British Steel compensation pay-outs pass million-pound mark
Redress paid out by the Financial Services Compensation Scheme (FSCS) to clients of collapsed British Steel firm Active Wealth UK has now surpassed the £1m mark. To date, the lifeboat fund has paid out...
View ArticleAll we are saying… is give CDC a chance
The Department for Work and Pensions’ (DWP) collective defined contribution (CDC) consultation came to an end last week. This was the first serious attempt at finding a new way to do pensions, trying...
View ArticleSussex IFA ordered to compensate client for Harlequin advice
The Financial Ombudsman Service (FOS) has ordered advice firm Sussex IFA to compensate a former client after it gave unsuitable advice to open a SIPP, which was used to invest in failed property...
View ArticleLiberty SIPP again under fire for unregulated investment links
Liberty SIPP is once more in the sights of lawyers who claim the self-invested personal pension (SIPP) provider facilitated pension investments into risky unregulated overseas carbon credit schemes....
View ArticleGraham Muir: Non-standard assets and the impact on SIPP due diligence
The hot topic currently within the self-invested personal pension (SIPP) world is ‘non-standard assets’ (NSIs) and more particularly the rise to prominence of the so called ‘toxic’ NSIs that have...
View Article‘Sneaky’ pension change could cost families £7,000 a year
Changes to pension credit rules “sneaked out” by the government could cost families as much as £7,000 each year, according to former pensions minister Steve Webb. An announcement by the government...
View ArticleRevealed: Eight advice firms failed to respond to FCA DB probe
Eight financial advice firms have failed to submit a response to the FCA’s marketwide probe into DB transfers, a freedom of information request submitted by RP’s sister title Professional Adviser has...
View ArticleLighthouse to transfer auto-enrolment business to Smart Pension
Lighthouse Group is to transfer its auto-enrolment business to Smart Pension after a strategic review by the business concluded the incoming master trust regulations would significantly increase the...
View ArticleSmart Pension absorbs £12.5m Corporate Pensions Trust; Will apply for...
Smart Pension has absorbed more than 6,500 members from the Corporate Pensions Trust (CPT) after its trustees decided not to apply for authorisation. The deal with the scheme’s sponsor, Lighthouse, was...
View ArticleInsolvency Service issues warning after £202m of pension savings ‘misused’
Savers are being warned by the Insolvency Service to guard their pension pots from investment scammers and negligent trustees as it winds up 24 companies. The government agency has warned savers to be...
View ArticleRevealed: Slowest providers to send info for pension freedom advice
The slowest and fastest DC and DB pension schemes for providing financial advisers with the basic necessary information to service clients have been revealed. Advice firm Portafina has put together a...
View ArticleMaster trust authorisation: Exiteers v remainers
Remainers There will be fewer master trusts in the market, but those that remain will hopefully be more robust. Raising standards in schemes looking after millions of new savers can only be a good...
View ArticleCurtis Banks combines new SIPP with Suffolk Life
Curtis Banks has launched a new self-invested personal pension ‘Your Future SIPP’ to replace its existing SIPP business. The new product brings together Curtis Banks and Suffolk Life SIPPs into one...
View ArticleCaroline Rookes slams Unbiased for not living up to its name
Former Money Advice Service CEO Caroline Rookes has accused adviser directory Unbiased of being biased and questioned how easy the FCA website is to use in her report on the British Steel Pension...
View ArticleCharlene Young: Is it time to remove pensions from IHT completely?
Earlier this year, the Chancellor asked the Office for Tax Simplification (OTS) to review various aspects of inheritance tax (IHT) to try and identify simplification opportunities. According to HMRC,...
View ArticleCaroline Rookes slams Unbiased for not living up to its name
Former Money Advice Service CEO Caroline Rookes has accused adviser directory Unbiased of being biased and questioned how easy the FCA website is to use in her report on the British Steel Pension...
View ArticleTreasury agrees £330m guarantee for NEST authorisation
HM Treasury has agreed in principle to give NEST a £329m contingent liability guarantee in the event of the master trust’s wind up or closure. According to an announcement from the Department for Work...
View ArticleAJ Bell reports decline in DB transfer inflows in Q1 update
AJ Bell has reported a decline in defined benefit (DB) pension transfer inflows into its advised platform, saying it expected the trend to continue. In its quarterly results published this morning (23...
View ArticleFourth British Steel firm pulls out of DB transfer market
Inspirational Financial Management, one of the firms associated with the British Steel Pension Scheme saga, has decided to pull out of the defined benefit (DB) pension transfer market. The Financial...
View ArticleDavid Simpson: Don’t make a hash of the dashboard
After lengthy delays, the Department for Work & Pensions (DWP) finally revealed its plans for multiple pension dashboards in a consultation launched last month. While the initiative to provide a...
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