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Berkeley Jacobs fined for pensions unlocking

Berkeley Jacobs Financial Services has been hit by the FSA with a £175,000 fine for poor advice and misleading advertising in marketing its pensions unlocking service.

The regulator has forced the firm to set aside £1m to compensate up to 5,000 consumers who were encouraged to use their cash for short-term benefits such as holidays and buying luxury goods.

The FSA said the campaign, which aired extensively on Sky television, gave no explanation that releasing cash early meant sacrificing future pension income for short-term gain.

FSA director of investment firms David Kenmir says: “We will not tolerate firms showing such a blatant disregard for consumers&#39 interests. No consideration was given to the substantial drop in the consumer&#39s pension income or their inability to make up for that loss as they were so close to retirement.”


Kenmir on training board to monitor progress

FSA director of investment firms David Kenmir has been appointed to the board of the Financial Services National Training Organisation which governs the Financial Services Skills Council. Many believe the move is aimed at enabling the regulator to more closely monitor the progress of the organisation. Aifa director general Paul Smee believes Kenmir&#39s main function […]

Is the cap up in the air?

Has the Government thrown in the towel on the 1 per cent price cap? Not yet. But it has certainly accepted that a policy and product dear to its redistributive heart – the child trust fund – can be charged at 1.5 per cent annual management charge. Does this mean that pensions and the rest […]

The FSA&#39s stance on Standard

Thank you for your letter of January 23 about Standard Life. The question of the corporate structure of Standard Life and of any other mutual is entirely a matter for its board and its members. The FSA has not recommended that the company should demutualise and has no objective that this should happen. Our concern […]

Kreis Consulting – Johnson Seafarms – Cod 1

Type: Enterprise investment scheme Aim: Growth by investing in a Shetland-based cod farm Minimum investment: £30,000 Opening/closing date: January 1, 2004/March 1, 2004 Charges: Initial 4% Commission: Initial 2% Tel: 0141 5641523UNIT-LINKED BONDSSKANDIAMultiBond &#45 Skandia Distribution BondType: Unit-linked bondAim: Income and growth by investing in a range of distribution fundsMinimum investment: Lump sum £5,000Fund links: […]

Tax allowances and exemptions

Helen O’Hagan, Technical Manager at Prudential, looks into the planning strategies that can deliver considerable tax savings for your clients. Inheritance tax (IHT) Consider Margaret, featured on our Planning Matters family hub, who is a sprightly eighty year old with four children and several grandchildren. She’s recently been widowed and IHT planning is high on […]


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