already started to plan 2018. 

We hope that you have a great Christmas and of course a prosperous New Year! See you in 2018, hopefully at the first event in our CISI Southern Branch calendar at the end of January (25^th / AM) at GLive in Guildford. 

Thank you for your continued support and we look forward to working with you in 2018.

If you have not used this question before, then I recommend you try it! The question usually stops people in their tracks and is to some extent so neutral that the responses can be as diverse as an individual’s world. Try it on clients, staff and colleagues to see what you get back. The responses can be enlightening, easy to fix, or more deep-seated, revealing a greater underlying issue that needs to be addressed and is the tip of the iceberg of a number of changes the individual wants to address.

I also think the timing of this question is important as we approach the end of the year, 2017, as it can be a time of reflection of the year that has passed. It’s all well and good pointing this question at others, but it is sometimes better to direct it at yourself to ask the same. And…what would you change?

Only you will know the honest answer. I asked the host on my money advice slot on air on BBC Surrey & Sussex radio this week and her response was immediate…’to earn more money!’ Don’t we all (usually) want to do this, but the question is how? As part of a Financial Planner’s role, we often question clients to understand their real needs through searching questioning that can be challenging. This is only correct to make the right advice recommendations. So, asking yourself some thought-provoking questions would not go amiss.

With 2017 fading fast and the prospect of 2018 in sight, and of course the festive season about to descend on us, now is a great time to look at your career, your business, your position to see what you would change. Change is nothing to be feared as long as it is embraced and it could be anything, from more CPD, to a promotion, to a career move…you name it.

Whatever you do, make it happen in 2018. We believe that the prospects for the year look good…and so should yours!   

Keith Churchouse CFP Chartered FSCI
Vice-President CISI Southern Committee

Cricket commentary box legend Henry Blofeld OBE shared stories from his 47 years as a test match special commentator at the event, held on 16 November 2017 at Hilton Bournemouth Hotel

View the photos from the dinner here.

Paul Jackson and Steve Lennon spoke on why capitalism might be in for a bit of adjustment on the 9 November CPD event in Exeter and gave excellent speeches.

Following Carney's suggestion that capitalism may lead to instability due to wage inequality and Adair Turner's earlier analysis that competitive capitalism can drive the market in an 'unstable condition', Paul Jackson spoke clearly about the signs that there were risks in the market, and Steve Lennon from Parmenion worked through some solutions that asset managers might employ now.

Paul Jackson's slides are here.

Where both speakers provided valuable research and spoke effortlessly and well, they stopped short of offered specific suggestions as to which sectors might perform better than others during an extended period of no real growth in developed markets, and we'll return to this topic in later CPD events.

Former Wales international rugby player Richard Parks was guest speaker at the event, held on 2 November 2017 at Cardiff Castle

View the photos from the dinner here.

Guests at the event contributed over £1,200 excluding gift aid to the Social Mobility Foundation

View the photos from the ceremony here.

After-dinner speaker Paul Sinha, comedian and quizmaster on ITV's The Chase, kept an audience of over 65 entertained at the event, held on 12 October 2017 at The Spa Hotel, Tunbridge Wells

View the photos from the dinner here.

Graham Gooch OBE DL, former English cricket captain, kept an audience of 85 entertained at the event, held on 19 October 2017 at the County Hotel, Chelmsford

View the photos from the dinner here.

String quartet Arcosanti Music, and a close-up magician kept an audience of 80 entertained at the event, held on 19 October 2017 at Bristol Museum & Art Gallery

View the photos from the dinner here.

The first LJMU Careers in Finance took place on Wednesday 25th October, with a panel of speakers taking to the stage in the large lecture theatre in the Redmond Building.

Liverpool John Moores University is one of the largest, most dynamic and forward-thinking universities in the UK, with origins dating from 1823.

There was a great turnout with over 80 students discovering a variety of careers paths ranging from Investment Management to Insurance.

It was inspiring to see some LJMU alumni on the panel, including Tom Calland & Jonathan Murphy from Fraser Wealth Management.

The CISI was pleased to join with the Chartered Insurance Institute (CII) on the day and afterwards there was a lively networking event, in which the students could engage with practitioners in an informal setting.

Thank you to Senior Lecturer Karl Roberts & Anne Chisholm from the CISI for organising and to all the other speakers for their time & effort.

Today we met Trevor Neil from Beta Group who explained the blockchain mechanism, the global appeal of Bitcoin and what this might mean for those in financial services.

Trevor is Europe’s leading technical analysis expert & has been a trader for over 30 years.

Certainly not for the feint hearted & with a volatility rating of 100, Bitcoin has increased nearly 8x in the last year. It sits outside the realm of government intervention and is not subject to inflation. This new asset class is now capturing the interest of major investors as its shakes off its ‘bad boy’ reputation.

The CISI was proud to have a special guest appearance from Leon Rossiter, Economy Manager from Colu Group, the brains behind the Liverpool Pound; the blockchain based digital wallet that inspires local economies to be more prosperous. Leon brought the topic to life talking about the rollercoaster ride that is the start-up life.

You don't need me to tell you that 2017 is not over yet. No doubt there are many diary notes and CPD log reminders that will do that for you, but as we approach November, and with December traditionally not being the most active of business months, how has 2017 been for you?

I think it's fair to suggest that 2017 has not been a 'standard' year, if there ever was such a thing. The bombardment of all things 'Brexit' has been on most clients’ minds, unwisely called General Elections are behind us, MiFID 2, GDPR are on the way, and from a global perspective growth has been firm, although set against various heating geopolitical tensions...and these have not gone away, only deepened and widened (the US / Iran being a good example).

And don't forget that the Budget that was no longer going to happen as a Statement in the autumn is now set for 22 November 2017. I'm pleased that's clear! 

Indexes have largely risen, but so has inflation and I think many are agreed that the Bank of England base rate is too low. Is 2017 the turn point for a return to all things 5% of yesteryear? Base rates, inflation, average dividend yields? In my opinion, not for a long time, but change is in the air and it started this year. Change is good, and it's about the only thing that is guaranteed in the money world in which we thrive. 

So, how has 2017 been for you, and with it nearly over and the ability to influence it waning (although November is traditionally our best trading month of the year), what does 2018 hold for you? More of the same, or something spookily exciting?

Now's the time to take stock and to look forward. Happy Halloween! 

No advice is provided during this blog.

Keith Churchouse CFP Chartered FSCI

Vice-President CISI Southern Committee

This week we saw students from a range of schools across Liverpool meet with their mentors for the first time.

The students are in year 13 and currently working on the Extended Project as part of their CISI Level 3 CertISI qualification.

The qualification provides candidates with an introduction to the financial services sector with a focus on investments. It is the equivalent of an A/S Level and supports progression to a range of finance and business related higher education courses.

The 21 students will complete a 4000 word report, complemented by a 500 word personal evaluation. The challenging titles include ‘Is the UK taxation system fair?’ and ‘Is it too difficult for young people to get onto the property ladder?’

The mentors will regularly meet with the students over the academic year and offer ‘real life’ guidance and support. The project is designed to expand the student’s skills in planning, analysis, criticism and self-reflection. The mentors are all established professionals, working in a variety of financial roles across the city.

Mentor Jaclyn King-Gibson, Investment Manager at Rathbones (pictured) imparts her wisdom on a young learner.

We hope all the students and mentors have a very rewarding experience and we wish all the students the very best for the academic year.

It’s a busy time for the Education Committee, as students across the region head back to school, college and university.

On the first day of their new term, the Masters students learnt how the CISI can support them into their studies and beyond. 

The session also involved practitioner support from Regional Education Secretary Rob Shutt and Committee Member Ryan Cruise, both from Investec, and a networking session afterwards.