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Trust problem over PTA

Syndaxi Financial Planning managing director Robert Reid has called for HM Revenue & Customs to clarify its position on the assignment of death benefits in trust on pension term assurance policies to avoid misselling.

Reid said there is a danger that advisers will regard PTA as the default option for life cover. Although it is suitable for many people, Reid said there are circumstances where it is not appropriate, including business protection, because HMRC is not clear on whether these can be written in trust.

He called PTA the poor relation in the Registered Pension Scheme Manual and warned advisers to be careful when writing policies in the business loan protection market until they get clarification.

He said: “HMRC need to ensure that there is some serious hole plugging done in the manual if we are to avoid misselling PTA.”


Caps in hand

In this article I will conclude my discussions about the use of different asset classes and sectors by highlighting a few of the key variables and factors in the selection of equity funds within a portfolio. Some of these issues are mostly or entirely subjective but, as I started to outline in my last article, others can be scrutinised in a mathematical or objective way.

FSA teams up with Teachers’ TV

The FSA has teamed up with Teachers’ TV to offer a series of programmes about personal financial education to be aired on the channel.The series, called Financial Capability, is made up of four programmes with two designed for use in class as a teaching aid and two designed to build teacher confidence in the subject.The […]

17.3m cannot get on housing ladder, says Abbey

Over 17m people are unable to get on to the property ladder, according to research from Abbey. The bank found that of the 17.3m who are unable to get on the housing ladder, 6.9m say they cannot afford the deposit and 2.1m people claim to be unable to find the right mortgage. There are 7.4m […]


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