FCA stops pension transfers from 16 advice firms
Sixteen UK firms agreed to stop any activities related to pension transfers in the 12 months to January 2017, the FCA has revealed.
Pensions
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ONS: Gilts on top as investors dump short-term assets
Institutional investors favoured UK gilts over short-term assets in the last three months of 2016, according to the latest data from the Office for National Statistics (ONS).
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HMRC rakes in £126m from lifetime allowance penalties
HM Revenue & Customs has reported a significant rise in the number of British savers breaching the lifetime pension allowance (LTA) over the past year, collecting £126m ($163m, €146m) in additional tax revenue between 2015/16.
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Brexit vote reignites debate over cuts to pensions tax relief
The UK’s decision to quit the European Union could lead to a raid on pensions tax relief, experts in the industry have warned.
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IA appoints independent fund fee advisory board
The Investment Association (IA) announced Monday it had assembled an independent advisory board of established industry figures to create a standardised disclosure framework for investment costs.
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Courtiers launches three new funds
Courtiers has launched three new funds targeting group self-invested pension plans (GSIPP).
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Three quarter of consumers need clarity on financial advice – survey
Three quarters of consumers are confused regarding the definition of financial advice, according to a recent study by Aegon UK.
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PA ANALYSIS: Communication key for managers to navigate new, older world
Data out from the Association of British Insurers and the Office for National Statistics in the past few days should have asset managers rubbing their hands with a mixture of excitement and trepidation.
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Trade groups welcome ‘crucial’ european capital markets union
European financial trade bodies have unanimously welcomed in the European Commission’s green paper on creating a Capital Markets Union, describing it as an opportunity to support the industry’s “sustainable economic growth and long-term financing”
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Asset managers should expect increased scrutiny
Suitability standards in the asset management industry are set to come under Financial Conduct Authority scrutiny in 2015/16, the regulator said in its business plan for the period.
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Carmignac introduces new share class
Carmignac Gestion Asset Management is capitalising on the changing annuities landscape with the launch of a regular income share class.
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Pension industry jointly responsibile for clients
There is a new and clear division of responsibility in the UK between consumers, the pensions industry and government policy makers coming into effect after 6 April that is a long way from the current system, the Financial Conduct Authority said.