Hornbuckle Mitchell managing director Neil Marsh slammed some life office Sipps, branding them “personal pensions in drag” and claiming the FSA will ban them.He said the boundaries are being blurred and some life offices offering so-called Sipps are not offering the full range of flexibility but using the Sipp name. He believes this practice could be banned once Sipp regulation comes in next April. Marsh said: “You have to question whether some offerings are not just personal pensions in drag. It will be interesting to see how the market develops after regulation and whether firms can call a product a Sipp when it is not.” Origen Financial Services director of business development Michelle Cracknell says: “We need to start differentiating between different types of Sipps. The question is whether this is done through regulation or education.”
Newcastle Building Society has added a three-year stepped discount product and a two-year fixed product to its mortgage product range.The discount mortgage offers an annual discount from 3 per cent to 1 per cent on the building society’s current standard variable rate until the end of January 2010.Both products have a minimum loan of £15,000 […]
360 is warning advisers about identity fraud after three adviser firms and two providers reported fraudsters targeting them by using details found at Companies House.
Anyone with an interest in the mortgage market could not have failed to have noticed the wave of publicity that followed Abbey’s announcement earlier this week that it is to offer income multiples of up to five times a borrower’s salary.
Norwich Union claims its strong sales figures in the UK in the first nine months are largely down to improved service standards. Parent group Aviva figures show total worldwide sales rose 22 per cent to £22,718m from £18,601m in the same period last year. NU’s UK life and pension business grew by 31 per cent […]
Last tax year-end there was a lot to think about in relation to planning. The introduction of the tapered annual allowance and the implications of moving to a fixed pension input period, the reduction in the lifetime allowance and potentially applying for protection, and the concern about changes to tax relief, to name a few. […]
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Concerns around the longevity of the policy will lead many to forego pension savings in favour of a deposit The highlight of yesterday’s Budget was the scrapping of stamp duty for first-time buyers purchasing properties of up to £300,000. Those buying higher valued properties up to £500,000 will not pay any duty on the first […]
The Personal Finance Society has given its lifetime achievement award this year to veteran pension guru Mike Morrison, who sadly passed away on 6 November. The prestigious award was announced yesterday at the annual PFS awards ceremony. Morrison gained the respect of the industry through a number of roles in his 30 years working in […]