Savers have withdrawn £5.9bn since the pension freedom reforms came into force, according to the Association of British Insurers. The new data, which covers the first nine months of the reforms, reveals £3bn has released through 213,000 lump-sum payments, with an average payment of £14,800. The trade body adds £2.9bn was taken through 835,900 income […]
Whenever I tell people I was born in Rome and lived the first 10 years of my life in Italy there is always someone who professes surprise at the fact I have somehow managed to master the odd word of English, let alone that I make a living writing in the language. Of course, living […]
The Prudential Regulation Authority wants to strengthen buy-to-let underwriting standards by insisting on a minimum level of stress testing to ensure loans remain affordable when rates rise. A consultation paper on the future of buy-to-let underwriting says the market is defined by short-term interest-only mortgages that leave consumers vulnerable to hikes in base rate. The […]
Standard Life is in talks with the Government and the FCA over concerns its old default funds remain targeted at annuity purchase. A report by the provider’s Independent Governance Committee, published today, reveals worries historic default strategies “either do not have a lifestyle design or have a design which remains targeted at annuity purchase despite […]
Do macro headlines create white noise which impacts market prices? Portfolio Manager at Harris Associates, David Herro, discusses how market volatility can create opportunities to buy good business at a discount.
Invesco has sealed a deal to acquire OppenheimerFunds as the firrm looks to break into the top 10 global investment managers. The deal will see OppenheimerFunds parent Massachusetts Mutual Life Insurance Company sell the asset manager to Invesco, with MassMutual taking a 15.5 per cent stake in Invesco in return. Invesco will manage $1.2trn (£920bn) […]
Advice firm consolidator Newell Palmer has acquired midlands IFA Sense Wealth Management in a deal adding another £35m to its funds under management. The purchase is the 51st acquisition made by Newell Palmer since it began trading in 1993. The £35m is split between around 100 active clients from Sense, who will all transfer over […]
Three directors have been named to the board of the newly-launched Single Financial Guidance Body. The Department for Work and Pensions has appointed former National Employment Savings Trust chief executive Tim Jones and Royal Bank of Scotland director for products Moray McDonald as non-executive directors. University of Bristol emeritus professor Elaine Kempson will also join the board. […]