Good morning and welcome to your Morning Briefing for Thursday 2 March, 2023. To get this in your inbox every morning click here.
AI is coming
When someone says AI, my mind is immediately filled with scenes from dystopian films set in the future.
The themes are largely the same: AI has become more intelligent than humans and we have lost control of it.
Top 10 most-read stories
Read the top 10 most-read on Money Marketing here.
Quote Of The Day
In the Budget, the Chancellor must deliver measures that underpin the UK’s competitiveness by building a strong regulatory framework, which ultimately drives growth and ensures financial resilience.
– Chris Cummings, chief executive of the Investment Association, warns that the UK faces a danger of losing its place as the leading centre for international investment management
Stat Attack
Most major UK supermarkets are imposing buying limits on a variety of fruit and vegetables. Digital marketing agency The Audit Lab looked at Google Trend data to understand how much impact the impositions have had. They compared search interest for vegetable-related terms to the week before they were announced.
Peppers and cucumber
Have seen the smallest increases, 4% and 5% respectively;
13%
They were followed by lettuce at 13%
14%
Broccoli is next, seeing an increase of 14%
35%
Searches for tomatoes have risen by 35%
260%
The vegetable that has seen the biggest increase by far is the humble turnip, seeing a huge leap of 260%. This increase follows a quote from Secretary of State for Environment, Food and Rural Affairs Thérèse Coffey, suggesting that we substitute tomatoes with turnips
284%
A huge increase of 284% for the term “veg limit” shows how people are flocking to Google to find out what has been restricted and where, along with a jump of 203% for the term “UK veg”
Source: The Audit Lab
In Other News
UK life and pensions mutual insurer LV= has become a member of the Association of Financial Mutuals (AFM).
The AFM is the trade body that represents mutual and not-for-profit insurers, friendly societies and other financial mutuals across the UK.
At its most recent meeting, the AFM Board unanimously agreed that LV= should become the AFM’s 45th member.
LV= CEO David Hynam said: “Mutual organisations play an essential part in delivering financial confidence across all parts of society, striving to deliver the best financial outcomes for members. Mutuals provide diversity of choice and make our life and pensions market more resilient.
“It is essential that mutuals compete on a level playing field and that policymakers understand the necessity to update the rules and regulations that govern the sector so mutuals can thrive.
“As LV= approaches its 180th year, I am delighted that we are adding our voice to the fantastic work the AFM and its members are already doing.”
Go.Compare, has chosen life insurance broker, Reassured, to power its life insurance comparison service.
The new service will allow Go.Compare customers to compare multiple life insurance policies from a wide range of insurers, and has been designed to help people find the right policy for their requirements, and at the right price.
The company will power both Go.Compare’s online service, as well as providing telephone support for those who would prefer to speak to someone about their life insurance cover.
The price comparison enables people to compare the costs and features of a wide variety of insurance policies, financial products and energy tariffs.
Reassured, which was launched in 2009, provides level term life insurance, decreasing term life insurance, whole of life insurance and over 50s life insurance, as well as Critical Illness Cover and Income Protection. Since its launch, the company has enjoyed rapid expansion and provides an award-winning service.
From Elsewhere
Wall Street titans confront ESG backlash as new financial risk (Financial Times)
$33bn fintech giant Revolut reports first-ever annual profit (CNBC)
Schroders reports dip in client funds in 2022, lower profit (Reuters)
Did You See?
Vanguard has confirmed it will close its financial advice service arm on 31 May 2023.
Clients will have the possibility to transfer out to another retirement adviser or to convert their account to a non-advised one with Vanguard.
A spokesperson for Vanguard said: “We launched the service for clients of our existing platform with specialised retirement needs.
“However, after careful consideration, we have concluded that our clients are looking for other, more adaptable forms of financial planning from Vanguard.
“We have therefore taken the difficult decision to close the retirement planning service.
“We are committed to the development of further financial guidance and advice services, to give investors the best chance of investment success.”
