Specialist pension adviser Richard Jacobs believes he is the first person to have lined up an original artwork for his Sipp on A-Day.Jacobs, who is managing director of Richard Jacobs Pensions & Trustee Services, has bought an original pencil sketch by famous wildlife artist David Shepherd at a charity auction and intends to invest it in his Sipp. He is now stopping his regular pension contributions and will make an in specie contribution of the 2,800 artwork into his Sipp next April. Jacobs will then rent the artwork from his pension scheme at a rate of 10 per cent of its value per year. Jacobs says his work premises are already held in his company Sipp so he has exp- erience of dealing with property in pensions but he wan-ted to be able to display exp- erience of dealing with more exotic investments to his clients. One of his clients is lining up a 48,000 art purchase for her Sipp. Jacobs says the drawing was bought from Shepherd’s Wildlife Foundation and he is in talks with them about ways to unite Sipp art buyers with them for their future charity art auctions. He says: “I believe that I am the first person to buy art for his pension and it has really caught my clients’ imagination.” What the regulator told the Treasury Select Committee t The FSA has a project in place looking at where the line of liability lies between provider and adviser when assessing endowment misselling complaints. t The FSA will be looking to see if the stakeholder regime can be expanded to include a wider range of products. t It believes the Department for Education and Skills should pay for and be responsible for financial literacy, including it in the school curriculum. This is currently an FSA remit. t It sees huge difficulties in implementing a single European market in retail financial services due to the different tax regimes of member states. t It will be looking further into the issue of generic advice to see where charities, private companies and advisers could help further. t It is to keep the pressure on providers’ complaint handling arrangements by monitoring the number of complaints upheld by providers and those passed to the FOS. t It does not want to be responsible for regulating the consumer credit market due to the size and costs involved.
People should think very carefully before using retirement income to invest in the residential property buy-to-let market after A-Day, according to the Actuarial Profession. It says that although it may appear an attractive option, there are a number of reasons why this route would be unsuitable for many investments. The AP says the initial outlay […]
Winterthur life is setting up an online valuation fund-switching and admin service for advisers. Advisers can now get up- to- the-minute policy and portfolio information for clients with Winterthur personal pension, Sipp trustee investment plan, SEction 32 and EPP contracts. The site offers online fund switching and premium redirection, client summary reports downloadable as PDFs […]
Friends Provident and Positive Solutions have become the first provider and adviser firms to launch a pipeline-tracking service using Origo’s new standards. The automated service aims to streamline business processes and cut costs by allowing Positive Solutions’ advisers to track pipeline business through Friends electronically rather than verbally or on paperThe new business tracking standard […]
Friends Provident International
By Kunal Desai, head of Indian equities, Neptune Since the election of Narendra Modi as prime minister in May 2014, Indian equities have gone on to outperform both developed and emerging markets. A busy period of governmental and economic reforms, a lower oil price and falling political risk have been the primary drivers over this […]
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Claims management companies must be more specific on separate permissions and competency when they under the remit of the FCA, according to HM Treasury. Under rules proposed in the Treasury’s latest consultation paper, claims management companies will operate under six sectors – housing disrepair, industrial injuries disablement benefit, personal industry, financial products and services, criminal […]
Knowing what assets each operator will accept and with what conditions is becoming increasingly difficult The recent well-publicised events concerning Sipp operator asset acceptance have focused the mind of a number of advisers. We have been fielding enquiries about our own Sipp and the asset classes we as a Sipp operator would consider. But this […]
Investment trust sales may come under pressure due to new EU rules, experts have warned. The potential benefits of gearing on investment trusts risk being overlooked as new cost reporting rules make them look more expensive compared with open-ended funds. Traditionally, closed-ended funds have looked attractive based on lower costs compared with other structures, as […]