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Government Omo chief forced to stand down

The chairman of the DWP-led Omo working group has been forced to step down due to concerns about the slow progress of negotiations.

Money Marketing understands that the Government-appointed civil servant who previously chaired the group has been replaced after members voiced concerns about a lack of urgency in bringing forward reform proposals.

It is understood that letters were sent to Treasury financial secretary Mark Hoban and pensions minister Steve Webb outlining unease over the talks. Stakeholders are due to meet with the new chairman in the coming weeks.

Hargreaves Lansdown head of pensions research and Pension Income Choice Association chairman Tom McPhail says: “It is inevitable there will be some conflict when so many different parties are involved in trying to find a solution.”

The Treasury will outline potential reforms in the autumn.

This week, the ABI announced plans for a compulsory code of conduct forcing providers to remove annuity application forms from customer communications.
It has refused to go further by telling providers to also remove annuity quotes.


Demand for BTL loans pushes up banks’ lending

High-street banks’ gross mortgage lending rose by 5 per cent in August to £8.2bn, up from £7.8bn in July, according to the British Bankers’ Association. The total lent in August is also 5 per cent higher than the previous six-month average of £7.8bn. There were 78,288 mortgage approvals worth £9.1bn in August. This compares with […]

Ex-Standard Life employee admits £20k embezzlement

A Standard Life employee has admitted embezzling £20,000 from the firm to cover his own debts. Kevin Gillon, from Edinburgh, who resigned two days after transferring the money into his account, told a colleague in May to authorise the transaction, claiming the money was to go into the account of a customer with the same […]


Labour to target higher-rate pension tax relief

Labour has set its sights on higher-rate pension tax relief, declaring that too much Government money is being spent on the pensions of higher earners. Speaking at a fringe event at the Labour conference in Liverpool this week, Shadow pensions minister Rachel Reeves said the Government should look at redistributing some of the £20bn a […]


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