View more on these topics

Tories claim IFAs are being scared off Asps

The Tories say that Government threats of a U-turn on alternatively secured pensions are a ploy to bully IFAs into not selling the products and save Labour from having to scrap Asps.

Speaking at a British Ban-kers’ Association and Cicero Consulting fringe event at the Conservative party conference in Bournemouth on Monday, Shadow Treasury Financial Secretary Mark Hoban said the Government had made “a huge mistake” over the issue.

He said the Government had two years to think through the policy and knew from the outset that advisers would look to take advantage of A-Day legislation to benefit their client through offering an Asp.

Hoban said Labour also knew it could not introduce a test act to say that you had to be a member of the Plymouth Brethren to access an Asp because of discrimination legislation so it should have easily foreseen the situation.

The MP for Fareham said he would be raising questions with Treasury Economic Secretary Ed Balls when Parliament starts next week to get some more clarity for advisers and the industry on the subject.

Hoban said this issue, along with last year’s residential property Sipp U-turn, had added to the unpredictability of the tax system, threatening stability and potentially acting as a barrier to UK competitiveness.

He said the Tories supported the introduction of Asps and will continue to support them although the party wants to go further and scrap the obligation to buy an ann-uity at age 75 completely.

Hoban said: “To threaten a U-turn now is a bit of a ploy because they are hoping that IFAs will not sell these products so they will not reach the position where they have to make a decision about scrapping Asps.”


Heritable adds new mortgage rates

Heritable Bank has launched a range of mortgage with lower interest rates available up to 80 per cent LTV. The new rates have been put in place across the bank’s whole range, enabling those taking out buy-to-let mortgages the opportunity to increase the amount they can borrow for the same rental income. Heritable Bank senior […]

P/e lessons

Dividend yields are not the only value that an investor might hope for in holding equities as the vast majority of companies earn profits significantly higher than that required to maintain or even increase their dividend payments

Did you stay up?

Well done, Michael Portillo, for his self-deprecating manner. The former Conservative MP recently told a forum of IFAs how the moment of his demise – when he lost his Parliamentary seat, followed his home and his career in politics – was voted the third best moment of the 20th Century by Observer readers and Channel […]

Contracting-out conundrum

It is with no pleasure that Money Marketing this week warns of a 2.8bn contracting-out problem which could hit the industry.

Benefits - thumbnail

Global benefits predictions for 2015 from Jelf International

According to Doug Rice, managing director of international services, in 2015, managing their international duty of care will become an increasing focus for UK-based overseas organisations in both managing their short- and longer-term challenges. As a result, strong independent advice and innovative technological solutions will become more important than ever in managing their global benefits.


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm