Friends Provident has cut bonuses on with-profits policies by up to 16 per cent. A 25-year 100 per month pension policy for a male aged 40 at entry will pay 116,759 compared with 139,281 last year.
Winterthur Life’s chief executive believes depolarisation will actually polarise the industry further and has positioned the life office to take advantage of a growing interest in independent advice from highnet-worth individuals.
The financial services and markets tribunal has upheld the FSA’s decision not to authorise three individuals and their firm to sell life insurance.
The FSA is cracking down on unauthorised brokers who arrange and advise on mortgages illegally.
The Professional Mortgage Packagers’ Alliance is appealing to the FSA to pump some of the 2m in surplus funds left with the MCCB back into the mortgage industry.
Protection providers often extol the benefits of placing plans in trust. The advantages for clients are widely recognised and numerous – inheritance tax mitigation, avoiding probate delay, controlling claim proceeds, and so the long, familiar list continues. Yet, dismissed as unnecessary form-filling, or simply viewed as irrelevant in the context of a mortgage sale, less […]
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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 […]