<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... Banking fines and w</a>
<a title="FS Focus MARCH 17 page 35" href="http://viewer.zmags.com/publication/8034f2f9?page=35"> Dont miss out. Visit economia.icaew.com </a>
<a title="FS Focus MARCH 17 page 36" href="http://viewer.zmags.com/publication/8034f2f9?page=36"> amore 5” touchscreen with navigation UConnect L</a>