Michael Klimes

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Advisers favour single rate of pension tax relief

A majority of independent financial advisers think there should be a single rate of tax relief according to this week’s Money Marketing poll. More than 120 advisers took part in the poll with 77 in favour of a single rate of tax relief, 39 against and six undecided. Yellowtail Financial planning managing director Dennis Hall […]

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May pledges to safeguard pensions from greedy bosses

Prime Minister Theresa May has promised to crack down on highly paid executives who do not support workers’ pensions enough. In an article for Sunday’s Observer May argues markets need to be rebalanced in favour of ordinary people. She makes the case on the back of outsourcer Carillion going into liquidation last week forcing the […]

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FSCS to fork out £6m over collapsed DFM Strand Capital

The Financial Services Compensation Scheme estimates it will pay out £6m over collapsed discretionary fund manager Strand Capital. An administrator’s report published earlier in January shed light on a host of failings that led to the collapse of the firm, which was put into special administration back in May last year. London-based Strand, which had around […]

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FCA ‘wholly rejects’ MP criticisms over British Steel transfers

The FCA has said it “wholly” rejects the conclusion reached by the work and pensions select committee of MPs on its conduct during the British Steel Pension Scheme saga. At the end of last week select committee chairman Frank Field said the FCA risked “sleepwalking into mis-selling scandal” on BSPS in a series of documents criticising […]

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Transfer values stay at historic highs into 2018

Typical transfer values for defined benefit scheme members remained high during 2017, ending the year at £236,000, according to Xafinity’s latest data. This was little changed from the end of 2016 when the figure was £234,000 the Xafinity Transfer Value Index shows. However there was some volatility over the year as the difference between the […]

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Capita replaced as Prudential’s pension administrator

Capita has been replaced as the pensions administrator of M&G Prudential after an open market tender. The administration of more than four million life and pensions contracts at M&G Prudential will move from Capita to Diligenta, the FCA-regulated subsidiary of Tata Consultancy Services on 31 July. According to documents published a decade ago, the value […]

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MPs hammer FCA conduct on British Steel as all transfer advisers to be investigated

The work and pensions select committee has published documents it believes raise serious concerns about how the FCA has handled the British Steel Pension Scheme saga. The documents are responses from the FCA, the financial advice firm Active Wealth and “introducer” firm Celtic Wealth, following evidence on BSPS in parliament in December 2017. The responses […]

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Tisa shelves DB transfer guidance service

Tisa has dropped plans to introduce a defined benefit transfer guidance service, Money Marketing can reveal. Last summer Money Marketing reported Tisa was planning to trial guidance sessions for DB pension scheme holders who wanted to transfer out but fell below the £30,000 threshold for compulsory advice. Money Marketing understands these plans were shelved after issues around advice to […]

Prudential advice arm architect joins annuity provider

Fixed-term annuity provider Primetime Retirement has hired Russell Warwick, who helped create Prudential’s financial planning business. Warwick, who has worked in the pensions industry for more than 30 years, has been appointed managing director of sales and marketing at the company. Primetime Retirement is a subsidiary of Key Retirement. Warwick’s most recent position at Prudential […]