The FSA reinforced its message at the IFP conference in Manchester last week that the proposals in the retail distribution review are industryled initiatives.Retail intermediaries sector manager Sharon Campbell repeated the FSA’s mantra that it was members of the industry not the FSA who had constructed the paper. She said: “There is no point in […]
Pension campaigner Ros Altmann believes compensation for the victims of collapsed schemes could have moved a step closer after she met with Department for Work and Pensions Secretary Peter Hain.Altmann says in a private meeting with several members of her Pensions Action Group on October 3, Hain and pensions minister Mike O’Brien agreed that the […]
Apple recently announced the highest-ever recorded quarterly net profit ($18bn), with the sale of 74.4 million iPhones helping the company deliver $74.6bn of revenue for the quarter ending December 2014. These sales were largely driven by strong demand for the new iPhone 6 and iPhone 6 Plus. Highlights included Chinese iPhone sales doubling year-on-year and unit growth of 44% in the US — supposedly a well-penetrated market. Apple ended the quarter with $178bn in cash on its balance sheet, having generated a staggering $30bn in free cash flow during the quarter.
At Neptune, we have been long-term believers in the Apple story, and continue to hold the stock in a number of our portfolios based on the company’s long-term growth prospects. This is predicated on our belief that Apple has proved thus far that it can — unusually for a consumer electronics company — maintain high margins for a sustained period of time, even as adoption of new technology slows down and competitors produce similar-specification products.
Royal London has published a discussion paper with pensions lawyers Eversheds Sutherland to help defined benefit trustees handle members interested in transfers. It aims to help trustees understand both what the law requires of them and what good practice might look like. The paper calls on trustees to make members aware that transfer values are […]
A group of 20 providers has met to discuss how to make the pension dashboard a reality as the fate of the project remains uncertain. While many industry figures and prominent MPs like work and pensions select committee chair Frank Field remain committed to the concept, earlier this month secretary of state Esther McVey put […]
Prudential and Old Mutual are among four providers to have avoided sanctions from the FCA as the regulator completes its investigations into firms’ closed-book practices. The FCA has finally ended its inquiry, more than two years after it originally reviewed 11 providers over how they treated longstanding customers. The regulator expressed particular concerns about failures […]