FTAdviser Podcast
380 episodes - English - Latest episode: 16 days ago -FTAdviser is the Financial Times’ specialist title dedicated to the UK financial advice profession. Each week one of our reporters will be joined by a panel of experts to discuss issues such how the latest regulatory developments will impact advice firms, how advised clients will be affected by the latest developments in pensions, investing, mortgages and tax, and how the financial advice profession will develop and grow. The FTAdviser Podcast is designed to inform regulated UK advisers on a range of topics, covering investments, pensions, regulation and other key issues.
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Episodes
Rooting out the rogues
February 22, 2021 08:37 - 32 minutes - 29.5 MBFTAdviser In Focus has been looking at all aspects of vulnerability, and one of the biggest ways in which vulnerability has been made manifest is in the rise of scam activity during the Covid-19 pandemic. Across social media, rogue lead generation adverts have popped up, often making outlandish claims about premiums. Meanwhile, calls from outright scammers – as well as lead generators – have targeted people in their homes, claiming to be getting them a better deal on their life insurance. ...
What advisers can learn from Gamestop
February 19, 2021 11:00 - 28 minutes - 26.1 MBThere are many changes caused by the coronavirus crisis that were perhaps predictable at the start of the pandemic — a shift to working from home, a rise in home gym sales and far too many banana breads being baked. But one that was perhaps less easy to forecast was the rise in DIY investing and day trading. Retail platforms have experienced a huge wave of new clients, equity trades have more than doubled, and the recent Gamestop battle between amateur investors and hedge funds caused a tra...
What it takes to stay in the DB transfer market
February 12, 2021 11:00 - 23 minutes - 21.5 MBThe market for providing advice on defined benefit transfers has shrunk by 46% over the past few years, as insurance costs and regulatory changes take their toll - and there are concerns this will be exacerbated by the contingent charging ban, which came into effect in October 2020. So what does it take for a financial advice firm to continue to provide financial advice? This week, reporter Amy Austin talks to two advisers who have remained in the market: Alistair Cunningham of Wingate Fina...
Vulnerability: Taking stock of investment risk post-Covid
February 09, 2021 09:59 - 36 minutes - 33.3 MBThe Financial Conduct Authority is keen to make sure financial services companies are treating customers fairly and paying mind to whether the client is potentially vulnerable. But has Covid made us all fall into this category at some level? This is not just relevant at the time of the initial consultation but also ongoing – are our investments that we chose three years ago still suitable? Are they going to be suitable in three or five or even seven years' time? How does one best assess inv...
Launching an advice firm during a pandemic
February 05, 2021 11:00 - 26 minutes - 24.6 MBAttempting to launch a new financial advice firm is tricky at the best of times, but doing it during a global pandemic - amid lockdowns and social distancing - might be another level of challenge. And that's before you take into account the economic uncertainty which 2020 saw. But this week on the FTAdviser Podcast, reporter Rachel Mortimer talks to two advisers who did just that. Joining her to discuss how they launched their firms during 2020 are Alister Gaines, a chartered financial plan...
Why is the FCA unhappy about advice fees?
January 29, 2021 11:00 - 34 minutes - 31.8 MBLast month the Financial Conduct Authority published its review of the financial advice market post-RDR and FAMR, in which it raised concern about the lack of competitive pressure advisers face, as well as "significant" clustering of fees which, the regulator said, suggested the advice market was not "well-functioning". This week FTAdviser's digital editor Damian Fantato is joined by Tim Fassam, director of government relations and policy at adviser trade body Pimfa, and Alasdair Walker, a ...
Should advisers expect more inflation in 2021?
January 22, 2021 11:00 - 39 minutes - 35.9 MBOne of the side effects of the coronavirus pandemic, and the lockdowns which have been introduced to curb the spread of the virus, has been low inflation. During 2020 inflation reached its lowest point for five years and since April 2020 it has only once gone above 1 per cent. But as vaccines are rolled out and the prospect of a return to normality looms larger, what can advisers expect during 2021? FTAdviser special projects editor David Thorpe talks to Phil Smeaton, chief investment office...
Helping clients get into the savings habit
January 15, 2021 11:00 - 34 minutes - 47 MBA lack of good financial education has often been cited as the reason for people's financial ill-preparedness. So, in 2021, how can advisers encourage their clients - and their client's young children - to form good money habits? Furthermore, if education about managing one's finances begins at school or even younger, what sort of helpful tips might advisers share with clients to help them get their own children off to a flying start? Speaking to Simoney Kyriakou, senior editor for FTAdvi...
What 2021 has in store for advisers
January 08, 2021 11:00 - 22 minutes - 31.1 MBIn the first episode of 2021, FTAdviser digital editor Damian Fantato is joined by reporters Imogen Tew, Rachel Mortimer, Chloe Cheung and Amy Austin to discuss what the upcoming year might have in store for financial advisers. First Damian and Imogen discuss property funds and the impact the Financial Conduct Authority's new rules might have, as well as continuing M&A activity in the platform space and an outlook for the year ahead. Then Rachel considers whether the coronavirus pandemic h...
What advisers can learn from 2020
December 18, 2020 11:00 - 34 minutes - 46.9 MBFew people will look back fondly on 2020, but amid the panic and the pandemic there were many important lessons - both personal and financial. Joining Simoney Kyriakou, editor of Financial Adviser, on the final FTAdviser Podcast of 2020 are four panellists from a cross-section of the financial services industry: pensions, protection, mortgages and investments. They talk about the way in which their sectors have reacted to and met the challenges of 2020, and what lessons consumers and marke...
What fund management M&A means for advisers
December 11, 2020 11:00 - 34 minutes - 47.9 MBThere has been a raft of mergers and acquisitions in the asset management and platform space as waves of consolidation continue to grip both markets. In the asset management sector, major names like Jupiter and Merian have come together, while adviser platforms continue to be snapped up by big asset managers and private equity firms alike. Both industries are experiencing a downward pressure on fees and many firms within the market have seen a difficult year as assets under management tumb...
What made great service in 2020
December 09, 2020 11:00 - 33 minutes - 46.4 MBProviding first-class service to clients has been a challenge during 2020 as the pandemic unfolded - but that doesn't mean it has been impossible. Technology and communication were two of the most crucial elements to ensuring top-class client and adviser service, according to the panellists taking part in the Financial Adviser Service Awards 2020 podcast - which is sponsored by More2life. Simoney Kyriakou, editor of Financial Adviser, was joined by Stuart Wilson, corporate marketing direct...
Why the pandemic is a 'perfect storm' for scammers
December 04, 2020 13:28 - 27 minutes - 37.7 MBThe coronavirus crisis has created a "perfect storm" in which scammers can target victims distanced from their support network, according to the guests on the latest edition of the FTAdviser Podcast. This week reporter Rachel Mortimer talks to Myron Jobson, personal finance campaigner at Interactive Investor, and Simon Harrington, senior policy adviser at Pimfa, about the targets scammers have spotted during the pandemic, why social distancing can hamper attempts to stop scams and what advi...
Talking Point: What the US election result means for markets
December 02, 2020 11:00 - 38 minutes - 52.5 MBThe outcome of this year's US presidential election is now a little clearer, but with a pandemic still raging and a trade war between China there is plenty for an incoming Biden administration to address - and plenty of unknowns for investors. In this special edition of the FTAdviser Podcast sponsored by Schroders, special projects editor David Thorpe talks to Keith Wade, chief economist at Schroders, Paul O'Connor, multi-asset fund manager at Janus Henderson, and Stephen Bell, managing dir...
How Covid-19 has affected tax planning
November 27, 2020 11:06 - 37 minutes - 51.7 MBTax planning forms a fundamental part of the financial advice process, from tax efficient investing to gifting and inheritance tax arrangements. And with chancellor Rishi Sunak facing nearly a £400bn shortfall due to the coronavirus crisis, many are expecting tax hikes as early as next year with the capital gains structure already in the crosshairs. So, what effect has the pandemic had on tax planning, and what does the future look like for advisers going forward? In this episode, reporte...
How advisers can help clients with care planning
November 20, 2020 10:31 - 37 minutes - 50.8 MBAs people live longer, advisers are not only having to figure out how to fund their clients' ever-longer retirements, but also address the possibility of having to fund the rising cost of social care. Government's of different colours have made several aborted attempts to help people fund their care needs but none have made it into reality. Last year prime minister Boris Johnson promised to fix social care "for once and for all" but no plans have been forthcoming. So in this week's episode...
Are we all ESG investors now?
November 13, 2020 11:00 - 27 minutes - 37.6 MBEnvironmental, social and governance Factors are being applied across preexisting portfolios and new funds and trackers are being created along ESG lines. But how far do the E, the S and the G go in determining what is a good investment, and what is merely a good ambition? What really makes it worthwhile for an adviser or investor in interrogating what the ESG credentials of a fund or stock really are? Joining Simoney Kyriakou, editor of Financial Adviser on the FTAdviser Podcast to discu...
Talking Point: The UK Outlook
November 11, 2020 11:00 - 36 minutes - 49.9 MBWhile negativity about the economy haunts the valuations at which most UK equities trade, there are opportunities further down the market cap scale, according to the guests on the latest FTAdviser podcast. This edition of the Talking Point podcast, sponsored by Schroders, saw special projects editor David Thorpe joined by Hugh Gimber, global market strategist at JP Morgan Asset Management, Bill Casey and Nick Kissack, from the UK equity team at Schroders and Duncan McInness of Ruffer to dis...
What the US election means for investors
November 06, 2020 11:00 - 44 minutes - 61.1 MBWhile politicians and lawyers argue over the results of the US presidential election, investors thoughts are already turning to what this wrangling is likely to mean for markets in the medium and long term. In this edition of the FTAdviser podcast, special projects editor David Thorpe is joined by Mikhail Zverev, head of global equities at Aviva Investors, Jeremy Thomas, head of global equities at Sarasin, and Ed Smith, head of asset allocation research at Rathbones, to discuss what the el...
What the dividend drought means for income investors
October 30, 2020 10:50 - 37 minutes - 52.2 MBThe level of dividends available from equities may have been reduced both by the pandemic and structural changes, but investors' angst is likely to be temporary, according to the guests on the latest FTAdviser podcast. Special projects editor David Thorpe was joined by Graham Bishop, chief investment officer at Hartwood, Sam Witherow of JP Morgan Asset Management, and David Keir, global equity fund manager at Saracen to discuss whether inventors would still be able to rely on equity for inc...
What made a top financial advice firm in 2020?
October 23, 2020 10:00 - 43 minutes - 60.3 MBFTAdviser has published the 2020 edition of its Top 100 Financial Advisers, ranking the top firms in the UK, and this week digital editor Damian Fantato spoke to two firms in the top 10 about how they had managed their way through this unusual year and how they had continued to grow. He was joined by Henry Denne, head of financial planning at Punter Southall, and Scott Stevens, head of recruitment and acquisitions at Quilter. They discussed which factors a financial advice firm would have ...
How advisers can educate their clients about ESG investing
October 21, 2020 09:41 - 24 minutes - 33.7 MBAdvisers need to educate their clients that responsible investing is about compromise rather than trying to find a portfolio which exactly matches a particular set of ethical values, according to the guests on the latest episode of the Responsible Investing: The new normal series of podcasts. The series is sponsored by Royal London and in the latest episode, reporter Imogen Tew spoke to Lorna Blyth, head of investment solutions at Royal London, Gareth Mee, sustainable finance consulting par...
How to succession-proof your advice firm
October 16, 2020 10:01 - 34 minutes - 47.1 MBThousands of younger people in Britain will suddenly come into a lot of money, and they will need help in investing it tax-efficiently and in line with their ethics and values. But if your clients are happy to recommend you to their children and grandchildren, what measures have you put in place to make sure that the advice journey these younger clients start with you will also end with your firm? Will they stay the course or jump ship? And how can you make sure that you capture that audie...
What advisers need to know about behavioural finance
October 09, 2020 10:50 - 41 minutes - 57.6 MBThe advice industry is constantly evolving, and advisers are continually pushing the norms in order to get to know their clients better and improve the suitability process. Regulators and advisers agree that matching an investment to an investor is underpinned by risk tolerance and financial ability — but can advisers go further to understand the emotional ability of a client to take that risk? Is there a ‘behavioural capacity’ that can determine how a client may interact with their inves...
How suitability has changed for the world of ESG investing
October 07, 2020 10:00 - 21 minutes - 30.2 MBAdvisers need to make sure they "strengthen" their suitability processes are for the new world of ESG investing, according to the guests on the latest episode of the Responsible Investing: The new normal series of podcasts. The series is sponsored by Royal London and in the latest episode, reporter Imogen Tew spoke to Ryan Medlock, senior investment development and technical manager at Royal London, and Mark Greenwood, director of compliance services at SimplyBiz, about how the suitability ...
How to bring down the cost of regulation for advisers
October 02, 2020 10:00 - 44 minutes - 60.4 MBFixing regulatory fees is an urgent issue - but only part of the problem, according to guests on the latest FTAdviser Podcast. The entire system of financial regulation in the UK is "broken" and needs to be fixed with a wholesale, root-and-branch review of the retail financial market and the advisers who serve consumers in this space. Joining Simoney Kyriakou, editor of Financial Adviser, to discuss the issues on this podcast are Gemma Harle, managing director of Quilter Financial Plannin...
What the FCA's latest market review means for advisers
September 25, 2020 10:24 - 42 minutes - 58.7 MBThe Financial Conduct Authority hit the headlines last week when it published its latest Call for Input, asking the advice industry to respond to a range of issues affecting the sector. From the funding structure of the FSCS to whether direct to consumer platforms should take more responsibility for the products their clients end up with, the FCA made it clear it thought the investment market was not working as well as it should for end consumers. So what does this mean for advisers, and w...
Investing in Europe: Beyond Brexit
September 24, 2020 09:46 - 28 minutes - 39.8 MBPolitical uncertainty has long-haunted the European market, spooking investors in European equities. But in this special edition of the FTAdviser Podcast, sponsored by Schroders, David Thorpe, special reports editor at Financial Adviser, examines how proactive coronavirus policies and the European Green Deal have calmed such fears. He is joined by Martin Skånberg, European equity fund manager at Schroders, James Dowey, global equity fund manager at Liontrust, and Michel Perrera, chief inve...
What should Child Trust Fund kids do with their money?
September 18, 2020 10:00 - 50 minutes - 69.5 MBThe first Child Trust Fund children came into their money this month, as they turn 18. Some youngsters have now found themselves in possession of four or even five-figure sums of money. Financial Adviser editor Simoney Kyriakou looks at what they should do with this money, how they should invest it, and what impact the lack of financial education could have on their choices. She is joined by Vanessa Howard from Good with Words, Claire Walsh, head of advice strategy at Schroders Personal Wealt...
The future of Sipps
September 11, 2020 05:00 - 30 minutes - 42.2 MBIn this week's episode, Stephen McPhillips, technical sales director at provider Dentons and Julian Puddy, director at advice company Opus Business Pensions, discuss the future of self-invested personal pensions and whether the outcome of the recent Carey case or the Covid-19 pandemic has played a role in dampening savers' interests in this pension product. The FTAdviser Podcast is the weekly podcast for financial advisers brought to you by FTAdviser.com. Hosted on Acast. See acast.com/priv...
Why the FCA's guidance on vulnerable clients doesn't help advisers
September 04, 2020 10:00 - 38 minutes - 53.4 MBThe coronavirus pandemic has highlighted the complexities of working with vulnerable clients, as so many people find themselves coping with anxieties about health and the economy. Last month the Financial Conduct Authority published guidance on vulnerable clients, but what does this mean for advisers? And what can advisers learn about vulnerable clients from the past six months? FTAdviser's digital editor Damian Fantato is joined by Pimfa's senior policy adviser Alex Roberts and Claudia Cla...
Investing for retirement after coronavirus
September 02, 2020 10:00 - 37 minutes - 52 MBCovid-19 is the sort of black swan event everyone theoretically prepares for but nobody expects. So how does one structure a retirement portfolio to take account of such events as a global pandemic and the resultant economic shut-down? In this special edition of the FTAdviser Podcast, sponsored by Scottish Widows, Simoney Kyriakou, the editor of Financial Adviser, examines how pension investors can get the income they need from their portfolio, given the UK has punishingly low interest rate...
‘Reckoning’ to come for fund management fees
August 28, 2020 11:00 - 36 minutes - 49.5 MBCentralised investment propositions have become an increasingly common part of advice businesses, with around four fifths of all firms running some form of centralised service. They can determine the efficiency of a firm, sometimes cause regulatory headaches and will likely be a big part of what helps bring down the cost of advice going forward. So, what does the future hold for CIPs? The latest FTAdviser Podcast sees reporter Imogen Tew examine how the pressure advisers are exerting on th...
How to bridge the racial wealth gap
August 21, 2020 09:54 - 33 minutes - 46.5 MBThe ethnic minority wealth gap in the UK is wider than any other, and especially so for Black women. Black households are less likely to be home owners and Black households are disproportionately affected by debt. This week Financial Adviser editor Simoney Kyriakou is joined by a panel of experts to discuss what action is needed to prevent women from Black and ethnic minority communities in the UK from being consigned to financial hardship and a poor retirement outcomes. She is joined by Tho...
'Markets can't price risk properly'
August 14, 2020 10:22 - 41 minutes - 56.6 MBAlthough the world is mired in recession, stock markets have bounced back strongly. What does this mean? And, in a world of uncertainty, how can investors be prepared for whatever happens next? In this week's edition of the FTAdviser podcast, special projects editor David Thorpe is joined by Jupiter’s Ian Heslop, Netwealth’s Gerard Lyons and Nathan Sweeney of Architas, to discuss the outlook for markets following the impact of the coronavirus pandemic and the options for investors. They di...
Advice after coronavirus: advice firms
August 07, 2020 10:30 - 22 minutes - 30.5 MBIn the final episode of our series into advice after coronavirus, reporter Rachel Mortimer examines how small and medium-sized advice firms will be changed by the pandemic and the lockdown. Joining her are Neil Moles, chief executive of Progeny, Martin Brown, managing partner at Continuum and Victor Sacks, director of VS Associates. They discuss how their firms have changed since lockdown was imposed and how the advice process has been affected. They also talk about how the lockdown has chan...
Advice after coronavirus: St James's Place
July 31, 2020 08:04 - 15 minutes - 21.7 MBAdvice companies, both big and small, have had to change the way they operate because of the coronavirus pandemic and they don't get much bigger than St James's Place. FTAdviser's digital editor Damian Fantato talks to the chief executive of St James's Place, Andrew Croft, about how the UK's largest advice business has changed its practices in light of the coronavirus pandemic and the lockdown. They also discuss whether any of these changes will be permanent and what effects this period will...
Talking Point: The outlook for emerging markets
July 29, 2020 09:16 - 30 minutes - 41.6 MBEmerging market equities have historically struggled at times of global uncertainty, as investors move into safe haven assets. But with China on course to become the latest economy in the world later this year and technology changing the shape of emerging market stock markets, cn invstor expect it to be different this time or emerging markets? Joining FTAdviser's special projects editor David Thorpe to discuss the outlook for emerging markets after the pandemic are Nicholas Field, strate...
Advice after coronavirus: Platforms
July 24, 2020 12:12 - 27 minutes - 37.7 MBOver the past few months, advice firms have been turned upside down as they attempt to adjust to the lockdown measures put in place to curb the coronavirus and the impact of the crisis on their business. For advisers, platforms were thoroughly in the spotlight. When the coronavirus crisis sent the UK into lockdown and effectively ended face-to-face meetings between advisers and clients for the foreseeable future, this presented an issue for an industry that still relied heavily on wet signat...
Adviser after coronavirus: consolidation
July 17, 2020 10:38 - 27 minutes - 38.2 MBIn the second episode in a series investigating what the advice profession will look like after the coronavirus pandemic, FTAdviser's digital editor Damian Fantato talks to Lee Hartley, chief executive of Fairstone, and Paul Morrish, a director at Succession, about whether the rate of consolidation in the financial advice market will be affected by the pandemic and lockdown. They also discuss the long-term impact on valuations, whether the number of companies with an acquisitive appetite will...
Advice after coronavirus: Networks
July 10, 2020 10:33 - 24 minutes - 33.2 MBIn the first in a series investigating what the advice profession will look like after the coronavirus pandemic, FTAdviser's digital editor Damian Fantato talks to Mark Scanlon, chief executive of Tenet, and John Cowan, executive chairman of Sesame Bankhall Group, about how networks will be different when they emerge from the pandemic. They discuss whether the expectations of appointed representatives will be any different after lockdown, the growing importance of technology as part of a netw...
What advisers are getting right and wrong about DB transfers
July 03, 2020 11:28 - 25 minutes - 34.8 MBAdvisers are continuing to make basic errors in their record keeping which needs to be addressed before they can improve their defined benefit transfer advice, according to guests on the FTAdviser Podcast. In this week's episode, reporter Amy Austin talks to Alistair Cunningham, financial planning director at Wingate Financial Planning, and Rory Percival, regulatory expert, to discuss what mistakes advisers are making when it comes to defined benefit transfer advice and how the Financial Co...
Ep4 - How advisers can choose the right responsible investment
July 01, 2020 09:04 - 27 minutes - 37.4 MBIn this fourth and final episode of Responsible Investing: The New Normal, the FTAdviser Podcast series sponsored by Royal London, special projects editor David Thorpe examines whether the responsible investment universe has evolved enough in recent years to allow advisers to build genuinely diversified portfolios. He is joined by Ryan Medlock, Royal London's senior investment development and technical manager, and Minesh Patel, a chartered financial planner at EA Financial Solutions, to di...
Central bank action 'challenges building blocks' of portfolios
June 26, 2020 10:34 - 27 minutes - 37.3 MBAction taken by central banks during the coronavirus crisis "challenges the fundamental building blocks" of diversification and balanced portfolios, according to the guests on the latest episode of the FTAdviser Podcast. FTAdviser's special projects editor David Thorpe was joined by Iain Stealey, chief investment officer for international fixed income at JP Morgan Asset Management, James Klempster, investment director at Momentum Global Investment Management, and Alex Chartres, who jointly ...
Ep3 - The future of regulating responsible investing
June 24, 2020 09:45 - 19 minutes - 26.9 MBIn this third episode of Responsible Investing: The New Normal, the FTAdviser Podcast series sponsored by Royal London, special projects editor David Thorpe examines the impact recent regulatory changes have had on the future of responsible investment funds. He is joined by Ryan Medlock, senior investment development and technical manager at Royal London, and Steve Kenny, commercial director at consultancy firm Square Mile Research, to discuss how Mifid II requirements around suitability, a...
Growth of technology in lockdown 'sets new baseline' for advisers
June 19, 2020 11:42 - 32 minutes - 44.3 MBThe spread of the coronavirus and the lockdowns which it triggered have seen advisers working from home in huge numbers. This has meant relying on technology to do work which was previously done face-to-face. This means video conferences, e-signatures, digital documents and client portals. But how can advisers get this right? FTAdviser's digital editor Damian Fantato discusses how advisers have handled the transition, the regulatory burdens of technology and what the future has in store with...
Ep2 - Why responsible investment funds outperformed
June 17, 2020 09:47 - 20 minutes - 28.1 MBIn the second episode of Responsible Investing: The New Normal, an FTAdviser Podcast series sponsored by Royal London, special projects editor David Thorpe examines the recent strong performance of responsible investment funds. Along with his guests, Adrian Lowcock of Willis Owen and Lorna Blyth of Royal London, he discuss the unique nature of the current economic slowdown and how companies which were perceived to have helped society when the pandemic was at its height, have seen their publ...
How Covid-19 is helping to democratise investing
June 12, 2020 10:30 - 23 minutes - 31.7 MBInvesting is democratic and fair, right? Not quite, experts have claimed. Younger investors, those with lower amounts to invest and those just starting out on their investment journeys are often stymied by outdated systems, heavy prospectuses and financial jargon. Addressing these issues is key to making investment more democratic and helping a new generation become financially independent. This week Simoney Kyriakou, editor of Financial Adviser, discusses how fintech and financial liter...
Ep1 - The themes driving responsible investing
June 10, 2020 11:52 - 15 minutes - 21.1 MBIn the first episode of Responsible Investing: The New Normal, an FTAdviser Podcast series sponsored by Royal London, special projects editor David Thorpe looks at many of the themes that will be central to the world’s response to the Covid-19 pandemic and finds that many of these are already being looked at by responsible investment funds. Ashley Hamilton Claxton, head of responsible investing at Royal London Asset Management, explains how health care and automation are some of the themes ...
The secrets to adviser succession planning
June 05, 2020 10:31 - 28 minutes - 39.8 MBWith advisers considering how to make their businesses last not just for their own lifetimes but also for succeeding generations, having a clear-cut plan to pass the baton is a business necessity. Even more than that, it is becoming a regulatory imperative for business owners to define and clarify how their clients will be handed on to the next generation of financial advisers, whether that is selling the firm or keeping it independent. This week, Keith Richards, chief executive of the Per...