UK advisers spur growth in Royal London’s life and pensions
Royal London has reported a 28% rise in new life and pensions business to £8.6bn (€9.9bn, $10.6bn), driven by strong sales from UK financial advisers.
Royal London
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HMRC reveals 80% rise in annual allowance breaches
The number of people breaching the annual allowance has jumped by almost 80% for the 2014/15 tax year, data from HM Revenue & Customs (HMRC) has shown.
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Guaranteed retirement income products may not be worth it
Retirement income products with guarantees, offered by many life companies in the UK as an alternative to the old fashioned annuity, do not offer value for money in most cases, according to a study by Milliman, an international consultancy group.
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PEOPLE MOVES: Deutsche Bank, RLAM, J. Safra Sarasin
After Deutsche Bank’s head of anti-financial crime stepped down just six months into the job, the German bank has named his replacement. RLAM has created a global equity team by poaching three staff from Waverton IM, while J. Safra Sarasin has a new managing director for client advisory in Hong Kong.
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Steve Webb knighted in New Year’s honours list
Former UK pensions minister Steve Webb has been awarded a knighthood for political and public service in the Queen’s New Year honours list.
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PEOPLE MOVES: Andy Robinson, MetLife, Lombard Odier
Today’s people moves column boasts an embarrassment of riches as the industry seems to be getting its house in order before the Christmas break. Former Zurich man Andy Robinson has resurfaced, while MetLife has named a chief executive in Hong Kong. Lombard Odier’s new chief operating officer has left the world of haute couture to…
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Royal London AM reports jump in managed assets
UK investment house Royal London Asset Management (RLAM) has announced that total funds under management by the group has exceeded £100bn for the first time.
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UK should stop pension tinkering and simplify Isas: AJ Bell
Waves of changing legislation have made pensions and Isas incredibly and unnecessarily complicated, discouraging people from saving, says Andy Bell, chief executive of investment platform AJ Bell.
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Radical new idea for UK pension tax relief under scrutiny
The UK government is considering a number of new pensions options ahead of the Autumn Statement, including one from Hargreaves Lansdown that proposes breaking the link between tax relief and earnings, instead using a system based on the age of the saver.
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Bank of Japan’s new weapon in inflation fight gets mixed reception
With news overnight that the Bank of Japan has unveiled a new form of stimulus, professional investors and economists reacted with mixed enthusiasm.
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November cut on the cards after BoE holds rates
Economists expect another rate cut will materialise in November after the Bank of England’s Monetary Policy Committee (MPC) unanimously voted to hold rates at 0.25% on Thursday.
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Fed worries will not stop steady global expansion – RLAM
The sell-off over concerns that the Federal Reserve may raise rates on 21 September could develop into a good buying opportunity if economic growth persists, according to Trevor Greetham, head of multi asset at Royal London Asset Management.