The British Bankers’ Association is lobbying the Government over fears that the new Consumer Protection and Markets Authority and the Prudential Regulation Authority will lack accountability. According to the Telegraph, the BBA and many of the UK’s largest banks fear that scrapping the FSA will leave too much power in the hands of a small, […]
The Institute of Economic Affairs has warned that the Government is grossly underestimating the size of the UK deficit by ignoring pension liabilities. Last week the Office of National Statistics reported that the UK national debt was falling, with an annualised figure of £816bn. But IEA director general Mark Littlewood says these figures “disguise the […]
Following a cabinet reshuffle in light of last week’s general election, David Cameron has announced that Ros Altmann will be replacing Steve Webb as pensions minister. As the industry works with one of the largest reforms to the sector in almost a century, the former adviser to Tony Blair has been tasked with ensuring that the pensions revolution does not stray off track.
Some investors holding money with Blackmore Bonds are yet to receive July interest payments, despite the firm’s insistence all funds have been transferred and cleared. One such investor has told Money Marketing they have been “ignored” by Blackmore. Chief executive of the mini-bond provider Patrick McCreesh told Money Marketing this week that some investors holding Isas […]
Rebates have been confirmed as taxable this month, in the long-running clash between Hargreaves Lansdown and HMRC. This effectively confirms “superclean” share classes are the most tax-efficient mechanism for delivering preferential rates on funds, rather than the oxymoronic “clean with rebates”. Asset managers will be very reluctant to implement multiple share classes at varying prices […]
Collapsed Sipp administrator GPC Sipp has nearly £1m in debts owed to creditors according to a statement of affairs document published on Companies House. It shows there is a shortfall of £964,832.00 owed to creditors and most of the Sipp shares are owned by managing director Kathryn Taylor who holds 73 shares. The others are […]