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 Organisation for Economic Co-operation and Development claims behavioural biases and low levels of financial knowledge are undermining people’s ability to make appropriate decisions for their retirement. The OECD’s Pensions Outlook 2018 says automatic features, default options and simple information and choice could combat the lack of financial literacy. The OECD’s view is that automatic enrolment […]
Aviva should pay £500 compensation for the way it handled an investment query that caused stress to a daughter who took power of attorney for her mother. In the Financial Ombudsman Service ruling, Miss S has power of attorney for her mother and complains Aviva delayed providing information about a bond. She goes onto argue […]
Advice is becoming a more risky business, meaning firms must rethink their approach to the issues they face Given the Financial Ombudsman Service’s compensation limit is set to rise to £350,000, it is time for advice firms to rethink their approach to the risks they now face. The FCA’s plan is for the new limit […]