The Financial Ombudsman Service has ordered Intrinsic to compensate investors for “unsuitable” investment advice. In a final decision notice from September, published this week, the FOS said Intrinsic failed to assess client risk properly and recommended unsuitable funds. In 2007, Mr and Mrs D were recommended investments by an Intrinsic adviser but the meeting was not […]
The Government has begun sending new annual tax summaries which explain how individuals’ tax is calculated and what it is spent on. From today, over 24 million people will receive the statements, which were first announced by Chancellor George Osborne in his 2012 Budget. The summaries will show how much income tax and national insurance […]
Hacks at WSJ sister title Money Marketing are used to receiving holiday-themed press releases – so much so that competitions are regularly held to find the cheesiest attempt to catch the interest of journalists desperate to fill column inches. Friends Life is the undoubted winner of the latest round of Halloween-inspired campaigns. The company’s email […]
The default retirement age (DRA) was abolished more than three years ago, yet new research from Jelf Employee Benefits suggests that the vast majority of employers still have some way to go to fully understand, comply and communicate the landmark legislation change that prevents older employees being forcibly retired on the grounds of age alone.
The national news agenda has been dominated by pension issues this month. For those that missed it (and there cannot have been many given that this was the lead story in spoken and written media), the Chancellor announced a decision to make no decision on pension tax relief in his 16 March 2016 Budget speech. To […]
Invesco has sealed a deal to acquire OppenheimerFunds as the firrm looks to break into the top 10 global investment managers. The deal will see OppenheimerFunds parent Massachusetts Mutual Life Insurance Company sell the asset manager to Invesco, with MassMutual taking a 15.5 per cent stake in Invesco in return. Invesco will manage $1.2trn (£920bn) […]
Advice firm consolidator Newell Palmer has acquired midlands IFA Sense Wealth Management in a deal adding another £35m to its funds under management. The purchase is the 51st acquisition made by Newell Palmer since it began trading in 1993. The £35m is split between around 100 active clients from Sense, who will all transfer over […]
Three directors have been named to the board of the newly-launched Single Financial Guidance Body. The Department for Work and Pensions has appointed former National Employment Savings Trust chief executive Tim Jones and Royal Bank of Scotland director for products Moray McDonald as non-executive directors. University of Bristol emeritus professor Elaine Kempson will also join the board. […]