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ABI: £6bn withdrawn since pension freedoms launch

Savers have withdrawn £5.9bn since the pension freedom reforms came into force, according to the Association of British Insurers.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 […]

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PRA proposes minimum buy-to-let underwriting standards

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 […]

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Standard Life in talks with FCA over pension default concerns

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 […]

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