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The final straw for pension credibility

The Government&#39s pension reforms will lose all credibility if Cabinet ministers escape the planned £1.4m limit where a pension pot becomes liable for 60 per cent tax.

Any idea that ministers&#39 and Whitehall mandarins&#39 pensions should be exempt simply because there are no funds set aside and their pensions come straight from taxpayers&#39 pockets is spurious.

The Government would lose any moral authority to question the pay and the pensions of fat cat directors of financial services companies.

It would lose any authority to criticise top executives who protected their own pensions while granting contribution holidays to shopfloor schemes, many of which face massive deficits.

It would also lack the moral authority to impose compulsion if ministers bend the rules to feather their own nests.

It is regrettable that those who put together the detail of pension policy already enjoy the benefits of a final-salary scheme largely immune from their own policies.

But for the Prime Minister and cabinet to let themselves off their own tax plans would be the grossest hypocrisy.

A sole trader from Reading has been granted the second-ever PI waiver by the FSA, following the much bigger Falcon Group.

The FSA should brace itself for more applications as it is likely that the news will prompt many more small IFAs to apply.

This group have long believed that the FSA operates one rule for them and one for the bigger intermediaries. But for once the regulator could prove them wrong.



“No. It is pretty barren out there but there are still some coming through.”Peter Lawrenson, Peter Lawrenson & Co“Yes. I have not sold a single Isa this season.”Roger MacMillan, Roger MacMillan Independent Financial Services“Yes. I blame the media for it.”Nicholas Miles, Med-Ex Financial Advisory Services“Yes. But I do not think that people have any confidence […]

Captive audience

Let us start by stating the obvious – the PI crisis is the single most important issue the industry presently faces. That said, it is easy to forget that IFAs are not alone in experiencing massive professional indemnity insurance increases. This is a widespread problem.After accounting scandals such as Enron and Equitable Life, accountants saw […]

Millfield joins Bankhall&#39s Point One

IFA Millfield has become a member of Bankhall Investment Associate’s mortgage general and associated assurance services provider Point One. The group joins nine hundred other members who have signed up for the service which provides mortgage products, software, compliance and training support, PMI and mortgage insurance.

Another huge fine for R&SA

Royal & Sun Alliance Life and Pensions has been hit with a £950,000 fine by the FSA for mortgage endowment-related failings.The action marks the second time the life office has been fined in less than a year. Last August, the FSA imposed a record £1.35m fine for R&SA&#39s second offence under the pension review.It was […]


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