UK pension freedoms trigger £9.2bn in outflows
The UK’s radical pension freedom reforms have led to over £9.2bn (€10.7bn, $11.5bn) getting encashed from pension plans since April 2015, HM Revenue & Customs revealed on Wednesday.
AJ Bell
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UK charge comparison regime ‘not fit for purpose’
Key financial illustrations (KFIs) that are intended to help people compare pension and investment product charges in the UK are not fit for purpose and are “the worst possible example of information overload”, says AJ Bell marketing director Billy Mackay.
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Six things the UK gov’t can do to deter pension scammers
The UK Government’s proposed ban on pensions cold-calling will deter scammers but must be just the start of a concerted effort to drive fraudsters out of the market, says AJ Bell.
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Muted response to FCA plans on shopping around for annuities
Proposals from the UK’s Financial Conduct Authority (FCA) that would require annuity providers to tell customers what they could gain by shopping around and switching have been met with muted enthusiasm.
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HMRC data shows £7.6bn withdrawn since UK pension reforms
Nearly £7.6bn ($9.2bn, €8.5bn) has been paid out of UK pensions since reforms came into effect in April last year, according to the latest figures published by HM Revenue & Customs (HMRC).
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UK should stop pension tinkering and simplify Isas: AJ Bell
Waves of changing legislation have made pensions and Isas incredibly and unnecessarily complicated, discouraging people from saving, says Andy Bell, chief executive of investment platform AJ Bell.
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UK unveils plans to create single state-backed advice body
The UK government will create a new single body to offer guidance on pensions, debt and other financial issues.
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Over 75% of UK advisers back ‘polluter pays’ FSCS levy
More than three quarters of advisers in the UK support the introduction of a risk-based Financial Services Compensation Scheme (FSCS) levy, according to a new survey from platform provider AJ Bell.
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PEOPLE MOVES: Zurich, HSBC, Pimco
Zurich has named the chief executive of its newly amalgamated division and announced a senior departure. HSBC Private Bank’s US investment services and products solutions business has a new head, while Pimco has appointed a head of Hong Kong retail and a head of China.
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AJ Bell launches low cost managed portfolio service
Investment platform AJ Bell has launched a new managed portfolio service (MPS) with an annual management charge of 0.25% + VAT.
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AJ Bell relabels property funds in Sipps after suspensions
Self-invested personal pension (Sipp) provider AJ Bell has confirmed that it has reclassified the commercial property funds, suspended in last week’s market turmoil, as non-standard assets under the Financial Conduct Authority’s (FCA) upcoming capital adequacy rules.
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Sterling leaps as PM appointment soothes markets
Sterling leapt 1.4% today as markets welcomed the restoration of some stability in British politics following the referendum on European Union membership.