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Wells Street Journal: Throw money at it

Timebank paraplanner James Eden became an insistent client of a very different stripe last week week, while attempting to make his way to WSJ sister-title Money Marketing’s annual awards gala.

Eden found himself stuck in traffic on the way to the party, and confronted with an apologetic cabbie refusing to take a fare for a journey that looked likely to terminate a mile short of its destination.

After arguing with his driver over how much was, or was not, owed, Eden decided that he knew best and took the matter into his own hands.

Eden disembarked his taxi, balled up some cash in his sweaty palm and hurled the funds through the window of the vehicle.

And obviously Eden followed up one sensible decision with another by jogging the remaining mile to the venue, tuxedo tails flapping in the wind behind him.

A startled cabbie told WSJ: “I don’t know what is wrong with these people. I tried to be generous, but the man just screamed at me, hurled some change in my taxi and disappeared. I thought times were supposed to be tough for advisers, but apparently they can’t stop throwing money away!”



Aegon to quit ABI

Aegon is to leave the Association of British Insurers at the end of the year in a bid to lobby “direct to the Government and regulators”. It follows Legal & General which quit the insurers’ trade body last year, believing it could lobby more effectively alone. Aegon chief executive Adrian Grace says: “Aegon has enjoyed […]

Ros Altmann

Pensions minister under fire over tax relief stance

Auto-enrolment provider Now: Pensions has hit out at pensions minister Ros Altmann after she publicly backed the ‘relief at source’ model of distributing pensions tax relief. Pension schemes either operate on a relief at source or net pay model. In the former contributions are taken from members’ salaries after tax, with non-taxpayers receiving relief at […]


Govt to review pension transfer rules for ARs

The Government and FCA are to review rules that suggest appointed representatives are barred from working on transfers of safeguarded benefits. In March the regulator announced it was introducing tighter standards on pension transfers, creating a new term – safeguarded benefits – to include transfers from defined benefit schemes and plans with guaranteed annuity rates. […]


AJ Bell in exclusive talks to buy Cofunds

AJ Bell has agreed a four week exclusivity period in its bid to acquire Legal & General-owned platform Cofunds’ retail arm, Money Marketing understands. The deal means only AJ Bell will be able to negotiate over the terms of an acquisition during the period. One of the options being discussed is L&G taking shares in […]

Protecting long-term savings from short-term policy

By Jamie Clark, Business Development Manager The pensions revolution is almost upon us. As with any revolution, there will be winners and losers. The winners in this case could presumably be the politicians that orchestrated pensions freedom and choice just before the general election. As for the losers, there may be many thousands of people […]


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