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Fund managers slam 20% oil charge

The Chancellor’s decision to cash in on oil and double the supplementary North Sea charge on new development from 10 per cent to 20 per cent has been slammed by leading fund managers, who say the move will drive investment away from the UK to more competitively taxed regions.

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Lawyer claims watchdog shunning time-bar rule

The IFA Defence Union’s lawyer has accused the Fin- ancial Ombudsman Service of systematically ignoring an FSA rule time-barring endowment complaints against IFAs. During a taped meeting with FSA managing director regulatory services David Kenmir and FSA chief counsel Greg Choyce, IFA Englands proprietor Andrew Kerr, who is the lawyer for the IFADU, pointed to […]

Reits to go ahead this month

Chancellor Gordon Brown has used his pre-budget statement to announce legislation on Real Estate Investment Trusts. The Conservatives called on Mr.Brown last month to introduce Reits to ensure the UK is not left behind other countries. Industry speculation had suggestsed the Chancellor may have left Reits out of his pre-budget statement because of concerns over […]

HBOS warns protection is not factored into cost

The 0.3 per cent annual management charge on Turner’s proposed National Pension Savings Scheme has not taken into account the cost of consumer protection, according to HBOS. Speaking at the ABI’s Saver Summit, HBOS head of industry affairs Kate Flavell warned Lord Turner that the charge will not cover the costs of the Financial Ombudsman […]

Standard rejects 3.5m sipp uturn costs

Standard Life has rejected newspaper reports suggesting the provider has wasted up to 3.5m due to the Chancellor’s recent uturn on sipp legislation, instead putting the figure at 0.5m.The report says the costs come from overhauling its systems, developing its sipp offering, marketing literature and a legal team focusing on the proposed new rules that […]

UK housebuilders remain a value trap – despite post-Brexit falls

Despite the sharp drop in housebuilders following the Brexit result, valuations in the highly illiquid market are still at elevated levels. And whilst some investors may take comfort from superficially low price/earnings multiples, are earnings sustainable over the long term, asks Holly Cassell, Assistant Manager of the Neptune UK Mid Cap Fund. Click here to […]

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