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CA and TUC unite to warn Brown not to raise cap

The TUC and the Consumers&#39 Association have united to urge the Government not to raise the cap to 1.5 per cent.
The groups have written to Chancellor of the Exchequer Gordon Brown to warn him that raising the cap and making stakeholder pensions more expensive will not help solve the pensions crisis.
TUC general secretary Brendan Barber says an increase of one half of one per cent in charges would force a consumer would have to increase their monthly contributions by 11 per cent.
He says: “The consumer would pay more, and get less.”


Royal London scrapping direct sales in IFA switch

Royal London is closing its direct salesforce to focus on product manufacture, dist-ributing almost exclusively through IFAs. The company says the expense that regulation puts on the sales process makes it uneconomic to carry on distributing its products through a face-to-face sales operation. Group chief executive Mike Yardley says closure of the direct salesforce was […]

FSA zeroes in on Hargreaves Lansdown with split-cap fine

Hargreaves Lansdown has been fined £300,000 and has set aside £1.7m for compensation for failings concerning a split-capital product. The company has been fined by the FSA for the way it described the risks of zeroes held in its secure growth portfolio – a specialist portfolio of zero-dividend preference shares. The rule breaches also relate […]

Commission wish

I have had a dismal year so far. I have paid an architect £6,000 in fees for plans for a job which he estimated would cost me £50,000. The best builder&#39s quote so far has been £158,000 plus VAT. I pay my accountant a monthly service fee. He has ignored my last two emails (six […]

950 jobs to go as NU restructures life arm

Norwich Union is restructuring its life business service division which will lead to the loss of 700 jobs and 250 contract worker positions. The restructure, to be completed by the end of 2005, will affect IT, facilities management and business systems. Work undertaken by these teams, predominantly software development and application support, will be transferred […]

Changes to early exit pension charges

In November last year, the FCA announced that from 31 March 2017, early exit pension charges will be capped at 1% for those customers who are eligible to access their retirement savings from age of 55. The rules also state that for new personal pension plans started after that date, or on new increments into […]


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