New Treasury economic secretary Ed Balls told the Treasury select committee this week he is unsure about the future of basic advice and that changes are needed to ensure better balance between simplicity and regulation.
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AIG set for move into bulk annuities
US firm AIG is understood to be entering into the bulk annuity market in the UK. The firm will be launching with the technical support of outsourcing firm Higham Group. AIG has been linked with the possible acquisition of Prudential, one of the biggest suppliers of bulk annuities in the UK.
Speculation surrounds Synaptic
Adviser software provider Synaptic denies it is up for sale despite industry speculation the firm has put itself on the market. Synaptic chief executive Selwyn Herring, who owns 10 per cent, says approaches have been made but he is not willing to sell although he cannot vouch for the intentions of venture capital firm New […]
Leaked letter reveals DWP pressure to retain RU64
The Department for Work and Pensions is pressurising the FSA to retain the RU64 rules ahead of this week’s White Paper which will set up the national pension savings scheme. The FSA was expected to abolish RU64, brought in to accompany stakeholder pensions, at a board meeting this week. In a letter to Work and […]
Gartmore MBO announcement imminent
Gartmore is likely to announce the terms of the private equity-backed management buy out of the investment house “either later today or early tomorrow morning” according to a company spokesman.US group Hellman & Friedman are currently finalising the legal details of the agreement which will be expected to lock in a number of the company’s […]
Europe: what if the cost of capital starts to rise?
Since 2007, the sharp drop in interest rates has lifted the valuations of all assets, with the longest duration assets gaining the most. The UK’s decision to leave the European Union has caused another flight to “safety”, with a series of record lows in bond yields and record highs in bond prices. With the German […]
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Kim North: Why is advice still such a no woman’s land?
I always try to check my Twitter feed over breakfast. Recently, a tweet from IFA Philippa Gee caught my eye. She had taken her time to attend an investment conference and found she was the only woman there. Comments followed that this occurrence is far too common. According to Unbiased, just 13 per cent of […]
Martin Lewis sues Facebook over scam adverts
Consumer champion Martin Lewis has today issued High Court proceedings against Facebook over scam adverts published on the site that use his name, picture or reputation. Lewis, who is the face of website Money Saving Expert, is bringing a lawsuit against the social media juggernaut for defamation seeking exemplary damages. Lewis says any money paid […]
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Can new tools solve the sustainable drawdown conundrum?
Michael Klimes examines if advisers can resolve all drawdown issues themselves or if a wider effort is needed