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<br /> THIRD TIME<br /> AROUND<br /> WHAT'S IN THE<br /> LATEST MIFID II<br /> CONSULTATION?<br /> ISSUE 113<br /> MARCH 2017<br /> ICAEW.COM/FSF<br /> COUNTER<br /> CULTURE<br /> TACKLING LOW<br /> INTEREST RATES<br /> IN INSURANCE<br /> GIVE WHAT YOU GET<br /> Could spending be the new saving?<br /> <br /> Contents<br /> COVER: JOSH PATTERSON<br /> Issue 113<br /> March 2017<br /> 10 It's not only governments that have to keep the delicate balance<br /> between the amount they spend and the sum they keep in savings.<br /> COVER STORY Nick Martindale examines the impact of this dilemma on firms,<br /> Spend or save? consumers and the wider global economy<br /> 16<br /> TECHNOLOGY<br /> M&A in the digital age<br /> In an ever-changing landscape M&A<br /> activity is buoyed by technology-<br /> created deals and collaborations<br /> 18<br /> PROFI<a title="FS Focus MARCH 17 page 1" href="http://viewer.zmags.com/publication/8034f2f9?page=1"> THIRD TIME AROUND WHAT'S IN THE LATEST MIFID II C</a> <a title="FS Focus MARCH 17 page 2" href="http://viewer.zmags.com/publication/8034f2f9?page=2"> </a> <a title="FS Focus MARCH 17 page 3" href="http://viewer.zmags.com/publication/8034f2f9?page=3"> Contents COVER: JOSH PATTERSON Issue 113 March </a> <a title="FS Focus MARCH 17 page 4" href="http://viewer.zmags.com/publication/8034f2f9?page=4"> WELCOME An age-old problem If you want to</a> <a title="FS Focus MARCH 17 page 5" href="http://viewer.zmags.com/publication/8034f2f9?page=5"> NEWS & VIEWS News Chairman's report: Ban</a> <a title="FS Focus MARCH 17 page 6" href="http://viewer.zmags.com/publication/8034f2f9?page=6"> News EVENTS & WEBINARS MY STORY: KWEKU AD</a> <a title="FS Focus MARCH 17 page 7" href="http://viewer.zmags.com/publication/8034f2f9?page=7"> NEWS & EVENTS PROVIDING CLARITY ON SO</a> <a title="FS Focus MARCH 17 page 8" href="http://viewer.zmags.com/publication/8034f2f9?page=8"> ISAs. GET INSIDE AN EXPERT'S HEAD. LET'S TALK HOW</a> <a title="FS Focus MARCH 17 page 9" href="http://viewer.zmags.com/publication/8034f2f9?page=9"> AVALTER N ATIVE V IE W Driving change Billion</a> <a title="FS Focus MARCH 17 page 10" href="http://viewer.zmags.com/publication/8034f2f9?page=10"> 10 </a> <a title="FS Focus MARCH 17 page 11" href="http://viewer.zmags.com/publication/8034f2f9?page=11"> COVER STORY THE DELICATE BALANCE Whether</a> <a title="FS Focus MARCH 17 page 12" href="http://viewer.zmags.com/publication/8034f2f9?page=12"> “If anything people should be putting money aside</a> <a title="FS Focus MARCH 17 page 13" href="http://viewer.zmags.com/publication/8034f2f9?page=13"> COVER STORY There is a growing disquiet </a> <a title="FS Focus MARCH 17 page 14" href="http://viewer.zmags.com/publication/8034f2f9?page=14"> FROM PERFORMANCE TO PURPOSE Can moving to a lo</a> <a title="FS Focus MARCH 17 page 15" href="http://viewer.zmags.com/publication/8034f2f9?page=15"> MANAGEMENT: MOTIVATION IAN WHADCOCK/IKON FS FOC</a> <a title="FS Focus MARCH 17 page 16" href="http://viewer.zmags.com/publication/8034f2f9?page=16"> TECH IN THE DRIVING SEAT In light of the fail</a> <a title="FS Focus MARCH 17 page 17" href="http://viewer.zmags.com/publication/8034f2f9?page=17"> M&A ACTIVITY Both Aberdeen and Standard</a> <a title="FS Focus MARCH 17 page 18" href="http://viewer.zmags.com/publication/8034f2f9?page=18"> THE PROFILE FLYING HIGH Secure Trust Bank </a> <a title="FS Focus MARCH 17 page 19" href="http://viewer.zmags.com/publication/8034f2f9?page=19"> NEERAJ KAPUR eeraj Kapur was once asked by a</a> <a title="FS Focus MARCH 17 page 20" href="http://viewer.zmags.com/publication/8034f2f9?page=20"> A WELL-DESERVED OPPORTUNITY EXCLUSIVE VOLVO XC60</a> <a title="FS Focus MARCH 17 page 21" href="http://viewer.zmags.com/publication/8034f2f9?page=21"> TECHNICAL: INVESTMENT MANAGEMENT IS TIME RUNNI</a> <a title="FS Focus MARCH 17 page 22" href="http://viewer.zmags.com/publication/8034f2f9?page=22"> CLEAR BUT COMPLEX Dominic Müller and Luke Nelson </a> <a title="FS Focus MARCH 17 page 23" href="http://viewer.zmags.com/publication/8034f2f9?page=23"> TECHNICAL: INVESTMENT MANAGEMENT purchased, </a> <a title="FS Focus MARCH 17 page 24" href="http://viewer.zmags.com/publication/8034f2f9?page=24"> SURPRISING RETURNS From alternative asset classes</a> <a title="FS Focus MARCH 17 page 25" href="http://viewer.zmags.com/publication/8034f2f9?page=25"> TECHNICAL: INSURANCE investing</a> <a title="FS Focus MARCH 17 page 26" href="http://viewer.zmags.com/publication/8034f2f9?page=26"> NOT OUT OF THE WOODS YET One of the Treasury Comm</a> <a title="FS Focus MARCH 17 page 27" href="http://viewer.zmags.com/publication/8034f2f9?page=27"> TECHNICAL: BANKING These CoCos proved popula</a> <a title="FS Focus MARCH 17 page 28" href="http://viewer.zmags.com/publication/8034f2f9?page=28"> TECHNICAL: REFERENCE Technical directory A round</a> <a title="FS Focus MARCH 17 page 29" href="http://viewer.zmags.com/publication/8034f2f9?page=29"> Mobile transactions are on track to increase </a> <a title="FS Focus MARCH 17 page 30" href="http://viewer.zmags.com/publication/8034f2f9?page=30"> People in focus INDUSTRY MOVES ALL CHANGE F</a> <a title="FS Focus MARCH 17 page 31" href="http://viewer.zmags.com/publication/8034f2f9?page=31"> PEOPLE behavioural economics and be</a> <a title="FS Focus MARCH 17 page 32" href="http://viewer.zmags.com/publication/8034f2f9?page=32"> People in focus ATTITUDES TO APPRENTICES </a> <a title="FS Focus MARCH 17 page 33" href="http://viewer.zmags.com/publication/8034f2f9?page=33"> PEOPLE </a> <a title="FS Focus MARCH 17 page 34" href="http://viewer.zmags.com/publication/8034f2f9?page=34"> Unfocused $60bn could buy... 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