Michael Klimes

Administrators anticipate compensation for Greyfriars investors

Investors from collapsed wealth manager Greyfriars Asset Management should be able to get some type of compensation, say administrators Smith & Williamson. Greyfriars went into liquidation in October 2018 when Smith & Williamson were appointed as joint administrators to the troubled provider. A six-month progress report published on Companies House sheds light on how the administration work […]


Now: Pensions petitions govt to end loophole for low savers

Master trust Now: Pensions has written to Chancellor Philip Hammond as part of a petition to end a loophole that sees 1.75m savers miss out on pensions tax relief. The letter from Now: Pensions chief executive Troy Clutterbuck to Hammond coincides with the launch of a campaign to make the way pension providers administer relief […]

LV= offers Isa access to smoothed funds

LV= has launched a new stocks and shares Isa, adding to its existing range of smoothed managed funds for advised clients. It says the funds, which have previously only been available through bond and pension products, reduce the impact of short-term market fluctuations for investors. Available only to advised clients, the new LV= Isa provides […]


FSCS declares Lifetime Sipp Company in default

The Financial Services Compensation Scheme has today declared The Lifetime Sipp Company in default. Lifetime Sipp was placed into administration in March 2018 and later went into liquidation on the 2 April 2019. The complexity of claims related Lifetime Sipp’s books and led to the FSCS having to spend a lot of time making detailed […]


Nest confines tobacco investments to ashtray

The state-backed master trust National Employment Savings Trust says it will be dropping tobacco from its investments. In an announcement today, the auto-enrolment scheme provider says the decision is based on the expected future performance of the tobacco industry. It points out stricter worldwide regulation against tobacco products, increasingly aggressive legal action by governments and […]

The future of retirement planning: risks and opportunities

From professional connections to defined benefit transfers, how can advisers take advantage of pension challenges? If you want excitement in your financial planning life, then the at- and post-retirement space is where you need to be. This was certainly the message that came out of Money Marketing’s annual Retirement Summit last week, when the best […]


FSCS opens claims against Sipp administrator GPC

The Financial Services Compensation Scheme says it is accepting claims against GPC Sipp that was placed into administration on 11 June 2019. Smith & Williamson’s Adam Stephens and Henry Shinners have been appointed joint administrators of GPC Sipp. GPC Sipp specialises in the provision of technical and administration services to Guardian Pension Trustees Limited, which […]

TPR ratchets up pressure on default investment governance

The Pensions Regulator is scrutinising scheme trustees more in a drive to ensure they are meeting their legal obligations and properly governing default arrangements. The watchdog has contacted trustees of hundreds of schemes and asked them to confirm that they have reviewed their default arrangements. The move is part of TPR’s ongoing work to protect […]

£73m of pension savings flagged as scam risk by members

Pension scheme members have identified potential scam activity around transfers worth £73m of savings over the past 12 months. The consultants XPS Pensions Group produced the figures and say there has been a significant increase in the number of savers who are reporting potential scam activity on pension transfers. The number of members reporting “red […]


Britain must scrap ‘regressive’ pensions tax relief

The current system of pensions tax relief should be scrapped to tackle intergenerational inequality and generate revenue, pensions expert Michael Johnson says. In a speech at Money Marketing’s annual retirement summit, the Centre for Policy Studies research fellow argued the status quo is fundamentally unfair to Millennials aged 18 to 40. He described the system […]