Wealth management sector paid out £3.8m in FCA fines this year
An FOI request by Oxford Risk has revealed
FOI
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Over 5,000 families reclaimed overpaid inheritance tax last year
With 1,000 families already reclaiming in 2023/24
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44% of pension transfer amber flags raised for ‘unknown’ reasons
Quilter calls on the UK government to tackle this issue
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DIY Wills fuel rise in inheritance disputes
Preparing for death ‘might seem pessimistic’ but it can help families cope ’emotionally, practically and financially’
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Efforts to recruit next gen advisers failing
Just 6% in the UK are under 30
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Over 1,000 firms exit DB advice space in two years
Companies risk ‘dramatic’ financial impact for clients if transfer goes wrong
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Over 20 mini-bond companies shut up shop in four years
Regulator does not ‘routinely collect data from firms on their issuing/distribution of these products’
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Fourfold increase in UK investment fraud reports in five years
But fall in number of convictions shows ‘legal deterrent is practically non-existent’
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Mass UK adviser exit fails to materialise
A sharp 60% drop had been expected post-RDR, Keith Richards says
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7 advice firms hit with FCA skilled-person reviews since 2017
They had to collectively fork out over £300,000 to pay for the investigations
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HMRC refuses to share information on overseas pension list
Taxman ‘not making any effort to help the industry understand how they manage it’
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Fewer IFAs in the UK for first time
While restricted adviser numbers rise