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&#39Get clarity from Customs now&#39

The management of the Whitechurch Network is urging advisers to push their networks to clarify with HM Customs and Excise immediately on whether they will have to pay Vat on member charges.

Whitechurch Network managing director Ian McIver wants IFAs to make their networks aware of the potential threat of Vat on charges before their organisation is contacted by Customs.

McIver believes once action is taken against a firm, advisers could end up paying Vat while the management put an individual case to Customs.

Advisers believe any ruling forcing IFA networks to pay Vat on member charges will alter a network model that has been operating for years McIver thinks a ruling forcing appointed reps to pay Vat on a fee taken out of their commission will create a skewed market. He considers it unfair that directly authorised firms would not be paying Vat on commission or the services they get from the regulator.


NHFA set for move on equity release

Long-term care specialist Nursing Home Fees Agency is set to expand its relationship with charity Help the Aged which will see it move into equity release for the first time. Until now, NHFA only off-ered advice on LTC but it is understood to be reinventing itself as an across-the-board retirement planning company, moving into equity […]

Tories look to Lords on annuities

The Conservatives will take their plea for annuity reform to the House of Lords if their bid to bring an end to compulsory annuities fails in the House of Commons this week. The Pensions Bill reaches the final stages of committee this week and Shadow pensions minister Nigel Waterson says he intends to table an […]

NCC wants shake-up of lending practices

National Consumer Council chairwoman Deirdre Hutton has hit out at what she says are irresponsible lenders fuelling the nation&#39s household debt. Speaking at the British Bankers Association annual conference in London last week, Hutton said she wants to see lenders do more to prevent borrowers getting into difficulties. The NCC has previously spoken out on […]

Kane shares the pain and gain

The Treasury has no business designing savings vehicles and no place in setting charge caps, says Scottish Widows chief executive Archie Kane. Speaking to Money Marketing in his Edinburgh office last week, Kane said: “The Government and regulator have a role in creating a clear framework and clear standards in terms of how the industry […]


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