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Pensions governance committees ‘retirement homes’ for industry veterans

Consumer champions have branded the new Independent Governance Committees for contract-based schemes “retirement homes for financial services executives, actuaries and investment bankers”. But providers have hit back, claiming the committees provide greater consumer protection than trust-based schemes. The requirement for governance committees to be established for auto-enrolment schemes was introduced following the Office of Fair […]

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Banks fined £3.7bn for Forex rigging

International regulators have fined five banks a total of $5.8bn (£3.7bn) for foreign exchange rigging. The US Department of Justice has imposed a total fine of $2.7bn (£1.7bn) on Citigroup, Barclays, JP Morgan Chase & Co, Royal Bank of Scotland and UBS. The Federal Reserve imposed fines of $1.6bn (£1bn) on the same five banks, […]

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Labour leader Ed Miliband resigns

Ed Miliband has resigned as Labour leader, effective following today’s VE day commemorations, after the party was hammered in the general election. Miliband’s party lost out heavily last night, retaining just a single seat in Scotland, while shadow chancellor Ed Balls lost his seat in Morley and Outwood. In a speech today, Miliband said Labour deputy […]

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FCA fines Merrill Lynch International £13m over transaction reporting

The FCA has fined Merrill Lynch International £13.3m for transaction reporting failures. The regulator says MLI incorrectly reported over 35 million transactions, and failed to report a further 121,387 transactions between November 2007 and November 2014. The fine is the highest ever imposed by the regulator for transaction reporting failures. The FCA says the size […]

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ISA boost

Helen O’Hagan explores how clients could take advantage of generous limits available at tax year end within their ISA. Due to their tax efficiency it’s well worth your clients taking advantage of the generous limits available each tax year within their ISA to help them build up their savings. The current ISA limit of £20,000 […]

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