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Rowanmoor to absorb FSCS levy

Rowanmoor Pensions says it will not pass on the cost of the FSCS interim levy to clients.

The Sipp and Ssas provider says it will continue to absorb the charge as a business expense despite “exceptional compensation claims” forcing the FSCS to impose an interim levy on regulated firms. James Hay Partnership recently wrote to customers saying the costs of the levy could be passed on.

Suffolk Life head of marketing Greg Kingston says the levy could force Sipp providers and administrators to merge. He says: “Considering the current economic environment and regulatory and financial strains being placed on firms, consolidation across the Sipp market is now more likely than ever before.”

The £93m interim levy imposed by the FSCS in January includes compensation costs of £86m, mainly to compensate Lifemark investors, and management expenses of £7m.


Woolnough: Corporate bond supply to dry up

M&G corporate bond fund manager Richard Woolnough predicts a shortage in the supply of corporate bonds in the next two years. He said the past two years saw a strong supply of corporate bonds but, with many now completing their financing, that supply is set to dwindle. He said there will only be a small […]

Axa Elevate MD Jennings steps down in restructure

Axa Elevate managing director Martin Jennings has stepped down as part of a restructure which will see around 20 roles made redundant. The restructure, announced last week, will see Axa Wealth create a new intermediary distribution division, which will include the Elevate platform. Jennings was appointed Axa Elevate MD last September and is in talks […]

Resolution has open and shut case for exit

Resolution could split its operations between an open front book and a closed back book as it considers an exit strategy for its UK life sector consolidation project. Chief executive John Tiner says the idea is one of a number of options being put to shareholders as the firm prepares an exit plan for when […]


Lloyds Banking Group returns to profit

Lloyds Banking Group has made a return to profit for 2010, posting a £2.2bn pre-tax profit on a combined businesses basis. This is up from the £6.3bn loss for 2009. Statutory pre-tax profit was £281m compared to £1.04bn in 2009, although the 2009 figure was distorted by an £11.2bn accounting gain from the acquisition of […]

Value for money in DC pensions

The Pension Policy Institute (PPI)’s recent report “Value for money in DC pensions” tries to identify factors by which people can assess whether their pension offers fair value for money (VFM). Fiona Tait provides an overview of the findings. Positive Outcomes It is extremely hard to assess VFM in a pension. Press activity naturally focuses […]


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There is one comment at the moment, we would love to hear your opinion too.

  1. It has become your prison even though you might have done nothing wrong. Badly drafted laws are the cause (poet?).

    Fiddling with the innards of the FSCS is no solution, no key to the prison door.

    If there is only one firm left then it will have to pay, when there is nobody left you might wonder who pays….

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