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BSA and PIMA welcome Rifkind Bill

PIMA and the BSA have both welcomed Sir Malcolm Rifkinds Private Members Bill aimed at simplifying the pensions system and encouraging more people to save.
PIMA says an important provision of the Bill is the idea long promoted by the body of a savings and retirement account, SaRA, offering the tax treatment of a pension with the functionality of an Isa.
It says the Bill will permit long-term and retirement savings that fit modern lifestyles such as career changes and time out of work.
The BSA also welcomes the SaRA idea of allowing money to be taken out at key stages of life, such as buying a first home. It also supports the Bill for identifying cash as an integral part of the account.
PIMA director general Tony Vine-Lott says: “PIMA believes that the introduction of SaRA in the Rights of Savers Bill introduced to the House of Commons today by Malcolm Rifkind would be a boost for savers in this country.”
BSA director general Adrian Coles says: “Current pension rules act as a disincentive for many to save, in that people dislike seeing their savings tied up until they retire. The proposals within the Rights of Savers Bill begin to address this issue, giving individuals flexibility to withdraw money at times when it is most needed.”


FSA discount for early fine settlors

The FSA will give discounts to firms who settle their fines early following a review of the regulator’s enforcement procedures. Discounts will come in three stages – 30 per cent, 20 per cent and 10 per cent – and will only apply to cases where investigators are appointed on or after October 20. The initiative […]

Broker spots Halifax loan clause problem

A sharp-eyed broker spotted an omission in a mortgage application pack from the Halifax that could have rendered his client’s application inadmissible. IFA George Harris from independent firm Tisco and his client saw that a clause in the declaration of a mortgage application required the client to have read a pamphlet on property assessments which […]


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