The Corporation of Insurance & Financial Advisors has changed its name to the Corporation of Insurance, Financial & Mortgage Advisors. The trade association was initially formed in 1968 as the Corporation of Mortgage Brokers. The change was announced at its annual lunch last week.
The High Court has frozen the assets of IFA Malcolm Peter Millward of Calverton, Nottingham after proceedings were brought by the FSA.The injunction also forbids Millward from breaking the Banking Act 1987, and will remain in place until the final hearing of the case.The FSA alleges Millward between 1994 and this year accepted loans from […]
Skipton Building Society has paid £1.475m for a controlling interest in consumer finance lending company Amber Credit.It says it has bought Amber Credit to reduce its reliance on the housing market.Skipton chief executive John Goodfellow says: "The latest addition brings the total number of Skipton group subsidiary companies to eight and secures another route for […]
Glasgow Investment Managers Shires Income trust has posted a return on net assets of 8.5 per cent with a proposed final dividend of 5.4p in 12 months to March.This brings the total divident over 12 months to 17.5p. The assets now total £164m.
The Association of British Insurers has launched an initiative to answer IFA queries about the single currency.It has put together a factsheet entitled “Frequently asked questions for insurance intermediaries”.The factsheet is being sent to intermediaries via the IFA Association and other organisations. Bulk copies are available from the ABI at a price of £4.00 per […]
When he was Chancellor of the Exchequer, George Osborne made several changes to the way in which income is taxed. Personal allowances were increased significantly above the rate of inflation; a starting rate band was introduced for savings income and, with effect from 6 April 2015, this was assessed at 0 per cent. In addition, […]
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Scotland has introduced a new set of income tax bands, but pensions experts warn that the changes could cause issues with pension tax relief calculations. In the Scottish Budget today, the Government announced a new starter rate of 19p and then a 21p rate for those earning over £24,000. The higher rate of tax is […]
The scramble to do as many defined benefit transfers as possible while values remain high is unabated, and I am constantly amazed at how some firms have thrown caution to the wind in the hunt for their share of this – admittedly lucrative – opportunity. The problem is that advisers are putting their profits before […]
The FCA working group tasked with setting a template for fund charge disclosure is considering whether one or multiple templates would be more suitable. The institutional disclosure working group, chaired by transparency champion Chris Sier, has been tasked with creating a new template for fund costs and charges following the package of remedies outlined in […]