Those who received financial advice in the 2001-2007 period had accumulated significantly more liquid financial assets and pension wealth than their unadvised equivalent peers by 2012-14, a report by the UK think tank International Longevity Centre supported by Royal London has found.
The Australian Association of Independently Owned Financial Professionals (AIOFP) has stepped up efforts to amend the legal definition of “independent advice” through the publication of a white paper seeking to challenge the regulator’s views.
Advisers are mulling the implications of FCA plans to incorporate the term ‘insistent client’ into its handbook guidance. The regulator has outlined what it sees as best practice – a move that could see advisers producing two suitability reports, with a particular focus on pension transfer advice.
Inheritance tax receipts have risen steadily since 2009/10 and while it is still a small slice of the UK’s overall GDP, the percentage is increasing and advisers need to help clients plan accordingly as it’s not just the wealthy that can be hit, Killik & Co’s Sarah Hollowell tells International Adviser.
The UK government’s decision to make pension transfers into recognised overseas schemes a statutory right has been welcomed by the industry, but experts caution that advisers will need real expertise to ensure clients don’t fall victim to scams.
Having a good life insurance policy is an important component of long-term financial planning and the best financial protection clients can offer their loved ones. But a reluctance to talk mortality and pervasive myths mean that some people still are not covered, says Globaleye’s Tony Ashton.
As part of its crackdown on pension scams, HM Treasury has confirmed that it will limit the statutory right to transfer but will extend the proposed criteria to include qualifying recognised overseas pension schemes (Qrops).
The Chartered Institute for Securities & Investment (Cisi) and Birmingham City University (BCU) have forged a partnership to give young graduates the opportunity to sit professional qualifications in financial services before finishing their degrees.
The UK tax office has recently updated its rules for transferring any unused portion of basic and additional IHT thresholds when the first person in a marriage or civil partnership dies.
More than 500 people signed up to the Chartered Insurance Institute’s (CII) pension transfers qualification in the first week of its launch on the back of the Financial Conduct Authority (FCA) tightening advice requirements for the transfer of safeguarded benefits.
Half of UK clients would prefer to pay a fixed rate for a standard piece of advice work, such as setting up a pension, but almost a quarter want the return of traditional commission.
The number of mainland Chinese candidates sitting the Chartered Financial Analyst (CFA) exams once again exceeded those in the US, with 152,000 people sitting the exams globally.
