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Drawdown beats annuities but pension cash is king

Drawdown beats annuities but pension cash is king...

More than half of UK pension pots accessed for the first time were withdrawn entirely as cash lump sums in Q3 2016. Drawdown proved twice as popular as annuities but a fall in the number of people seeking advice before making pension decisions has some in the industry concerned.

Published : 24, Feb 2017
UK's Prudential to enter DB transfer advice market

UK's Prudential to enter DB transfer advice market...

UK insurance giant Prudential said it will begin offering clients advice on the increasingly contentious area of defined benefit (DB) pension transfers.

Published : 23, Feb 2017
Product providers must crackdown on scams, urge advisers

Product providers must crackdown on scams, urge...

Product providers and trust companies must take more care in ensuring unregulated funds don't end up inside Rops and life company wrappers, Simon Gould, founder and director of Bristol-based Gould Financial Planning has urged.

Published : 23, Feb 2017
One in 10 calls to the FCA about scams

One in 10 calls to the FCA about scams

More than one in 10 consumers contacting the Financial Conduct Authority (FCA) do so to report a financial scam and to find out what they can do about it, the UK regulator revealed Thursday.

Published : 23, Feb 2017
UK Budget could see further cuts to lifetime allowance

UK Budget could see further cuts to lifetime allowance...

The UK's lifetime allowance (LTA) for pension savers could be slashed again in the Spring Budget next month, according Markas Gilmartin, founding partner of Bristol-based IFA firm Epoch Wealth Management.

Published : 23, Feb 2017
Ombudsman orders deVere UK to compensate client

Ombudsman orders deVere UK to compensate client...

The UK's financial ombudsman has upheld a complaint against deVere and Partners (UK), in part, after a client accused the international advice firm of “passing the buck”, not providing sufficient advice and making poor investment choices.

Published : 22, Feb 2017
UK advice body touts gov’t financial health check vouchers

UK advice body touts gov’t financial health check...

Every working adult in the UK should be offered a voucher for a financial health check session with a professional financial adviser, the Personal Finance Society (PFS) has recommended.

Published : 22, Feb 2017
Investment strategies to get through Brexit

Investment strategies to get through Brexit

Prospects for the UK may be less than clear before Brexit negotiations begin, but what can be agreed is that opinion is divided when it comes to UK assets.

Published : 21, Feb 2017
Property scheme investment advice unsuitable: Ombudsman

Property scheme investment advice unsuitable:...

The UK Financial Ombudsman Service (FOS) has determined that advice given to a client by financial advice network The Falcon Group to invest £83,000 ($103,269, €97,263) of his pension fund in a scheme focused on the leisure property industry was not suitable.

Published : 21, Feb 2017
UK tax take hits record highs for January

UK tax take hits record highs for January

The UK government’s tax take is on the rise according to new figures from HM Revenue & Customs for the all-important month of January, when most outstanding tax payments are due.

Published : 21, Feb 2017
Easier rules for small DB pension transfers considered

Easier rules for small DB pension transfers considered...

The UK government is open to considering a relaxation of the current rules around defined benefit pension transfers where the saver's entitlement is quite small, a new consultation paper released on Monday showed.

Published : 20, Feb 2017
UK plans to reform DB schemes trigger alarm bells

UK plans to reform DB schemes trigger alarm bells...

The UK government has suggested softening the rules on how defined benefit (DB) pension schemes should adjust payouts for the impact of inflation in a new report on tackling challenges facing the sector.

Published : 20, Feb 2017
UK tax office warns on two tax avoidance schemes

UK tax office warns on two tax avoidance schemes...

HM Revenue & Customs has warned of a new disguised remuneration tax avoidance scheme that uses payment via annuities as a means to avoid income tax and national insurance contributions (NICs).

Published : 17, Feb 2017
Harlequin boss David Ames charged with fraud

Harlequin boss David Ames charged with fraud

The UK's Serious Fraud Office (SFO) has charged David Ames, chairman of the failed Caribbean property group Harlequin, with three counts of fraud.

Published : 17, Feb 2017
OMW launches UK pension allowance calculator for high earners

OMW launches UK pension allowance calculator for...

Old Mutual Wealth has launched a new pension planning calculator, designed to help UK advisers deal with the recent changes to the annual allowance for contributions. 

Published : 17, Feb 2017
UK university drops financial planning course

UK university drops financial planning course

The University of South Wales has been forced to close its Level 4 accredited financial planning course due to a lack of demand.

Published : 16, Feb 2017
HMRC collects £140m in CGT crackdown

HMRC collects £140m in CGT crackdown

HM Revenue & Customs collected an additional £140m ($174m, €164m) from investigations into unpaid capital gains tax (CGT) by wealthy individuals and other taxpayers.

Published : 16, Feb 2017
New Earth’s fund manager expected to pay creditors in full

New Earth’s fund manager expected to pay creditors...

Isle of Man-based Premier Group, the fund manager behind the ill-fated £300m ($373m, €353m) New Earth Group of funds, will be able to pay its creditors in full, according to joint liquidator Craig Mitchell.

Published : 16, Feb 2017
Mixed responses to UK pension scam consultation

Mixed responses to UK pension scam consultation...

The UK government's consultation on tackling pension scams received mixed responses, as it acknowledged that the pension freedoms may have contributed to the rise in scams.

Published : 16, Feb 2017
Provisca brings UK standards to int’l pension transfers

Provisca brings UK standards to int’l pension...

International product distribution company Provisca has signed a partnership agreement to market and distribute The QROPS Bureau’s independent technical support, due diligence and compliance support service to advisers outside the UK.

Published : 15, Feb 2017

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British widow in France refunded over pension advice
British widow in France...

A British widow has been refunded for poor advice she...

UK plans to reform DB schemes trigger alarm bells
UK plans to reform DB...

The UK government has suggested softening the rules...

Ombudsman orders deVere UK to compensate client
Ombudsman orders deVere...

The UK's financial ombudsman has upheld a complaint...

UK Budget could see further cuts to lifetime allowance
UK Budget could see further...

The UK's lifetime allowance (LTA) for pension savers...

Praemium sacks chief executive Michael Ohanessian
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Australia-headquartered platform provider Praemium...

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