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 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 […]
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
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 […]
It is with no pleasure that Money Marketing this week warns of a 2.8bn contracting-out problem which could hit the industry.
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 inboxSign up
Latest from Money Marketing
A decade ago, I went through the pain of switching utility providers. Deterred by a catalogue of errors, it is only recently, after a house move, that I tried again. I was pleasantly surprised by how easy it was. It has made me think about how complex and expensive it is to switch in financial […]
It has never been more important to encourage saving. But advisers know only too well how challenging the complexities of the UK savings and pensions landscape make it for people. Any trends towards simplification would be welcome, but unfortunately recent developments have moved in the opposite direction. Take Isas, for example. Their simplicity has always […]
The FCA has confirmed it will consider if there needs to be better guidance around when it and the Financial Ombudsman Service can share information ahead of the FOS making its final decision. In a Complaints Commissioner final report, published on its website yesterday, commissioner Antony Townsend invited the FCA and FOS to discuss when […]