Specialist pensions IFA Richards Jacobs has threatened to name and shame two leading product providers unless they radically improve their post-A-Day offerings.Jacobs, director of Richard Jacobs Pension & Trustee Services, says the providers, one of which is a top five insurer, are both failing to offer customers the full range of opportunities presented by A-Day. He says one of the insurers does not offer tax-free cash from protected rights while the other does not provide unsecured pensions to people with “reasonably-sized” pension funds. Earlier this month, Jacobs said the industry was in a “post-A-Day meltdown”, with several providers struggling to cope with the volume of new pension business they are writing. He singled out Friends Provident and Clerical Medical for criticism following admin delays but says they are not the providers currently in question. Jacobs has given the firms until the end of September to amend their offerings. Jacobs says: “It is appalling that so-called leading insurers are still not offering customers the full facilities offered by A-Day. It is absolute nonsense.” Earlier this year, Aifa deputy director general Fay Goddard said the “patchwork of different levels of readiness for A-Day confused advisers”.
Germany and France have experienced their strongest economic growth in five years
First State Investments global opportunities fund manager Andrew Dalrymple is leaving to set up his own boutique. The 65.4m fund will be taken over by First State global growth fund manager Habib Subjally, who also runs the global equities portion of the First State balanced fund. Dalrymple is thought to be launching a global long/short […]
BM Solutions has launched a light-adverse product at 5.15 per cent for borrowers with just 500 of county court judgments.
The Financial Services Compensation Scheme has estimated an average of £544,000 to be paid out in compensation payments on endowment-related complaints against BBB Network.Following a further update from PwC, the FSCS says it is now aware of just over 400 potential claims against BBB Network Limited (formerly Berkeley Independent Advisers).Of these claims, around 68 per […]
Derek discusses a number of self-help stories as examples of where he is finding good opportunities in the UK With the FTSE trading at historically high levels, many investors have questioned whether UK equities continue to offer value. But, as Derek points out, the headline figures mask many opportunities at a sector level. He has […]
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HM Revenue & Customs has published guidance on how new income tax bands in Scotland will affect pension schemes and their members. The note is a response to the Scottish Government’s confirmation it will introduce five income tax bands for 2018/19. Pension savers in Scotland currently receive pension tax relief at their marginal rate but […]
SimplyBiz Group is considering an initial public offering of £150m on the London Stock Exchange. According to a Reuters report, the potential float could value the company between £140m and £155m and is expected to raise £30m of new money. SimplyBiz joint group chief executive Matt Timmins confirms the business has recently appointed Zeus Capital as […]
Brewin Dolphin has been ranked the preferred DFM in a Money Marketing survey of advisers and paraplanners, well ahead of the next most favoured, Quilter Cheviot. Thirty-three per cent of respondents listed the business as their preferred DFM, followed by 10.2 per cent responding in favour of Quilter Cheviot. LGT Vestra, Brooks Macdonald and Parmenion […]