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FSB wants probe into impact on small firms

The Federation of Small Businesses is calling on the Government to undertake an assessment of the impact of automatic enrolment on small firms as the organisation continues to press for an exemption for micro-businesses.

In October, Money Marketing revealed Government officials were considering extending the auto-enrolment phasing period for small firms due to concerns about their growth prospects. Pensions minister Steve Webb confirmed the delay in November.

Speaking at TheCityUK pension conference in London last week, FSB policy chairman Mike Cherry said the Government should use the delay to reassess the admin burden the reforms place on small companies.

He said: “The procedure which small businesses must now comply with for automatic enrolment is far more onerous than was ever envisaged when the reforms were first designed. The delay for small businesses announced by the Government provides a perfect opportunity to address some of the concerns around administration.

“However, the delay will only be worthwhile if a full impact assessment is published, with a view to substantially reducing the administrative burden for small firms. We also want to see an exemption for microbusinesses with fewer than four employees from the reforms.”

Confederation of British Industry head of labour market policy Jim Bligh said: “Administration cost is the really big concern for small businesses. The Government needs to look at ways to make the processes much simpler.”


HBOS corporate head to appeal FSA action

Former Bank of Scotland corporate division head Peter Cummings is to appeal against a seven-figure fine and “warning notice” imposed by the FSA, according to reports. The Daily Telegraph reports last month’s FSA report into BoS failings focused on Cummings’ corporate division, saying it was “guilty of very serious misconduct” which meant the bank “failed […]


Sants says get tougher on senior staff

Outgoing FSA chief executive Hector Sants has used his last speech at the regulator to call for greater individual accountability at financial services firms and for senior management to be hit with tougher penalties. Speaking this week at Merchant Taylors’ Hall in London, Sants said firms should be encouraged to place more emphasis on treating […]

Funds face 5% test on stocks and shares Isa

HM Revenue & Customs has warned some funds may become ineligible for inclusion in stocks and shares Isas following the implementation of the RDR. HMRC’s latest Isa guidance says each fund that meets the Isa requirements must pass a “5 per cent test” in order to qualify for the stocks and shares component. To pass […]

Rayner Spencer Mills: Why we rate the Artemis Global Growth Fund

Ken Rayner and Graham O’Neill from RSM explain why they rate the fund, its investment process and how it can be used in a portfolio. The Artemis Global Growth Fund became a RSM ‘rated’ fund earlier this year. In this video, Ken Rayner and Graham O’Neill explain the fund’s investment approach, why they rate it, […]


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