British Steel saga prompted FCA back-pedaling, say experts
The Financial Conduct Authority’s (FCA) U-turn on dropping the unsuitable defined benefit (DB) transfer assumption could be attributed to the poor advice given to British steelworkers, according to...
View ArticleNeil MacGillivray: A duty of care and some common sense
You will in all likelihood have seen the headlines in some of the Sunday papers and in the financial press at the end of last month stating three-quarters of a million people coming up to retirement...
View ArticleUnregulated British Steel introducer accused of giving financial advice
The unregulated introducer at the core of the British Steel Pension Scheme saga, Celtic Wealth Management, has been accused of giving financial advice to steelworkers – a practice that is illegal....
View ArticleBritish Steel workers to sue over pension transfer plight
British Steel workers who transferred their defined benefit (DB) pensions with Active Wealth UK have started legal proceedings against “all parties involved” in the process, Professional Adviser...
View ArticleFSCS claims against British Steel adviser start piling in
The Financial Services Compensation Scheme (FSCS) has received 34 complaints from former Active Wealth UK clients, the adviser embroiled at the centre of the British Steel Pension Scheme controversy....
View ArticleMPs launch inquiry into future DB legislation proposals
The Work and Pensions Committee is launching an inquiry into the proposals laid out in its recent ‘protecting defined benefit schemes’ paper, published in March. In the March paper, the committee...
View ArticleWill Wynne: How pensions will get personal in a whole new way
To any advisers dazzled, like a rabbit in headlights, by the complexity of futuristic pensions technology – or to those who scratch their heads, wondering why it is actually relevant, this article is...
View ArticleAlan Morahan: Taxing times for prudent pension savers
The Chancellor’s inaugural Spring Statement did not include any pension policy announcements, which was very much as expected – after all, Philip Hammond had already stated Spring Statements would not...
View ArticleProviders axe pension jargon to help consumers
Thousands of pensions documents have been adapted and simplified to remove jargon to benefit consumers after a two-year industry initiative, according to the Association of British Insurers (ABI)....
View ArticleRP case studies: Taking benefits to fund a grand design
Every client will have their own needs and desires that are hugely significant to them and therefore to their adviser in helping them to achieve their goals. What matters is a consistent and proven...
View ArticleAdrian Boulding: Strategies to avoid income ‘over-drawdown’
The issue of safe withdrawal rates – sometimes called sustainable income rates – has come increasingly into the spotlight for advisers serving baby-boomers who are either approaching or in retirement,...
View ArticlePeter Doherty: How to de-risk a DB pension transfer
First, and critically, a defined benefit (DB) transfer is an irreversible transfer of risk from a pension scheme to an individual. The premium paid by the scheme to discharge its risk is the CETV,...
View ArticleBernadette Lewis: Can LISAs outshine pensions for retirement?
Lifetime ISAs (LISAs) are an attractive option for those saving for their first home. They offer a 25% bonus on savings up to £4,000 a year. Savers can withdraw their contributions plus the tax-free...
View ArticlePensions dashboard could be used by 15 million people – Origo
The upcoming Pensions Dashboard could be used by up to 15 million customers, Origo has calculated. As a result, the not-for-profit operation said the Dashboard must be built from the outset to support...
View ArticlePaul Tinkler: Is there such a thing as a ‘safe’ withdrawal rate?
Plenty of research may suggest 4% a year can be ‘safely’ withdrawn from pension pots over the long term but, writes Paul Tinkler, that comes with a number of caveats – in which case, can stochastic...
View ArticleAdrian Boulding: Advisers can thrive in ‘tougher’ DB transfer market
Just before Easter, the Financial Conduct Authority (FCA) published its much-awaited policy statement (PS18/6) detailing the new safeguards it requires of all parties involved in the defined benefit...
View ArticleFCA accuses advisers of giving wrong data to pension transfer specialists
Advisers who have outsourced their pension transfer work to specialists have provided inaccurate information, according to Financial Conduct Authority (FCA) executive director of strategy and...
View ArticlePeter Hopkins: Pension freedom and flexibility for the DC generation
In my previous article, I looked at why the money purchase annual allowance (MPAA) was potentially necessary and touched briefly on the pension freedoms and added flexibility. In this piece, I want to...
View ArticleFCA wants watertight pension transfer advice documentation – PA360
All advisers working in pension transfers and consolidation must work to the principle of ‘documentation, documentation, documentation’ to ensure they meet exacting regulatory requirements, delegates...
View ArticlePaul Resnik: Why IFAs must get intimate with clients
MiFID II has been designed to “confuse clients” but provides advisers with a great opportunity to make better use of technology and deepen relationships, delegates heard. Finametrica co-founder and...
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