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.
FCA
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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.
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FCA outlines process for dealing with insistent clients
The UK’s financial watchdog has published a paper outlining whether an adviser would be liable for losses when dealing with clients who insist on taking action against their advice.
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SIPP provider burden eased in new rule change
The Financial Conduct Authority has succumbed to pressure from SIPP providers to make the calculation of capital easier and less costly when new rules comes into force in September next year.
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FCA strengthens risk, oversight with two key hires
The Financial Conduct Authority has taken another step toward the full implementation of its new strategic approach, announcing on Friday a number of internal promotions and two key hires.