Tessa Norman

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FOS payout cap hike could hit PI costs

An increase in the Financial Ombudsman Service compensation cap for small businesses could hit advisers’ professional indemnity insurance premiums. In a discussion paper published last month on small businesses, the FCA outlined options for expanding the criteria for FOS complaints. It said as a result the maximum award limit might need to be raised from […]

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FCA’s compliance guarantees in doubt after lack of action

Regulatory experts have questioned the effectiveness of compliance guarantees used by the FCA after a Freedom of Information request revealed not one has resulted in enforcement action in the past two years. An FoI submitted by Money Marketing has found that no investigations have been opened in the past two years as a result of […]

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Turning the corner: Can the industry build on rising adviser numbers?

Advisers are calling on policymakers to do more to increase adviser numbers following the first meaningful rise since the RDR. Last month the FCA announced the number of advisers at advice firms had increased by 5 per cent from 21,496 a year ago to 22,557. Experts say while the figures are promising, further steps to […]

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Film scheme investors granted appeal in HMRC tax avoidance ruling

More than 150 investors in film partnership schemes have been granted permission to appeal a High Court ruling which found in favour of HM Revenue & Customs. In July, the court rejected the investors’ attempt to challenge the legality of demands by HMRC to pay disputed tax upfront. The claimants claimed tax relief after investing […]

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Network launches telephone advice service for orphan clients

Advice network pi financial has launched a centralised telephone advice service for up to 70,000 orphan clients. The network, which has 107 advisers and 14,000 active clients, says it has 70,000 clients without an ongoing service agreement with their adviser. It says these clients have been orphaned as a result of the RDR and the […]

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RBS and Standard Chartered singled out in Bank stress test

Royal Bank of Scotland and Standard Chartered have been singled out as the weakest of seven lenders in a Bank of England stress test. The BBC reports the Bank has subjected the UK’s seven largest lenders to tests to measure whether they would survive a financial shock. Banks were tested against a scenario where oil […]

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Adviser fears grow over Sesame pension review costs

Concerns are growing among former Sesame members that they will be pursued for compensation costs resulting from the network’s review of pension transfer advice. Sesame ceased operating as a network for investment advisers at the end of July as part of a fundamental overhaul of the business. It agreed to carry out a past business review of […]

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Govt to allow debt-based crowdfunding in Isas

Crowdfunded debt securities will be allowed within Isas from next year, the Government has confirmed. In the March Budget the Government announced it would consult on whether to extend eligible Isa investments to include investment-based crowdfunding. In its response to the consultation published today, the Government says Isas will be extended to crowdfunded debt securities […]

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Govt to raise £1.2bn in CGT payment deadline crackdown

The Government is to raise £1.2bn by reducing the payment window for capital gains tax on residential property. CGT on residential property is currently paid between 10 and 22 months after a property is sold. In today’s Autumn Statement Chancellor George Osborne announced that from April 2019, CGT must be paid within 30 days of […]

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IA in talks with Treasury over tax break for bonds

The Investment Association is in talks with the Treasury over extending the tax exemption on savings interest to bonds. In the March Budget, Chancellor George Osborne announced that no tax will be deducted on the first £1,000 of interest earned on savings from April 2016. Higher rate taxpayers will be given a £500 tax-free allowance. […]

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Advisers warned on tech security breaches

Advisers may be failing to accurately detect and report data breaches, experts warn, as new figures reveal just 42 incidents have been reported in the past two years. A Freedom of Information request submitted by Money Marketing shows 42 potential breaches of the Data Protection Act have been reported by advisers to the Information Commissioner’s […]