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UK Structured Products Association elects new chairman

The UK Structured Products Association has elected Lloyds Banking Group head of distribution Jamie Smith. He will hold the role until the end of 2012.

Smith says: “Firstly, I would like to recognise the hard work of my predecessors, Zak de Mariveles and James Harrington, who have very quickly made our association the one voice of the UK structured products industry.

He adds: “The members of the association all agree that more can, and should, be done to educate intermediaries and investors and the UK Structured Products Association will seek to drive this education leading up to the implementation of RDR.”



UK unemployment hits 17-year high

UK unemployment has risen by 114,000 between June and August to reach a 17-year high, according to figures from the Office for National Statistics. The ONS figures show that unemployment hit 2.57m, with the unemployment level for 16-24 year olds hitting a high of 991,000 for the quarter. The ONS says the unemployment rate increased […]

Withdrawal symptoms

Last week, I introduced the seemingly mundane subject of part-encashments and the 5 per cent rule in relation to investment bonds. The catalyst for this was the first-tier tribunal (tax) case of Chandraprakash Shanthiratnam v The Commissioners for HM Revenue and Customs.As I said last week, the decision was neither surprising nor did it introduce […]

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