View more on these topics

Govt allays fears over pension cash launder

The Government has moved to calm industry fears of stakeholder plans being

used for money-laundering scams by allowing providers to refuse cash


Life offices had feared that Government proposals to allow people to make

cash contributions on someone else&#39s behalf could open up stakeholder

pensions to abuse.

But in the final Department of Social Security regulations, providers are

to be allowed discretion on whether to accept cash payments.

Providers were concerned they would have to accept mystery cash payments

from third parties with no means of assessing where the money originated.

Scottish Equitable pensions development manager Steve Cameron says: “The

real issue, while accepting the fact that some people do not have bank

accounts, is that by making providers accept cash payments, it creates a

real opportunity for money laundering.

“Such a move might be viewed as a clear endorsement of the black economy

making cash payments at branch level, an ideal way for drug dealers to plan

for their retirement.”


Click on to a new deal

The internet is all about empowering the consumer and most of the newservices on the web target the consumer directly. Many IFAs still see it asa threat to their business, fearing the accessibility of the medium willerode their position as the first point of reference for investors.In 1998 an estimated 1.1 per cent of UK […]

Nationwide sees house prices cooling

The housing market is cooling off as consumers lose confidence, according to Nationwide&#39s latest house price index.But Nationwide says although the underlying demand for houses may have slackened in May and the increase in prices was weaker than expected for the time of year, there is no reason to panic that the market is heading […]

Commission increasedon Permanent CI range

Permanent Insurance is off-ering intermediaries increa- sed commission aspart of its revamped critical-illness product range.Commission is increased to 125 per cent of Lautro rates from 100 per cent.The new range features improved rates on all five of Permanent&#39s critical-illness products, a new buyback option and no exclusions.The range also features fast-tracked underwriting for meningitis and […]

With-profits rule means another plus for GPPs

For those playing spot the difference between the draft and finalstakeholder regulations, the biggest surprise was the change to theconditions for offering stakeholder members a with-profits fund option.From the draft regulations, we knew that such with-profits funds were tobe ring-fenced to avoid any obscure cross-subsidies and that no more than 1per cent of the overall […]

Time for a new approach to asset allocation

Trevor Greetham, RLAM’s head of multi asset, introduces the recentlylaunched RL GMAPs. Asset allocation has become an increasingly difficult challenge for investors and advisers in the years since the financial crisis. Sometimes violent price swings in stock and commodity markets coupled with the collapse in the rate of interest on bonds have made it harder […]


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers. Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm