European Pensions Management (EPM), a UK-based self-invested personal pension (Sipp) provider with over 6,000 customers, has formally entered insolvency proceedings under the special administration regime.
The UK’s Financial Conduct Authority has named a working group that will take forward three key recommendations of the Financial Advice Market Review.
Five people appeared at London’s Southwark Crown Court on Thursday accused of promoting and selling shares in a company through a succession of boiler room scams.
People in the UK with smaller pension pots could lose as much as 10% of their retirement savings paying fees under the pensions freedoms, while others are failing to shop around for the best deals.
A British financial adviser and his boss have been banned from working in the financial services industry for lying to clients about where they invested pension pots totalling nearly £24m ($34.9m, €30.7m).
International IFA firm Strabens Hall says it no longer faces “inevitable insolvency” due to £1m in claims over ill-fated investments in the collapsed Connaught Income funds after reaching an agreement with its professional indemnity insurer.
A decision by Friends Life to charge a client a £1,700 exit fee for transferring a planned pension has been upheld by the UK’s Pensions Ombudsman Service (POS), despite being wrongly advised by her IFA.
Investors in the ill-fated EEA Life Settlements Fund have received a “dismal” strike price offer for their shares in so-called ‘death bonds’, according to campaign group EEA Investor’s Group (EEIG).
Amundi announces a high-profile global advisory board, while Pictet names ex-Goldman Sachs director Dominique Joories to head its Singaporean banking unit. Axa reveals Jean-Laurent Granier, the chief executive of the group’s Mediterranean and Latam divisions, will step down next month while prominent figures from the UK’s insurance industry join trade body ABI.
Former Investment Association chief Daniel Godfrey has been hired by the Financial Conduct Authority on a consultancy basis, a spokesperson said.
The UK’s Financial Conduct Authority looks set to cap exit charges for existing contract-based personal pensions, including workplace personal pensions, at 1% of the value of a member’s pot.
The Financial Conduct Authority (FCA) has warned that Britons over-55 are being targeted by scammers, with nearly a half investing in unregulated products such as wine, diamonds and land, without getting professional advice.
