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How much passive investing is too much?
Warnings that index funds have broken the stock market all imply a threshold: a share of the market at which price discovery fails. Nobody making the argument names it. Owen Lamont, writing in the Financial Analysts Journal, argues that no such number exists short of complete passive ownership, and that what actually determines whether prices stay informative is who is left doing the trading. His case, the strongest peer-reviewed research against it, and what the performance

Robin Powell
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Your wealth manager is not your financial planner
New FCA figures show that fewer than one in three wealth management firms also offer financial advice. That is not a scandal, and nobody has been mis-sold anything. But it does mean a great many people are paying for a well-run portfolio while assuming they are also getting a plan. The two are not the same thing, and it is the plan that answers the question most investors actually care about: can I stop work when I want to?

Robin Powell
5 days ago6 min read


FCA asset management reforms: the £128m question
On 14 July 2026 the FCA proposed the biggest overhaul of UK asset management regulation since the rules were inherited from the EU: a single remuneration code, a new fund-reporting framework and higher size thresholds, worth an estimated £128 million a year to firms. The industry welcomed it within hours. What the reforms mean for ordinary investors, and whether the savings ever reach them, is the debate that has barely begun.

TEBI
Jul 178 min read


The FCA is risking a bigger scandal than Woodford
The fifth anniversary of the closure of the Woodford Equity Income Fund (WEIF) is two weeks away. More than 300,000 investors were affected by WEIF’s implosion. Some of them planned to retire by now but are still having to work to recoup the money they lost. Many died without receiving any compensation. You would hope by now the financial industry would have learned the lessons of this sorry saga. Alas I fear it hasn’t, and, five years on, the chance of a recurrence has never

Robin Powell
Jan 5, 20254 min read
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