Many UK retirees seen using pension freedoms to get cash
Research by UK insurer Royal London has found that nearly 70% of savers who have taken advantage of the government’s new pension reforms since April have taken their money in a cash lump sum.
Regions
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Australian wealth manager AMP posts 33% rise in net profit
Australia’s biggest specialist wealth management company, AMP, has posted a 33% rise in net profits for the six months to 30 June due to solid growth in its core domestic business and a big contribution from its Chinese joint venture.
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Survey: Income investing top priority in Asia
Asian investors seek income products but are too focused on “familiar income-producing asset classes”, according to a Legg Mason survey report.
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AES calls for clarity on UK advice firms using EEA passporting
Financial services firm AES International has called for more clarity on advisory firms operating in the UK under European passporting rules.
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Royal London chief criticises ‘ISA-style’ pension tax changes
Phil Loney, chief executive of UK life and pensions company Royal London, has sharply criticised the government’s proposed plans to overhaul the way pension contributions are taxed.
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SFC intermediary licence applications jump by 15%
The number of applications for intermediary licences in Hong Kong has risen by just over 15% in a year, the Securities and Futures Commission has said.
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UK Gov’t lowers wealth sights for tax investigations
The UK government is targeting more individuals in the £10m to £20m wealth bracket for tax non-compliance investigation, according to accountancy firm Crowe Clark Whitehill.
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OPINION: Carney’s conversations beg a few questions
Mark Carney has, according to the Sunday Times, told fund managers to prepare for a mass sell-off in stocks and bonds that could be triggered by a Bank of England rate hike.
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ANALYSIS: Should investors worry as interest rate inertia creeps?
Conjecture over the timing of the first UK rate rise is becoming almost as routine as the industry’s misplaced adaptation to the ‘abnormal’ 0.5% rate presently in place.
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Mashreq Capital welcomes Moody’s upgrade
Mashreq Capital, the asset management arm of UAE-bank Mashreq, said its strong investment performance and significant growth in assets under management was behind its recent upgrade by Moody’s Investors Service.
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L&G headquarters closure threatens jobs and clients, says union
A plan by insurance and investment giant Legal & General which could see it shut down its headquarters in Surrey will impact severely on customers, a trade union for finance workers has warned.
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New EU succession laws set to impact UK nationals in Europe
New European succession regulations, known as Brussels IV, which come into effect on Monday, will have an impact on both UK residents with property in other EU states and UK expatriates resident in other EU states, says Tony Mudd, divisional director, tax & technical support at St. James’s Place.