Norwich Union has launched a revised version of its long-term care plan after negotiating a tax saving with the Inland Revenue. The deal, originally revealed by MM in February, means that income from the "immediate care plan" annuity is paid direct to the care home instead of the policy holder with a resulting tax saving of between 10 and 15 per cent. The change rectifies an anomaly in long-term care which saw prefunded products tax free but annuities subject to it.
FSA chairman Howard Davies has welcomed the creation of the Association of Independent Financial Advisers.Speaking at Aifa's inaugural conference in London last week, Davies said: “We look forward to close interaction with the new Association and its leaders. We welcome the prospect of receiving a more co-ordinated, and perhaps better researched set of responses from […]
Century Mortgages is calling on the Government to scrap the mortgage code and impose statutory regulation.In an open letter to the Treasury, it asks the Government to impose daily calculations of interest on lenders, a move it claims will save consumers £350m.
Derbyshire Building Society has launched a new card-based Cash Account.The account can be accessed through the Link network of ATMs.The account gives instant access has a minimum opening amount of £10 with a 1 per cent gross interest rate.
The Inland Revenue is cracking down on loanbacks by bringing in tough new guidelines which must be met before life offices can lend to firms.Loanbacks allow clients to take out loans using their pension policy as security.The Revenue says it will start policing loanbacks by forcing life offices to prove a loan is judicious from […]
In this short video, Head of Multi Asset at Royal London Asset Management Trevor Greetham looks at how to configure portfolios to match different risk appetites, explaining the tools he uses to manage risk. Click here
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Two company directors have been disqualified for a combined 20 years after running a fine wine investment scam that lost investors nearly £1m. An Insolvency Service investigation found that Crimson Fine Wines cold-called customers and then did not purchase or allocate wines to those who had paid for their investments. The investment scheme offered investors […]
AJ Bell has won a case against a client who wanted his platform fees for the past 14 years reduced. A client, referred to as Mr N, complained to the Pensions Ombudsman that, because he did not have enough information about what fees would be payable, he sold a property holding in his Sipp far […]