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‘Be very afraid’ of Euro-wide regulation

Former Conservative Shadow pensions minister Nigel Waterson has called on the Government to resist regulatory creep from the European Commission over proposals for EU-wide pension regulation that could cost UK companies £500bn.

Last month, the EC published a green paper on achieving sustainable and safe European pension systems.

It acknowledged there is not a one-size-fits-all pension system for member states but says it is keen to explore how a common EU-wide platform for monitoring “all aspects of pension policy and regulation” in member states could bring about long-term improvements.

It also proposes introducing a solvency regime, equivalent to Solvency II, for all EU pension funds to protect acquired pension rights.

Addressing delegates at the Money Marketing Retirement Summit in Dublin last month, Waterson said: “It talks of co-ordination, common EU principles and pathways, strengthening the internal market for pensions. It calls for the creation of a regulatory framework for an EU-wide private pension regime alongside the existing pension regimes in Europe.

“So my advice is you need to be afraid, very afraid. They would clearly love to impose an additional layer of regulation alongside or on top of the


Coventry BS stops interest-only loans for first-time buyers

Coventry Building Society will no longer allow interest-only mortgages for first-time buyers, becoming the latest of a number of lenders that have made changes to their policy on interest-only products. The lender will also no longer offer interest-only mortgages on loans over £500,000 and no longer accepts downsizing and the sale of a second property […]


Fed downgrades economic growth outlook

The US Federal Reserve last night downgraded its economic outlook and signalled it would extend its efforts to support the economy. The Fed’s Open Market Committee said in a post-meeting statement: “The pace of recovery in output and employment has slowed in recent months.” The central bank announced plans to reinvest the proceeds from the […]


Five years to profit from fees

Yellowtail Financial Planning managing director Dennis Hall says it has taken him five years to move to a fee-based model and start earning a profit. Speaking at the launch of Aifa’s latest RDR report, Advice Horizons, last week, Hall said he has had to constantly revise and change his approach to charging fees since starting […]

VAT guidance contradicts RDR aim for advice

Financial advice will be cheaper if clients pay for it up-front rather than over the life of the product because they will not have to pay VAT, according to Skandia. Last week, HM Revenue & Customs and the Association of British Insurers issued new guidance reiterating that VAT is only payable on advice, not on […]

Key themes for 2017

Capital Market Notes, December 2016 Dave Lafferty, chief market strategist at Natixis Global Asset Management, assesses the accuracy of his 2016 outlook and provides his thoughts and outlook for 2017. Click here to read the full article


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