The Financial Services Compensation Scheme has declared the Havant Area Savers Credit Union in default. The FSCS says it will aim to pay compensation to members of the union, who have been unable to access their savings since December 31, 2010, within seven days “in the vast majority of cases”. It emerged earlier this week […]
The Government should replace inheritance tax with a tiered system to increase revenues, according to the Institute for Public Policy Research. In a recent report, called Death and Taxes, the IPPR says a capital receipts tax payable on cash and non-cash gifts over £150,000 would raise an extra £1bn. IPPR director Nick Pearce says: “Inheritance […]
Former BlackRock manager Graham Birch has become the senior independent non-executive director of Russian gold miner Petropavlovsk. Birch retired as head of BlackRock’s natural resources team in 2009, where he had responsibility for about $40 billion of assets. He became a non-executive director of Petropavlovsk, formerly known as Peter Hambro Mining, in February 2010. He replaces […]
One of the areas that will be high on the new minister for pensions’ to-do list will be the forthcoming review of automatic enrolment (AE). The outgoing minister had regularly said that AE contribution levels would need to be revisited early in this parliamentary term, and new research by Jelf Employee Benefits reveals employer support for such proposals.
The FCA says product providers must be able to show they have taken the needs of customers into account that have transferred out of defined benefit schemes. In a Dear CEO Letter sent to the heads of major providers, the regulator lays out how providers should treat customers fairly in the context of DB to […]
Former executives at Australia’s largest banks are likely to be sent to jail as the fallout from the country’s Royal Commission gathers pace, according to a former competition regulator. Earlier this week one of Australia’s biggest banks, Westpac, said it is expecting to cut 900 full-time advice roles as it prepares to drop its loss-making […]
News from Synaptic that they are to retire their Client Care Desktop practice management software means users need to take some significant decisions. Support will end in September and the firm will withdraw the software altogether from the market by the year end, meaning those businesses affected need to explore their options. While I understand […]