Lloyds financial planning business set for £50bn expansion
In a major push to expand into the financial planning and retirement industry, Lloyds Banking Group is looking to increase its open book assets in the sector by more than £50bn ($69.9bn, €56.5bn) by 2020, according to the company’s 2018 strategic plan.
Isle of Man to introduce pension freedoms
Legislation that will introduce pension freedoms to the Isle of Man has been included in the island’s 2018 Budget, a move treasury minister Alfred Cannan said will allow people to “look after their own savings”.
Bad advice sees Aussie banks pay A$51m
Australia’s five largest banking and financial services institutions have paid a further A$21.4m in compensation to customers who suffered losses because of “non-compliant conduct” by financial advisers, taking the total to A$51.4m (£29m, $41m, €33m). More claims are expected.
Best Practice | 19 Feb 18
Panama Papers to net UK taxman extra £100m
Investigations into the Panama Papers are expected to generate £100m ($140m, €113m) in additional tax, HM Revenue & Customs confirmed to law firm Collyer Bristow.
Best Practice | 19 Feb 18
Stricter rules needed to tackle pension scams
The majority of UK adults want stricter rules put in place to ensure their pension pots are secure, according to research by the Pensions and Lifetime Savings Association (PLSA).