Providers ‘still struggle’ with pension freedom demands
Sectors of the UK pensions industry are “still struggling” to meet customer demands nearly three months after the new freedoms were introduced, FCA figures have revealed.
FCA
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Industry professionals dismiss need to address gender imbalance
The gender imbalance in UK financial services does not need to be addressed, according to the majority of industry professionals responding to a new study.
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FCA rejects call for fee freeze, hikes adviser rates
The Financial Conduct Authority (FCA) has rejected calls for a freeze in its fee hikes and has confirmed a 10.2% increase in 2015/16 for financial advisers.
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QROPS interest grows following UK pension ‘frustrations’
Advisers have reported a growing interest in QROPS as expats grow increasingly “disappointed and frustrated” with the inability of UK providers to accommodate April’s pension freedoms.
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Industry figures assess ABI plan to cull pension advice safeguards
Senior industry figures have agreed that the regulatory and legal requirements around the new pension freedoms pose a problem for policyholders, but are split on the ABI urging the UK Government to scrap paid advice for those with guaranteed annuity rates.
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ABI urges UK Gov’t to scrap pension advice safeguards
The Association of British Insurers (ABI) has urged the UK government to drop the need for pension holders with guaranteed annuity rates to pay for advice.
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Fraudster jailed over UCIS scheme
Adam Hawkins has been sentenced to six years and nine months for losing investors £4.3m in an unauthorised collective investment scheme he operated through three land bank companies.
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Royal London calls for more affordable financial advice
The need for affordable financial advice in the UK for savers who want to cash in medium-sized pension pots has intensified, said Royal London.
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FCA fines rise sharply in 2014 to over £1.47bn
Britain’s Financial Conduct Authority (FCA) penalised firms a total of £1.47bn ($2.3bn) in 2014, though the number of fines fell pushing the severity of the penalties up sharply, according to the 2015 Global Enforcement Review published by Kinetic Partners.
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BoE set to tighten rules on asset managers
Declaring ‘the age of irresponsibility’ over, the governor of the Bank of England has announced plans to extend tough new rules on senior management behaviour to asset managers.
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QROPS transfers risk rejection as advisers left in the dark
Pension transfers into QROPS could face mass rejection as non-UK advisers miss new qualification requirements finalised earlier this week, a senior industry figure has warned.
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Advisers needing pension transfer qualification triples
The number of UK financial advisers requiring a specialist pension transfer qualification to give advice on transfers is expected to jump significantly as more people make use of the new freedoms.