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Up to £50bn pulled from DB schemes in pension transfers

Up to £50bn pulled from DB schemes in pension...

The amount of money being withdrawn through transfers from defined benefit (DB) pension schemes in the UK has reached a record £50bn since the pension freedoms came into force, according to new figures released by professional service group Mercer.

Published : 23, Jun 2017
UK IFA promoting Brazilian teak scheme enters liquidation

UK IFA promoting Brazilian teak scheme enters...Lock icon

Total Wealth Solutions, which has links to the collapsed Brazilian teak forestry scheme Para Sky Plantation, has entered voluntary liquidation, just months after the UK’s Financial Ombudsman Service (FOS) upheld a complaint against the financial advice firm.

Published : 23, Jun 2017
Woman loses £50m UK divorce case over ‘sham offshore trust’

Woman loses £50m UK divorce case over ‘sham offshore...

A woman in the UK has lost a £50m (€56.7m, $63.2m) divorce court battle after failing to prove her millionaire husband’s offshore trust was a sham.

Published : 22, Jun 2017
Killik’s Sarah Lord joins Mazars as financial planning partner

Killik’s Sarah Lord joins Mazars as financial...Lock icon

International accountancy and advisory firm Mazars has appointed Sarah Lord, formerly of Killik & Co, as a financial planning partner in London.

Published : 21, Jun 2017
Five Brexit scenarios for investors to chew over

Five Brexit scenarios for investors to chew over...

Brexit negotiations are officially underway. But what’s the final Brexit going to be – hard, soft, wobbly, red white and blue? Or will the UK economy simply plunge off the cliff edge? Investors weigh in.

Published : 21, Jun 2017
Pension transfer advice rules were ‘past sell-by date’

Pension transfer advice rules were ‘past sell-by...Lock icon

The financial planning industry in the UK has welcomed the FCA’s plans to overhaul advice on pension transfers, with many describing the reforms as long overdue.

Published : 21, Jun 2017
UK Queen’s Speech fails to address Finance Bill ‘limbo’

UK Queen’s Speech fails to address Finance Bill...

Key tax policies dropped from the Finance Bill in the run up to the general election will now be reviewed over the summer, the UK has announced, as the Queen’s Speech gave little clarity on the government’s tax plans for the coming year.

Published : 21, Jun 2017
CGT and IHT may fall victim to ongoing UK election stalemate

CGT and IHT may fall victim to ongoing UK election...Lock icon

Attractive exemptions to the inheritance tax (IHT) regime as well as low capital gains tax rates could face the chopping block amid concerns that Britain is heading for a second general election this year.

Published : 21, Jun 2017
Overseas pension transfers more complex under new FCA rules

Overseas pension transfers more complex under...Lock icon

Transfers to overseas pensions are likely to become even more complicated following proposals from the Financial Conduct Authority to overhaul pension transfer advice in the UK.

Published : 21, Jun 2017
FCA to overhaul pension transfer advice rules

FCA to overhaul pension transfer advice rulesLock icon

Advice on pension transfers is to be provided as a personal recommendation and transfer value analysis replaced with a comparison to show the value of the benefits being given up under plans announced by the UK regulator on Wednesday.

Published : 21, Jun 2017
Over two thirds of UK investors would refuse to pay for advice

Over two thirds of UK investors would refuse to...

More than three quarters of UK investors would refuse to pay the going rate for financial advice, new research has revealed.

Published : 21, Jun 2017
HMRC frames new string of conditions for APN avoiders

HMRC frames new string of conditions for APN avoiders...

HM Revenue & Customs has set out a string of new conditions under which it may extend the time allowed to pay a tax bill under an accelerated payment notice (APN).

Published : 20, Jun 2017
Jersey’s finance minister out as chief minister clings on

Jersey’s finance minister out as chief minister...Lock icon

Jersey’s assistant chief minister Philip Ozouf has been ousted, having only returned to the political fold on 26 May after he resigned in January, with chief minister Ian Gorst maintaining his slim grip on power following calls for a vote of no confidence.

Published : 20, Jun 2017
Regulation to make life 'harder and harder' for wealth firms

Regulation to make life 'harder and harder' for...

Regulation will make the job of a wealth manager “harder and harder” over the coming years, Quilter Cheviot’s Mark Hallam has said.

UK pension investments jump by over third in Q1

UK pension investments jump by over third in Q1...

New pension investments in the UK were up by more than a third in the first three months of 2017, according to new figures by Equifax Touchstone.

Published : 19, Jun 2017
Standard Life and Scottish Widows 'in merger talks'

Standard Life and Scottish Widows 'in merger talks'...

Edinburgh life and pension rivals Standard Life and Scottish Widows are reportedly in merger talks, with an agreement potentially following swiftly on the heels of Standard Life’s £11bn deal with Aberdeen Asset Management.

Published : 19, Jun 2017
Pension transfer values outstripping UK house prices

Pension transfer values outstripping UK house...Lock icon

The value of pensions being transferred out of defined benefit (DB) schemes is greater than the average cost of a house in the UK, research from Royal London has found.

Published : 19, Jun 2017
UK hints at tax rises amid election uncertainty

UK hints at tax rises amid election uncertainty...

British chancellor Philip Hammond has hinted at tax rises to help fund an end to the government’s austerity programme as prime minister Theresa May has yet to secure a deal that will allow the Conservatives to stay in power.

Published : 19, Jun 2017
IoM's New Earth boss slams regulator probe a ‘witch hunt’

IoM's New Earth boss slams regulator probe a ‘witch...

John Bourbon, the former director of Isle of Man-based Premier Group, the company behind the ill-fated £300m New Earth Group of funds, has described the regulator’s decision to investigate allegations of mis-selling against the fund manager “something of a witch hunt”.

Published : 16, Jun 2017
Guernsey regulator fines and bans directors for incompetence

Guernsey regulator fines and bans directors for...Lock icon

Two current and one former director of Guernsey-based Capital Solutions Limited have been fined and banned by the island’s regulator for serious lack of competence and judgment.

Published : 16, Jun 2017

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FCA to overhaul pension transfer advice rules
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