Apfa is urging policymakers and pension providers to do more to explain the costs and benefits of taking regulated financial advice at retirement. In its response to the FCA’s retirement income market study the adviser trade body calls for a consumer awareness drive to improve understanding of the intermediary market. Independent research conducted by NMG […]
“I was going to take her to a gentleman’s club but there weren’t any seats.” Page Russell director Tim Page is later forced to clarify he wasn’t inviting MM hack Tessa Norman to that sort of club. “It’s not going to be one of those websites is it?” Hargreaves Lansdown head of pensions Tom McPhail fears a […]
Small advice firms have created unnecessary problems for themselves by “gold plating” the regulator’s independence requirements, says FCA technical specialist Rory Percival. The FCA published its findings of a thematic review into independent advice this week. Following the review, the FCA says its rules on independence are not as onerous as some advisers believe and […]
Trustnet Direct has been found to be giving investors inaccurate guidance on pension tax relief less than a week after the direct platform’s launch. The fund data provider launched its D2C platform last week with a £200 cap on annual charges and plus £10 fund and share dealing costs. Explaining Sipp tax relief rules on its website, […]
As more and more employers reach their auto-enrolment staging date, thousands of HR, pensions and finance professionals have been tasked with navigating the minefield of ongoing scheme governance and auditing with little support.
The Organisation for Economic Co-operation and Development claims behavioural biases and low levels of financial knowledge are undermining people’s ability to make appropriate decisions for their retirement. The OECD’s Pensions Outlook 2018 says automatic features, default options and simple information and choice could combat the lack of financial literacy. The OECD’s view is that automatic enrolment […]
Aviva should pay £500 compensation for the way it handled an investment query that caused stress to a daughter who took power of attorney for her mother. In the Financial Ombudsman Service ruling, Miss S has power of attorney for her mother and complains Aviva delayed providing information about a bond. She goes onto argue […]
Advice is becoming a more risky business, meaning firms must rethink their approach to the issues they face Given the Financial Ombudsman Service’s compensation limit is set to rise to £350,000, it is time for advice firms to rethink their approach to the risks they now face. The FCA’s plan is for the new limit […]