What caught my eye this week.
Did you wake up on Wednesday ready to HODL? Your brain addled with FOMO? Your eyes on the horizon, heart set on Going To The Moon?
You’re a Monevator reader so probably not. Amen to that!
Still, I believe there’s a place for Bitcoin in sensible portfolios. Hence I welcomed the FCA’s reversal on banning us from getting crypto exposure via exchange-traded notes (ETNs) linked to cryptocurrencies.
The new rules came in on 8 October. My co-blogger wrote a huge guide to the ins and outs of crypto ETNs in advance.
But then Wednesday rolled around, and from what I could tell from my platforms we still couldn’t buy crypto ETNs.
From This Is Money:
…any keen investor looking to get in early will have been disappointed to find that despite the ban lifting, these ETN products are still not available to retail investors.
In fact, investors will have to wait until at least 13 October before they are able to but crypto ETNs.
The delay comes as a result ETN providers being required to submit their prospectuses for FCA approval before they can offer these products.
However, the FCA only began accepting draft prospectuses on 25 September.
According to Financial Times sources, one person familiar with the matter said the FCA and the London Stock Exchange were ‘going back and forth’ on whether they needed a new segment of the exchange for these crypto products.
So much for the UK getting back on the front foot when it comes to innovation and whatnot, eh?
Musical shares
Indeed it gets worse! Several readers (including an industry insider) forwarded me a link to further ‘guidance’ from HMRC.
Why the air quotes? Well, does this extract from the document seem like a clear route forward to you?
Initially, cETNs will be automatically eligible for inclusion in stocks and shares ISAs.
From 6 April 2026, they will be reclassified as qualifying investments within the Innovative Finance ISA (IFISA).
Say what now? Crypto ETNs will be allowed in ISAs – but then next year they’ll need to be shifted over to Innovative Finance ISAs? A wrapper some aficionados have been mentally moving on to the extinction-watch Red List?
Many brokers do not even offer Innovative ISAs. Are they going to build and get regulatory approval for them by April? Remember the FCA didn’t approve crypto ETNs in time for its own launch date.
My industry contact noted we saw similar shenanigans with Long-Term Asset Funds. These were initially only available in Innovative Finance ISAs. But from April 2026 you can hold them in normal ISAs after all.
Why all the kerfuffle and making life complicated? (Also, if you’re wondering what a Long-Term Asset Fund is then you’ve sort of proved my point.)
It’s hard to even find a list of the crypto ETNs that should get approval from the FCA. I eventually found this one at the broker Saxo. No idea if it’s accurate or complete.
Remember similar products have been busily trading in Europe and the US for many years now.
Who gives a sausage?
I asked my co-blogger The Accumulator for his thoughts on this Innovative Finance ISA crypto curveball.
TA was non-plussed:
Seems a bit like fractional shares again. Some traffic warden in a position of authority is saying: “well actually if you look at subsection 3, paragraph 6…”
But eventually a coalition of forces will shout, “broken Britain” at them enough times that they’ll just go, “yeah fuckit, just put it in an ISA, who gives a shit?”
Thinking about this – and whether the upcoming Budget will see the pension tax-free lump sum scrapped or stamp duty revamped or pension relief curbed – I feel a shiver of despair.
How can we help ordinary people get less confused about saving and investing when the powers-that-be seem bent on making everything as uncertain as possible?
Have a great weekend.
*With apologies to the spirit of Harold Wilson.
From Monevator
Our updated guide to help you find the best online broker – Monevator
Investing when the market is expensive – Monevator
From the archive-ator: Become your money hero – Monevator
News
First-time buyers could save hundreds in sales plan, government says – BBC
Chancellor gets £2bn Budget boost after VAT error – Yahoo Finance
Conservatives would scrap stamp duty, Badenoch announces – BBC
Resolution Foundation: it’s now almost impossible to work to riches – Sky News
HMRC’s brings in an extra £4.6bn thanks to big data – Pinsent Masons
Another major NIC tax raid on the cards, economists warn – City AM
EU steel tariff ‘biggest ever crisis’ for UK industry [Cough cough] – BBC
Shawbrook confirms plans to float on LSE at mooted £2bn valuation – Yahoo Finance
The council tax house price lottery – This Is Money
UK set to appoint a ‘digital markets champion’ – The Block
More gains would be normal – Chart Kid Matt
Products and services
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Barclays switch offer: get up to £400 – Be Clever With Your Cash
What you need to know about car finance mis-selling compensation – Which
Lifetime ISA rates on cash reach nearly 5% – This Is Money
Get up to £1,500 cashback when you transfer your cash and/or investments to Charles Stanley Direct through this affiliate link. Terms apply – Charles Stanley
Should you pay for your funeral now? – Which
The British cities where buying a home is cheaper than renting – This Is Money
Get up to £100 as a welcome bonus when you open a new account with InvestEngine via our link. (Minimum deposit of £100, T&Cs apply, affiliate link. Capital at risk) – InvestEngine
Is Monzo Billsback worth it? – Be Clever With Your Cash
NatWest launches top 4.2% one-year cash ISA – This Is Money
Robinhood takes aim at UK investment platforms with no-fee ISA [Paywall] – FT
Homes for sale near botanic gardens, in pictures – Guardian
Comment and opinion
How free stuff from Amazon almost ruined retirement – Mr Money Mustache
Can the stock market predict the future? – A Wealth of Common Sense
When it comes to bonds, don’t be a hero – Morningstar
What’s more important than a safe withdrawal rate? – The Retirement Manifesto
Founders and VCs weigh in on the UK’s ambition deficit – CNBC
Morgan Housel: passive income is a scam [Podcast] – The Diary of a CEO
Why do people get paid to invest their money? – Noahpinion
Why a 37-year old on $390,000 at Google quit her job with nothing lined up – CNBC
Making things worse mini-special
Brown-stage capitalism – The American Prospect
Thinking of AI as a social problem – How Things Work
Naughty corner: Active antics
Go small for the maximum bang from factors such as value and profitability – Verdad
The high cost of managerial hypocrisy – Flyover Stocks
Lenders ‘extend and pretend’ as commercial property values drop – Financial Times
The US is really two economies in one – Klement on Investing
National Grid is an attractive income play – Interactive Investor [Affiliate link]
Maximum diversification beats market timing [Research] – via Springer
Gold mini-special
So you want to talk about gold – FT
Ingots we trust – Paul Krugman
Kindle book bargains
Narconomics: How to Run a Drug Cartel by Tom Wainwright – £0.99 on Kindle
Great Britain? by Torsten Bell – £0.99 on Kindle
Supremacy: AI, ChatGPT by Pammy Olson – £0.99 on Kindle
Chokepoints: Economic Warfare by Edward Fishman – £0.99 on Kindle
Or pick up one of the all-time great investing classics – Monevator shop
Environmental factors
Global renewable energy generation surpasses coal for first time – Guardian
Thousands in biggest-ever UK environmental lawsuit on Wye river pollution – BBC
The growing benefits of climate adaption – Klement on Investing
Green turtle bounces back from brink in conservation win – BBC
UK plastic waste exports to developing countries rose 84% in a year – Guardian
Robot overlord roundup
How AI became our personal assistant [Neat graphics] – FT
Let’s talk about AI art – The Oatmeal
AI hyper-scaler maths doesn’t add up, and they know it… – Praetorian Capital
…call it the rising tide strategy – Spyglass
A 23-year old AI pundit running a $1.5bn hedge fund [Bubble, much?] – Fortune
The way to save your children from AI is to invest in AI – Financial Samurai
Marina Hyde: if Sam Altman is the future, can we go backwards? – Guardian
Not at the dinner table
Voters are not listening to Labour – Prospect
Who maintains the scaffolding of freedom? – Shruti Rajagopalan
Declining American democracy – Paul Krugman
Off our beat
On turning 40 – More To That
FIFA’s 2026 World Cup ticket scheme is a late-capitalist hellscape – Guardian
Tech billionaires are doom prepping. Should we be worried? – BBC
Milan lures global elite, especially from London – Wall Street Journal
We are different from all other humans in history – The Garden of Forking Paths
Ten insights from ten years of transformational conversations – The Leading Edge
Lessons from a dog that saved a life – Two Percent [h/t Abnormal Returns]
And finally…
“Personally what has been the most important [lesson] was to understand the value of time – and this is something that has come from observing [Buffett], learning his story and that time compounds.”
– Alice Schroeder, The Snowball
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You nailed it as usual – it’s all just so tedious
Love the despairing satire of the FT gold post. Probably funny to all of about 500 people in the country. Reads like the writer’s last day.
If you are going to say BTC has a place in sensible portfolios you should back it up with a reason. My opinion as always is that it has no place, especially with the ridiculous ongoing charade of Tether printing a billion USDT (backed by assets, no audit, trust me bro) once or twice a week to prop up the market.
HL stated their view this week “ The HL Investment view is that bitcoin is not an asset class, and we do not think cryptocurrency has characteristics that mean it should be included in portfolios for growth or income,” the firm said.
https://www.cnbc.com/2025/10/10/uk-investment-platform-warns-traders-to-avoid-bitcoin-crypto.html
Your last paragraph re hell bent on confusion, sums up the aspect of this government that I dislike the most and I believe shows many of them to be out of their depth wrt running the economy. Stamp duty, council tax, tax free lump sum for the public and/or NI changes for business what next – this shows very poor leadership by labour. How to stagnate whole sections of the economy through misinformation just seems idiotic
@marc1485153 — Read the article I linked to. I can’t rewrite everything every time unfortunately! (Of course you’re still at liberty to disagree, reasonable people etc).
Also my statement doesn’t say a portfolio has to have BTC to be sensible. It says it can be sensible while having BTC. 🙂
@all — Cheers for thoughts! On the move today so limited commenting time but will be moderating on the mobile as per.
I enjoyed the HL statement, they were definitely not on the fence with their view on BTC ETNs.
They also say “Despite our investment view, we recognise that some clients will wish to speculate with cryptocurrency ETNs.”
and “Clients will have to undertake an appropriateness assessment before being allowed to invest”
and “ HL will offer appropriate clients to trade in cryptocurrency ETNs early next year following careful development of the client journey and appropriateness assessment.‘
The direct link to their statement
https://www.hl.co.uk/investment-services/crypto-statement
After Woodford, can we take anything which HL say at all seriously?
Can’t buy the Gold/BTC risk parity ‘BOLD’ Swiss listed ETF. Hey ho.
As MSTR / Strategy moves ever closer to a discount – whilst still (more or less) seemingly maintaining its price due to an ever higher BTC / Satoshi count per share – perhaps that might become an (operationally levered of sorts) alternative to this maybe / maybe not platform stance towards a straight forward BTC tracker ETF.
That White Heat speech was a banger. 1st October ’63. Just up the road in Scarborough. Rings as true today as then in this era of AI.
Thanks @TI, excellent as usual. Become rather disillusioned with Morningstar recently but the bond article is very good. Not tempted by crypto, ETN or otherwise – seems the only way to invest as opposed to gamble is to be part of Trump’s insider trading ring. Maybe giving him a Nobel gong to play with might have distracted him from economic disruptions for a bit!