Industry
Where has £17.5bn of pension freedoms money gone?
About £3bn ($3.9bn, €3.4bn) that has been flexibly withdrawn from UK pensions is currently sitting in low yield bank accounts, with investors facing the “double jeopardy” of tax on withdrawals and low returns, according to research by AJ Bell.
European pension plan’s ‘elephant in the room’
Europe is still not dealing with the tax treatment of Pan European Pension Products in its latest compromise deal to push the contentious product forward, the secretary general of a European lobby group has warned.
Unlimited fines and jail for reckless DB scheme providers
Powers that would allow the UK’s pensions regulator to give unlimited fines and criminally prosecute reckless behaviour in relation to defined benefit (DB) pension schemes are being considered in a government consultation paper.
How platforms can keep ahead of technology
The never-ending cycle of technological advancement means platform tech risks becoming quickly outdated, but Jersey-headquartered Inn8 has adopted a modular approach that it says is less disruptive.
CBA’s wealth management spin-off surprises market
The Commonwealth Bank of Australia (CBA) is to de-merge its wealth management and mortgage businesses and undertake a review of its general insurance business, with a view to potentially selling it.