The legal situation seems to arise because former Allders owner Minerva still retains a 60 per cent holding in Scarlett Retail, the company that took Allders private.New legislation to protect company pensioners was supposed to help. The pensions protection fund, which comes into being in April, allows up to six years to determine who (including former owners) is liable for the company’s final-salary pension scheme deficit. This is a long period of uncertainty for all directors concerned. My worry is that this new pension legislation could lead to the higher-calibre non-executive directors of quoted companies stepping down from boards if they think trouble is brewing on the pension front. As NEDs are on boards to protect shareholders and create added value, the best ones could quit their positions, leaving room for less scrup-ulous or inexperienced independent directors. This is the key issue. It is the weakest companies or those with the biggest pension problems that require the services of the premium non-executive directors. Urgent action must therefore be taken that balances the interests of management teams, shareholders and company pensioners. Luke AhernDirector of broking,Corporate Synergy,London
Sales of annuities have almost trebled in the past 10 years and the market will more than double again by 2012, according to the Association of British Insurers.
Chartwell chief executive Craig Wetton is calling for IFA firms to do more to convince consumers that there is value in advice.
HSBC has become the first bank to multi-tie, offering highstreet customers funds from Fidelity, Gartmore, Invesco Perpetual, JP Morgan Fleming and Schroders.
Michael Walker has resigned as director of Murray VCTs 2 and 3, after the trusts moved management of their funds from Aberdeen to Close. Aberdeen fund manager Bill Nixon had suggested merging some of the Murray VCTs as a means to reduce costs. IFAs and industry commentators have speculated that the decision to sack Nixon […]
Ryan Medlock, Investment Proposition Manager, Royal London Royal London Asset Management’s (RLAM) new head of multi-asset is officially up and running. I want to look at what expertise Trevor brings to the table and how this affects the Governed Portfolios (GPs) and Governed Retirement Income Portfolios (GRIPs). Trevor Greetham joined RLAM in April 2015 from […]
- Top trends
- Top trends
News and expert analysis straight to your inboxSign up
Latest from Money Marketing
Transaction reporting Transaction reporting is the reporting of information about trades in reportable financial instruments, such as shares, ETFs, VCTs, investment trusts and structured products. Reporting covers purchases, sales and modifications of reportable instruments. Mifid II proposes important changes to these obligations which will potentially affect all investment firms. Some exemptions will apply. For instance, […]
It may look strange that the second largest asset manager in the world is now pushing its new active funds in the UK market at a time when passive funds are seeing record flows. But having amassed more than $215bn globally in its funds since the start of the year, this is unlikely to be […]
Much more needs to be done to help educate consumers on the vital difference between receiving guidance or advice