View more on these topics

Accountants and ABI in plea to DWP over stakeholder rules

Top accountancy firms along with the ABI are calling on the Department for Work and Pensions to amend stakeholder regulations or face a potential string of resignations from reporting accountants.

Under stakeholder rules, each scheme must have an appointed reporting accountant. But an accountancy firm cannot take up the position if any of its employees hold a stakeholder plan with that provider.

This was designed to keep the reporting accountant independent of the scheme. But the big accountancy firms say this is unworkable in practice and want the rules amended.

PricewaterhouseCoopers has been writing to clients, saying it will have to resign its position as their reporting accountant unless the rules change because it cannot guarantee none of its employees has stakeholders with the providers.

The DWP, the ABI and the accounting profession met last week to discuss concerns and see if the rules can be amended.

A DWP spokesman says: “The profession has raised legitimate concerns. We acknowledge them and are now looking at the best way to take them forward.”

ABI spokeswoman Emma Grange says: “We do have concerns over the reporting accountant regulations on stakeholder. We addressed them to the DWP to see if a middle ground can be found.”

PricewaterhouseCoopers director Trevor Lewin says: “We have been speaking to clients indicating the need for change on this issue. We are encouraged by the initial feedback from the meeting and we are hopeful changes will come about.”


Split trusts may quit AITC

The AITC has been accused of unfairly distancing itself from the split-cap investment trust sector.The backlash follows director general Daniel Godfrey&#39s speech at the AITC directors&#39 conference in London last week, where he told the splits industry to admit it had made mistakes in the past five years and said the trade body would not […]

The war of independence

As the dust from the FSA&#39s recommendation that polarisation be scrapped settles, so the recriminations start. The leadership of field marshals – or even director generals – comes under close scrutiny as the IFAs&#39 D-day approaches.Given the pressure of the tight timetables under which the FSA is trying to rush fundamental market changes in, it […]

Walking the tightrope

After the terrible events of September 11, I felt the market had over-reacted to the economic consequences. I believed that we needed to increase the aggressiveness of our portfolios as the policy response by the authorities worldwide made a recovery from a “false economic low” much more likely.This was a tactical move, not a long-term […]

MGM Assurance – Capital Investment Bond

Monday, February 11, 2002.Type: Unit-linked bond.Aim: Income and growth by investing in up to 12 funds.Minimum investment: Lump sum £7,500.Fund links: Bonus growth, deposit, European, fixed interest,international equity, Lazards managed, managed, North American,Pacific Basin, property, special situations, UK equity.Allocation rates: Clients up to age 75, £7,500-£14,999 – 101 per cent,£15,000-£29,999 – 103 per cent, £30,000-£39,999 […]


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm