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EC set for agreement on auto-enrolment in GPPs

The European Commission has informally agreed that emp-loyees can be auto-enrolled into group personal pensions when personal accounts are introduced in 2012, Money Marketing understands.

Under Government proposals, employers who run GPPs as good or better than personal accounts will be exempt from the scheme, with all staff auto-enrolled into the employer’s GPP.

Concern had been growing in the industry that EU law would prohibit the auto-enrolment into contract-based schemes such as GPPs.

It is understood the Department for Work and Pensions is yet to receive a formal written response from the EC but it has verbally agreed that auto-enrolment of employees into GPPs would be allowed as this is outside the scope of the Distance Marketing Directive.

The DWP is believed to want to amend the Pensions Bill before it reaches the House of Lords on April 22 to include legislation enabling auto-enrolment into GPPs.

A DWP spokesman says: “We are seeking confirmation from the EC that auto enrolment into personal pensions is compatible with European consumer protection legislation. We have not had official notification.”


Thinc spree continues with FS3 acquisition

Thinc Group has acquired Southampton-based IFA firm FS3 as it continues its financial planning acquisition spree.FS3 has around £100m of funds under management – £75m of personal wealth management and the rest on behalf of corporate clients.The firm was set up in 2001 by certified and chartered financial planner Mike Godfrey, who will continue at […]

HSBC loses data on 370,000 customers

HSBC has lost a disk containing personal details of 370,000 customers after sending it via unregistered mail to Swiss Re. It includes customer names, dates of birth and health information but not addresses or bank account details.

MPs lack business experience

Nearly three-quarters of politicians have no experience in business management or financial services, according to Parliamentary research.A study by research consultancy ComRes found that 72 per cent of MPs have never worked in business or financial services while only 21 per cent have more than five years experience and 13 per cent have 10 years […]

Time for a new approach to asset allocation

Trevor Greetham, RLAM’s head of multi asset, introduces the recentlylaunched RL GMAPs. Asset allocation has become an increasingly difficult challenge for investors and advisers in the years since the financial crisis. Sometimes violent price swings in stock and commodity markets coupled with the collapse in the rate of interest on bonds have made it harder […]


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