Thomas Selby

Treasury urged to rethink Lifetime Isa bonus rules

The Treasury is being urged to rethink the way it pays the Lifetime Isa Government bonus so investors do not miss out on valuable investment returns. The Lifetime Isa, unveiled by Chancellor George Osborne in the March Budget, will allow investors under 40 to save up to £4,000 a year and receive a 25 per […]

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Advice review rejects return to commission

The Financial Advice Market Review has rejected calls to reintroduce commission despite pressure from some in the industry. In January, Money Marketing revealed the FAMR panel – which helped inform the final recommendations of the report – was considering a proposal to allow providers to pay advisers directly, subject to strict controls. FCA chief executive […]

Goddard Perry names new master-trust boss

Employee benefits firm Goddard Perry has recruited Graham Peacock to head up its newly merged master-trust. Peacock joins the company from Carey Group, where he was head of business development. Prior to this he held senior roles at Close Brothers, Friends Provident and Zurich. Goddard Perry managing director Steve Goddard says: “Graham’s knowledge of the […]

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Govt urged to force employers to review auto-enrol provider

Employers should be given a new duty to review their pension provider three years on from the start of automatic enrolment, says Royal London. In a letter to pensions minister Ros Altmann, the mutual calls on the Government to force firms to consider switching providers. Chief executive Phil Loney says: “As the Office of Fair […]

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Govt comes clean on Pension Wise performance

Pension Wise guidance appointments are costing almost £500 each, Government data reveals. The figure comes to light after policymakers bowed to pressure from politicians and the industry to boost transparency around the industry-funded guidance service. The Government has faced criticism from across the sector for failing to produce data on Pension Wise, which is paid […]

Former Pink boss Mark Graves joins Sesame

Former Pink director Mark Graves has been appointed sales director at advice network Sesame. Graves, who left Pink after three and a half years running the network in June, will report directly to Sesame executive chairman John Cowan. Cowan says: “Mark has built a strong and successful track record based on his close working relationship […]

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China’s yuan handed ‘vital’ IMF currency status

The International Monetary Fund has announced that China’s yuan currency will be added to the fund’s basket of reserve currencies. The IMF says the yuan “meets all existing criteria” and should become part of the basket in October 2016. Currently only the US dollar, the yen and the pound are in the group. Architas chief […]

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Nationwide reports record lending as profits surge

Nationwide has reported record gross lending figures in the first half of the financial year as pre-tax profits soared 34 per cent. The building society’s interim results for the six months to 30 September, published this morning, reveal gross lending surged 14 per cent year-on-year, from £13.1bn to £14.9bn. The firm’s gross market share has […]

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Partnership plans US long-term care annuity launch

Partnership plans to expand into the US insurance market with the launch of a medically underwritten immediate needs annuity. The product, which will be distributed by American firm Genworth, is similar to the firm’s UK Care Annuity. The policies are sold to people at the point at which they enter long-term care and provide a […]

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Hector Sants urges Govt to strip FCA fining powers

A review of Britain’s banking industry by former FSA chief executive Sir Hector Sants has called for the regulator to be stripped of its power to set penalties and redress for misconduct. The recommendation is one of 23 made by Sants, who headed up the financial watchdog from 2007 to 2012, in a report on […]

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Aegon UK earnings slump as pension freedoms ravage back book

Aegon’s UK business has reported a 12 per cent decline in underlying pre-tax earnings during the third quarter as Chancellor George Osborne’s retirement reforms continue to ravage its back book. The provider’s Q3 results, published this morning, reveal earnings dropped 12 per cent year-on-year, from £22m to £19m. Earnings within the provider’s life business were […]

John Moret blog
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John Moret: The Sipp world’s worst kept secret

The recent proposal by the FCA in CP15/30 that Sipp providers should be obliged to disclose retained interest charges in projections and reduction-in-yield calculations has prompted a spate of articles suggesting that this is a new revelation. I don’t know where the authors of these articles have been hiding over the last twenty years but […]