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DB transfers reach 100,000 a year

Around 100,000 people transferred out of their defined benefit pension between 1 April 2017 and 31 March 2018, according to data from The Pensions Regulator. A Freedom of Information Act request published on TPR’s website says DB schemes have reported around 72,700 transfers out during that period. The total value of those transfers was £14.3bn. […]

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7IM to buy Edinburgh-based asset manager

Seven Investment Management is to acquire Edinburgh-based discretionary asset manager Tcam Asset Management for an undisclosed sum. The merged firm will have £13.6bn of assets under management and will have offices in London, Edinburgh and Jersey. Tcam co-chief executives Alex Montgomery and Haig Bathgate will become partners and investors in 7IM and will join its […]

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PFS renews calls for product levy to fund FSCS

The Personal Finance Society has proposed a new style of product levy to fund the Financial Services Compensation Scheme. As the professional body expresses concerns over the availability of professional indemnity insurance, particularly for defined benefit pension transfers, it says that a ‘savings and investment monetary protection and education levy’ could be taken from total […]

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Barclays boss Staley fined for trying to expose whistleblower

The FCA and Prudential Regulation Authority have fined Barclays boss James Staley a total of £642,000 over his treatment of a whistleblower at the bank. The regulators have ruled Staley “failed to act with due skill, care and diligence” when he responded to an anonymous letter in June 2016. Staley attempted to unmask the internal […]

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