Michael Klimes

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Govt makes delay to cold-call ban official

The government has made the postponement of a cold-call ban until autumn official. Under the terms of terms of the Financial Guidance and Claims Act 2018, the government was required to bring forward its plans for a ban on cold-calling by the end of June. If government did not introduce a ban by June it […]

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Percival: Pension transfer suitability reports still falling short

Advisers need to worker harder to put relevant client details in suitability reports or they risk failing to meet the FCA’s expectations on pension transfers, says consultant Rory Percival. In March, the regulator published a consultation paper and a policy statement that toughened standards on pension transfer advice. These included the introduction of a rule to require all […]

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Second British Steel IFA goes into liquidation

A second advice firm involved in the British Steel saga has gone into liquidation, according to an insolvency notice published by The Gazette. An update published on The Gazette’s website shows Retirement & Pension Planning Services, based in Barnsley, appointed liquidators on 25 June. It says this is a solvent liquidation and all known creditors […]

May vows to fight on after cabinet departures

Prime minister Theresa May has promised to fight any attempt to remove her from office after two cabinet ministers quit in 24 hours. Boris Johnson quit as foreign secretary yesterday and Brexit secretary David Davis left his post on Sunday evening. Davis warned May’s proposal to keep Britain closely aligned to European Union rules was in […]

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Sipp market tipped to see £2bn growth each year

The Self-Invested Personal Pension market has grown 55 per cent since 2016 and is now worth £2.4bn, according to a report published today. A study by analytics firm GlobalData cites figures from the Association of British Insurers to explore how the market has grown. It finds customers are using Sipps to consolidate their pensions, with […]

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Govt mulls flat-rate pension tax relief

The Treasury is considering whether to introduce a flat rate of pension tax relief to help fund the National Health Service. According to The Times, the Treasury has started to investigate the flat-rate proposal and says it could raise an additional £4bn in revenues. In June, the government promised to increase spending on the NHS […]

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Tax paying pensioners nearly double in 25 years

The number of taxpaying pensioners has nearly doubled since the mid-1990s, a Freedom of Information Act request has revealed. An FOIA request to HM Revenue and Customs by Royal London shows the growing tax bills faced by pensioners in different parts of the country. Between the mid-1990s and the mid-2010s the number of taxpayers over […]

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FSCS claims against Sipp firm triple in a month

Claims against collapsed Sipp provider Lifetime Sipp Company have increased more than three times in just over a month, data provided to Money Marketing shows. Money Marketing reported on Tuesday the Financial Services Compensation Scheme had received 19 claims against Lifetime Sipp at 30 May. The lifeboat fund says it has now received 70 claims as […]

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HMRC refuses to budge on pensions withdrawal tax

HM Revenue and Customs will not change the way it taxes flexible pension drawdown payments saying any changes would not improve the tax position of consumers. In its June pension schemes newsletter, HMRC says the review of the current system has concluded the existing process remains the most effective method of deducting tax. It says […]

Create national retirement income targets to help savers, trade body says

National retirement income targets should be developed by the government and pension providers to help millions of people save adequately for retirement, an influential trade body says. A report published today by the Pensions and Lifetime Savings Association finds 80 per cent of people are not confident they are saving enough for retirement, which equates […]