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JPJShare admits ‘schoolboy error’ in Sipp illustration

An online execution-only stockbroking platform that offers a Sipp has removed incorrect information about pension tax relief from its website after questioning from Money Marketing. displayed information on its Benefits of a Sipp page, which stated that due to income tax relief, a basic rate taxpayer who saves £20,000 into a Sipp will receive £24,000 in total pension contributions.

In fact, a basic-rate taxpayer with £20,000 would receive £25,000 in total contributions as the 20 per cent tax relief is calculated on the gross amount.

A spokesman for Isle of Man-based says: “The graphical error was removed from our website as soon as Money Marketing brought it to our attention.

“All client tax reclaims have been processed correctly by our pension administrator and at no time were any of our clients disadvantaged. We apologise for any confusion caused.”

Bestinvest senior analyst Ben Seager-Scott says: “This is a common mathematical mistake that is all too easy to make. However, it does not do this firm’s corporate image any good to be making schoolboy errors.”


Ucis failings land three directors with FSA fines

The FSA has fined two directors and one managing director for failures over the promotion of unregulated collective investment schemes and pension switching advice. Anthony Smith and Timothy Langman from Perspective Financial Management, a firm based in Milton Keynes, have been fined £16,000 and £10,500 respectively.They have both been banned from any senior management role […]

German parliament approves extension of EU bailout fund

The German parliament has approved an extension of the EU’s main bailout fund. Five-hundred and twenty-three deputies in the Bundestag approved the bill, while 85 voted against and three abstained in the 620-seat chamber. The measure is now expected to pass in Germany’s upper house of parliament tomorrow. All 17 countries must approve plans to […]

UK gilts: Shaken and stirred

Mike Riddell, fixed income portfolio manager at Allianz Global Investors, reviews the performance of the UK government bonds market post-Brexit and assesses its future prospects, as well as giving his outlook for global fixed income markets and yields movements. In addition, he provides a brief analysis of the impact of Brexit and the Bank of […]


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