The Liberal Democrats’ manifesto promises “fairness and opportunity’, promoting their citizen’s pension and meas-ures aimed at achieving economic prosperity.The manifesto spells out the LibDem’s citizen’s pension proposal with a guaranteed basic pension of £109.45 a week, increasing with earnings for anyone over 75. The LibDems say this would immediately remove a million pensioners from means-testing and they would hope to widen the scheme to include 65-74-year-olds although without specifying a timescale. The citizen’s pension would benefit women and carers who have built up low levels of National Insurance contributions as it will be based on residency. The manifesto pledges to ensure that workers whose schemes went bust before the pension protection fund was set up will benefit from the same level of cover that the PPF now offers. The LibDems would also scrap child trust funds, which are described as “wasteful new initiatives”. The manifesto promises to tackle irresponsible credit expansion on mortgages and personal loans by curbing misleading advertising and anti-competitive practices. LibDem Shadow Work and Pensions Secretary Steve Webb says: “These principles of fairness and opportunity are close to the hearts of the British people and are values held deeply by Liberal Democrats.” Plan Invest investment manager Paul Barnes says: “They have highlighted imp-ortant issues but, like all pol-itical proposals, the problem is affordability.”
A secret investigation has seen the Department of Trade and Industry seeking to shut six property investment companies which claimed to show investors how to get rich quick through buy-to-let portfolios.
Winterthur Life UK is strengthening its adviser service by recruiting three new business development managers. Russell Anderson joins from Scottish Life. He was previously an IFA for Sedgwicks and Frizzells. Anderson will be responsible for supporting IFAs in Northern Ireland. David Arthur joins the company from Standard Life, where he spent five years in financial […]
l “I’m on tip-top form, albeit recovering from a nasty fall and, no, I wasn’t drunk, I was out walking my dog and didn’t see a hole in the ground.” – Britannia’s Ingerlise Bulloch. l “I specialise in body parts.” – Mike Williams, head of general insurance at Bankhall. l “I think being frightfully posh […]
Scottish Equitable Protect paid out 631 critical illness claims totalling more than 33m last year.
Pension specialist Fiona Tait takes a look at the Financial Advice Market Review and assesses the three areas where it suggests improvements can be made With significant budget changes ruled out (for a while anyway), the pension community briefly turned its attention to the FCA’s final report on its Financial Advice Market Review (FAMR), hoping […]
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The Financial Services Compensation Scheme will automatically compensate hundreds of clients of a collapsed discretionary fund manager, but other investors will have to wait another five months to get their money back. London-based Beaufort Securities has been investigated by both the FCA and US authorities. An indictment from the US Department of Justice alleges that […]
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The FCA has reiterated its warnings that advisers outsourcing defined benefit transfer advice to firms with relevant qualifications cannot divorce themselves from responsibility for the eventual recommendation. While existing FCA rules require additional qualifications to advise on DB transfers, and the FCA has written to all firms who have DB transfer permissions as part of […]