The FSA has updated its guidance to employers operating stakeholder or group per- sonal pensions in light of rec-ent legislative changes.The guide explains to emp-loyers what they can do to help their staff understand the pension scheme they are offering. Employers which meet certain conditions set out in the guide are now able to promote their pension scheme to employees without authorisation from the FSA or otherwise breaching the Fin- ancial Services and Market Act 2000. This follows an amendment to the Financial Promotion Order by Parliament. Conditions for exemption include that employers must contribute to the scheme and receive no direct financial benefit from promoting it. FSA director of retail policy Dan Waters says: “Employees could benefit from learning more about the pensions sch-emes offered by their employers. The guide explains in straightforward terms what employers can and cannot do when promoting their pension scheme to staff.” An ABI spokesman says: “This useful guidance makes the obligations of employers clearer when promoting pension schemes to employees, which in turn should lead to better overall understanding and take-up of workplace schemes.”
Allianz Global Investors is planning to launch a UK version of its German emerging markets Bric fund. The German version invests in Brazil, Russia, India and China and has raised 57m since launch this year.
Home Information Packs have come under fire from the Law Society following the move by the Government to publish draft regulations this week. The Society is concerned the Government still has not set up appropriate certification arrangements to regulate and control the production of the reports and the people who produce them.
Purely Financial Group which trades as Purely Mortgages announces that Triandra Limited has made an investment for 50 per cent of the enlarged share capital of the company. Triandra is ultimately owned by Investec Trust (Guernsey) as trustees for the Tchenguiz family trust. Consensus Business Group which manages investments on behalf of Investec is managed […]
The difficulties of funding state pension schemes and the need to encourage people to save is a global phenomenon with no one size fits all answer, says Maltese prime minister Dr Lawrence Gonzi. Speaking at a seminar hos- ted by Aberdeen Asset Management in Malta last week, Gonzi said the country had consulted the World […]
Much has been publicised about how to calculate the tapered Annual Allowance (AA). Are you aware that any subsequent planning could affect the taper calculations? Read more
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Lawyers who represent investors against Berkeley Burke over allegations of mis-sold Sipps estimate more than 1,000 claims could be in the pipeline. The High Court has approved a group litigation order relating to claims against Berkeley Burke Sipp Administration, and those affected have until 23 July 2018 to register to join the group action. It […]
Do not be spooked by recent falls. The bull market has further to run. Stockmarkets have been thriving in the not-too-hot, not-too-cold “Goldilocks” backdrop of the last few years. Growth has been strong enough to boost profits, and inflation low enough to keep central bank policy loose. Recent stockmarket weakness is centred on signs that […]
The FCA continues to engage with the asset management industry on new European regulations as questions remain over how firms should report costs and charges. After over a month since Mifid II and Priips came into force, concerns have been raised on how fund fees, in particular transaction costs, should be calculated under the two […]