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Advisers back Tories as election looms

A poll of more than 1,200 Money Marketing readers has found overwhelming support for the Conservaties, with distant rivals being Ukip. Some 52 per cent of those polled said they would vote Conservative, while 15.5 per cent pledged their backing to Nigel Farage’s party. The figures represent a marked contrast to national polls where the Conservatives […]

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PRA confirms 100% annuity compensation

People in receipt of annuities will receive 100 per cent compensation if their provider goes bust, the Prudential Regulation Authority has confirmed. Following a consultation the PRA says it plans to increase the long-term insurance – including annuities, pensions and life assurance – FSCS compensation limits to 100 per cent, up from 90 per cent. […]

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FCA fines Merrill Lynch International £13m over transaction reporting

The FCA has fined Merrill Lynch International £13.3m for transaction reporting failures. The regulator says MLI incorrectly reported over 35 million transactions, and failed to report a further 121,387 transactions between November 2007 and November 2014. The fine is the highest ever imposed by the regulator for transaction reporting failures. The FCA says the size […]

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Drawdown customers risk losing out from ‘mortality drag’, report warns

Advisers must explain how ‘mortality drag’ means funds in drawdown must produce increasingly higher returns to match an annuity, a report claims. The paper, written by Retirement Intelligence director Billy Burrows for Partnership, warns that the “invisible force” of mortality drag means drawdown becomes less attractive relative to an annuity as a customer ages. Mortality […]

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