UK gov’t steps up reform pressure on pension industry
The British Government has announced plans to strengthen the ability of savers to access their pension pots and tackle any unjustifiable exit fees thrown up by pension providers.
The British Government has announced plans to strengthen the ability of savers to access their pension pots and tackle any unjustifiable exit fees thrown up by pension providers.
Thousands of UK savers have collectively withdrawn more than £1bn from their pension pots after new freedoms were introduced in April.
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.
Clients should see the value in professional financial advice now more than ever, yet there seems to be increasing options for a client to go direct to platform with their investments. Are advisers now competing with online robots and electronic decision trees?
HM Revenue & Customs will suspend its overseas pension list from tomorrow, with experts predicting that QROPS based in Australia and other jurisdictions will be absent when it returns next month.
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.
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.
Annuities are expected to see enduring demand in the UK despite the pension reforms in April, though most financial advisers forecast that drawdown products will become the more popular retirement option, according to new research from Canada Life.
Insurance giant, Friends Life, has apologised after U-turning on its decision to offer new pension flexibilities to thousands of UK customers.
Gibraltar QROPS operators could see their responsibilities as a trustee extend to include the due diligence of overseas financial advisers and the risk classification of policyholders in their schemes, under proposals from the jurisdiction’s regulators.
Malta-based Elmo Pensions, a subsidiary of Elmo Insurance, has launched what it believes to be “one of the first” QROPS to offer full flexibility in line with the UK pension reforms.
The Federation of European IFAs (FEIFA) has announced a partnership with Guernsey-based pensions provider Cavendish Corporate Investments PCC (Cavendish).