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Don&#39t cash in pension too early, warns FSA

The FSA is warning consumers of the pitfalls of accessing their pension pot before they retire.

It says people should consider cashing in other investments before accessing the tax-free cash in their pension.

The regulator says its initiative is aiming to counter recent TV, press and mail campaigns that have targeted over-50s who have occupational or personal pension plans.

Director of investment firms David Kenmir says: “Releasing cash may sound very tempting but people need to stop and think about whether they really need to do it.

“It is rarely in anyone&#39s long-term financial interests. Only in exceptional cases, where an individual has immediate needs and no other option, should anyone even consider doing it.

“It is an expensive way to free up extra cash and, in addition, the financial adviser may well take a fee for dealing with it. meaning that part of the individual&#39s hard-earned pension pot will benefit him rather than the individual.”


Equity content capped at 60 per cent

The equity-based product in the Sandler suite of products will have a maximum exposure to equities of 60 per cent with further requirements to be diversified across a range of companies, markets and sectors. The Treasury consultation on the products published today also sets out that the equity products will be able to take the […]

Another hold-up in RJ Temple stake talks

IFA RJ Temple has suffered another delay in its search for an investor to buy a stake in the firm. The closure of a new deal was due to be announced at the company&#39s annual conference in Lon-don last week but, as part of his introductory speech, chairman and chief executive Geoffrey Morphitis warned employees […]

Warning of 20,000 &#39rogue traders&#39

As many as 20,000 unq-ualified mortgage brokers may be offering advice to unsuspecting customers and abusing public trust, according to Campbell Dallas Financial Services. The Scottish firm is warning of “rogue advisers” giving mortgage advice without having the minimum Cemap or Maq qualification they should have gained by December 31 under Mortgage Code Compliance Board […]

Weinberg says he warned FSA over the dangers of multi-ties

The creation of multi-ties heightens the risk of misselling and makes the job of the FSA more difficult, according to one of the architects of polarisation, Sir Mark Weinberg. St James&#39 Place chairman Weinberg says gap-filling would have been sufficient to give tied consumers access to a better range of advice and products and would […]

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Global benefits predictions for 2015 from Jelf International

According to Doug Rice, managing director of international services, in 2015, managing their international duty of care will become an increasing focus for UK-based overseas organisations in both managing their short- and longer-term challenges. As a result, strong independent advice and innovative technological solutions will become more important than ever in managing their global benefits.


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