UK

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Savers over-taxed £280m on pensions since freedoms

Savers have been over-taxed more than £280m since the start of the pension freedoms, new figures from HM Revenue & Customs show. According to a newsletter published this week from HMRC, in the first quarter of the year more than £22m had to be repaid to those making flexible withdrawals from their pensions. Since the […]

Sanlam looks to hit 1,000 advisers by 2020

Sanlam UK has revealed ambitious plans to grow to 1,000 advisers over the next two years. Speaking at the Money Marketing Interactive conference yeasterday, Sanlam UK group chief executive Jonathan Polin said the wealth manager is also planning to invest directly into stocks and bonds in an attempt to cut costs. The vertically integrated firm currently […]

Susan Hill
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Advisers demand more pay over regulatory overload

Advisers claim they should be paid more for the extra work new regulations are bringing to their companies. European regulations that were implemented this year, such as Mifid II and Priips, require adviser firms to produce additional reporting on product suitability and build cost disclosure documents to improve transparency for their clients. Speaking today at […]

taxes
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Lifetime allowance tax take triples after threshold cut

Savers who breached the lifetime allowance paid a third more in tax bills last year, new figures show. Those who pass the £1.03m ceiling can be charged up to 55 per cent, and according to a freedom of information request to HM Revenue & Customs, taxes related to LTA breaches nearly trebled to £110m in 2016/2017, from […]

HBOS plc 480

Fresh probe launched into HBOS Reading fraud

The National Crime Agency has started fresh investigations into allegations of fraud at the former Halifax Bank of Scotland impaired assets division. The NCA will conduct a pre-investigative evidential review of allegations that fell outside a Thames Valley Police investigation into allegations of fraud by former employees of this division of HBOS. The NCA says a number […]

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Advisers warned not to fall foul of HMRC tax avoidance ‘enabler’ rules

HM Revenue & Customs has outlined when advisers will be considered “enablers” of tax avoidance, following government plans announced two years ago to fine those promoting avoidance schemes. In 2016, a consultation from HMRC set out plans to clamp down on advisers in its list of “tax avoidance enablers”. HMRC included advisers within its proposed definition of […]

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What is the average salary for a UK financial adviser?

Research shows average total earnings for employed financial advisers reached £93,100 in 2017, up from £81,500 in 2016. For self-employed financial advisers, the figure was up nearly 4 per cent year on year to £89,100.  Around 500 advisers and 150 paraplanners took part in research led by recruitment consultants BWD alongside Money Marketing, taking the […]