UK Gov’t launches review of financial advice industry
The British Government has announced a major review of the regulatory and legal framework governing the whole financial advice industry.
Pension Freedoms
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ABI: Pension freedoms see savers withdraw £1.8bn in two months
British pension savers have withdrawn more than £1.8bn from their pension pots in the first two months since the start of the freedoms, new figures revealed.
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Aberdeen AM hires former MP to new pensions role
Aberdeen Asset Management has hired the former UK shadow pensions minister Gregg McClymont to fill a new role as head of retirement savings.
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Majority of QROPS transfer requests are a scam, warns Aegon
Aegon has warned that 80% of the requests it has received for transfers into qualifying recognised overseas pension schemes (QROPS) are designed to swindle savers out of their pension pots.
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UK gov’t to cut pension allowances for high income earners
The UK government will begin to reduce pension annual allowances for those on incomes of over £150,000 from April next year, the chancellor George Osborne announced in his Summer Budget.
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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.
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Low-cost pension planning services launched to fill ‘advice gap’
Free and low-cost pension support services have taken off as more UK consumers look for alternatives to traditional financial advice and the governmental initiative, Pension Wise.
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Osborne reveals £1bn withdrawn since UK pension reforms
Thousands of UK savers have collectively withdrawn more than £1bn from their pension pots after new freedoms were introduced in April.
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UK gov’t minister warns pension providers to increase reform efforts
Britain’s Work and Pensions Minister Iain Duncan Smith has warned the pension industry to stop dragging its feet over implementing the government’s reforms, which came into effect on 6 April.
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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.