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UK politicians slam HMRC over lack of tax relief scrutiny

UK politicians slam HMRC over lack of tax relief...

British MPs have criticised HM Revenue & Customs (HMRC) over its lack of scrutiny on whether tax reliefs are being used effectively, raising doubts about plans to digitise its services.

Published : 2, Dec 2016
IFA fined £234k for ‘McDonald’s advice’ on doomed Harlequin

IFA fined £234k for ‘McDonald’s advice’ on doomed...

The head of a UK IFA firm, which was one of the biggest sellers of the ill-fated Harlequin Property investments, has been fined £233,600 (€274,259, $291,491) for the poor advice he doled out to pension clients.

Published : 1, Dec 2016
UK launches financial adviser apprenticeship scheme

UK launches financial adviser apprenticeship scheme...

The British government has approved a new specialist financial adviser apprenticeship standard and will offer employers up to £9,600 ($11,979, €11,270) in financial help toward the training of a competent adviser.

Published : 1, Dec 2016
Tilney targets advisers with ‘smart beta’ range

Tilney targets advisers with ‘smart beta’ range...

UK wealth manager Tilney for Intermediaries is planning to launch a new range of ‘risk graded, low cost multi-asset funds’ in the first quarter of 2017.

Published : 1, Dec 2016
Dodgy Sipps claims to drive up FSCS levy on UK advisers

Dodgy Sipps claims to drive up FSCS levy on UK...

The UK’s Financial Services Compensation Scheme (FSCS) has warned it may impose an interim levy on life and pension advisers over the increasing number of claims related to self-invested personal pension schemes (Sipps).

Published : 1, Dec 2016
Director of collapsed IFA firm banned after £4m goes missing

Director of collapsed IFA firm banned after £4m...

The director of a bankrupt UK-based IFA firm, who also ran a trading room, has been disqualified for eight years for failing to account for more than £4m ($4.9m, €4.6m) of client’s money, the Insolvency Service has revealed.

Published : 30, Nov 2016
Pacific Investments launches asset management business

Pacific Investments launches asset management...

Sir John Beckwith’s Pacific Investments group has launched Pacific Asset Management (PAM), which will initially focus on the multi-asset retail space, with institutional fund launches planned at a later stage.

Published : 30, Nov 2016
HMRC's planned overhaul will ‘decimate’ Rops market, says IFA

HMRC's planned overhaul will ‘decimate’ Rops market,...

The UK’s plan to abolish the 70% ‘income for life’ rule on recognised overseas pension schemes (Rops) will “decimate” the market for such products, according to the head of expat-focused IFA firm, Montfort International.

Published : 29, Nov 2016
Malta the ‘big winner’ of UK’s extensive Rops reforms

Malta the ‘big winner’ of UK’s extensive Rops...

Malta will be the "main winner" of HM Revenue & Customs' plan to change the 'eligibility criteria' for foreign pensions to qualify as recognised overseas pensions schemes (Rops), according to the director of European IFA firm Blevins Franks.

Published : 28, Nov 2016
Ex-Providence director cleared of fondling waitress

Ex-Providence director cleared of fondling waitress...

Steve Dewsnip, one of the former directors of the collapsed Guernsey-based Providence Investments Funds, has been cleared sexually assaulting a waitress at Wembley Stadium.

Published : 28, Nov 2016
Barclays launches online investment service

Barclays launches online investment service

British bank Barclays has launched an online investment service in an effort to help plug the savings and advice gap.

Published : 28, Nov 2016
Aberdeen's profit slides as net outflows continue

Aberdeen's profit slides as net outflows continue...

Aberdeen Asset Management has reported £32.8bn ($40.9bn, €38.6bn) in net outflows for the year to 30 September 2016 after negative economic and political news “weighed on investor sentiment”, according to chief executive Martin Gilbert.

Published : 28, Nov 2016
Nearly 40% of Britons looking at a career in financial advice

Nearly 40% of Britons looking at a career in financial...

Almost two fifths (38%) of British workers are interested in a career that enables them to give people advice on their investments and finances, according to new research by St. James’s Place Academy.

Published : 28, Nov 2016
Muted response to FCA plans on shopping around for annuities

Muted response to FCA plans on shopping around...

Proposals from the UK’s Financial Conduct Authority (FCA) that would require annuity providers to tell customers what they could gain by shopping around and switching have been met with muted enthusiasm.

Published : 25, Nov 2016
UK scraps 70% ‘income for life’ rule for overseas pensions

UK scraps 70% ‘income for life’ rule for overseas...

The UK government has announced it will abolish a rule requiring recognised overseas pensions schemes (Rops) to earmark 70% of funds to provide members with an income for life, as further details emerge on HM Revenue & Custom’s overhaul of foreign pensions unveiled in this week’s Autumn Statement.

Published : 25, Nov 2016
Momentum’s Klempster on outcome-based asset allocation

Momentum’s Klempster on outcome-based asset allocation...

James Klempster says the three Momentum Factor multi-asset funds are more aligned to clients’ real-world outcomes than their traditional counterparts

Published : 24, Nov 2016
Standard Life confirms Elevate staying a standalone platform

Standard Life confirms Elevate staying a standalone...

Standard Life has confirmed that Elevate will continue as a distinct platform after months of speculation that it could be combined with the investment firm’s Wrap proposition.

Published : 24, Nov 2016
Charles Taylor agrees to buy Zurich’s closed book

Charles Taylor agrees to buy Zurich’s closed book...

Isle of Man-based Charles Taylor has agreed to buy one of Zurich's closed book of international life assurance business as well as Allied Dunbar International Fund Managers.

Published : 24, Nov 2016
Industry divided on planned UK overhaul of overseas pensions

Industry divided on planned UK overhaul of overseas...

The UK government’s plans to change the way overseas pension schemes are approved and taxed have been met with a mixed response from the financial services industry, with some advisers welcoming the move while others believe it will make foreign pensions increasingly complex and unattractive.

Published : 24, Nov 2016
ANALYSIS: Pragmatic Hammond and the art of the possible

ANALYSIS: Pragmatic Hammond and the art of the...

Anyone hoping for infrastructure spending plans on a Trumpian scale was disappointed on Tuesday by what most commentators described as a cautious and pragmatic Autumn Statement from Philip Hammond.

Published : 23, Nov 2016

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Malta the ‘big winner’ of UK’s extensive Rops reforms
Malta the ‘big winner’...

Malta will be the "main winner" of HM Revenue & Customs'...

St James' Place doubles adviser numbers in Asia
St James' Place doubles...

St James’s Place has expanded its presence in Asia...

Director of collapsed IFA firm banned after £4m goes missing
Director of collapsed...

The director of a bankrupt UK-based IFA firm, who also...

South Africa considering tax changes to offshore pension funds
South Africa considering...

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