Safe Home Income Plans has revealed a small drop in the total value of new equity-release business written in the second quarter of 2006.Total business stood at 262.8m, a drop of 5.8 per cent on Q1 but 0.75 per cent higher than Q2 2005. Many commentators believe the industry has not grown as quickly as hoped because of a shortage of advisers. However, Ship says the number of new cases has risen by 12 per cent year on year to 6,417 from 5,745 in Q2 2005. It says this is due to the growing popularity of drawdown mortgages. Home reversions accounted for 13.6m of new business, up by 28.3 per cent on Q2 2005. Chief executive Jon King says: “Overall business value figures are flat but the number of cases is still climbing as more and more people consider using equity in their homes to fund retirement lifestyles. Drawdown mortgages are proving particularly popular and are a welcome development.”
Pensions tax “simplification” has swamped the industry, with a 400 per cent increase in technical guidance and nearly double the number of pages of legislation that existed before A-Day. Standard Life says Revenue & Customs has broken promises to sweep away hundreds of pages of pension legislation and almost 1,000 pages of guidance. It has […]
Select committee chairman says Government is being ‘at best naive and at worst misleading’
Jupiter is offering brokers enhanced commission of 4.25 per cent on 12 of its most popular funds until October 31.
The Department of Trade and Industry is set to abolish audit requirements for regulated small firms and appointed representatives. The FSA says the move will save 3,200 small firms and 1,490 ARs £12.9m a year. The DTI will introduce regulations under the Companies Act 1985 to implement the FSA’s proposal as soon as possible. The […]
Those with decent-length memories will recall that in the 2014 Budget statement George Osborne announced the new (and entirely unexpected) pension freedoms. The new rules come fully into force in less than two weeks.
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Providers are reviewing their marketing packages to advisers at conferences and on websites amid concerns they will fall foul of new inducement rules under Mifid II. Mifid II, which came into force on 3 January, brought in more stringent rules around “non-monetary benefits” from providers to advisers. The rules have been translated into the FCA conduct of […]
A misleading headline rate of unemployment means opportunities are being overlooked by investors
The FSCS is budgeting an extra £3.5m to cover the cost of running the scheme this year. The management expenses levy, which is used to cover the cost of administering the scheme separately from any compensation payments made, proposed for 2018/19 by the FSCS today is £77.7 million, up 5 per cent on the previous […]