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HMRC clarifies RDR position for Isas

HM Revenue & Customs has clarified its position on commission rebates into Isas in its latest update.

The government says rebates from managers into Isas when the retail distribution review comes into effect will be counted as new units and will not be classed as a new subscription.

However, cash rebates to the customer which are then reinvested in a new ISA will be classed as a new subscription.

Trail commission forfeited by advisers in favour of a single remuneration agreement would also count as a new subscription to an ISA, despite the payment which will be made by the adviser to the customer by way of a provider.


S&P cuts Spain credit rating

Standard and Poor’s has reduced Spain’s long-term credit rating by one grade from AA to AA- after weak growth and high levels of private-sector debt. S&P said Spain’s high unemployment would continue to be a burden on the economy and warned that it could cut its rating further if its economy gets worse. The Fitch […]

Openwork partners with IFDL for platform offering

Openwork is partnering with Investment Funds Direct Limited to power its second platform offering and at the same time has struck a deal with Veracity to support advisers in analysis of legacy business. A pilot of the new white-label proposition will be tested on 15 advisers before wider roll-out to the rest of Openwork members […]

Brian Gallagher leaves UBS

Brian Gallagher, the manager of the UBS UK equity income fund has left the group to pursue other opportunities. The £22m portfolio, which was one of the first UK equity income funds to adopt the use of covered call options, is now co-managed by Edward Peter-Hoblyn, who runs the UBS UK opportunities fund and Richard […]

BlackRock corporate bond fund manager quits

BlackRock head of sterling portfolios for fundamental fixed income Paul Shuttleworth has quit the firm after 11 years. Ian Winship will take on the role of head of sterling portfolios from Shuttleworth. Winship is currently a senior manager within the sterling portfolio team and will continue to manage BlackRock’s recently launched absolute return bond fund. […]

Nobody expects the Spanish Inquisition

Paul Fidell, Head of Business Development (Investments), writes about one of the primary challenges for those involved in estate planning. He looks at dealing with investment uncertainty in these low growth, low inflation but still volatile investment conditions. Protection of capital, to leave something for beneficiaries, is a fundamental objective of many people’s plans for […]


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  1. I am probably just being thick but what does all this actually mean?

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