It is almost indisputable that the pension transfer issue represents the biggest shock to the industry for many years as one firm at the centre of the debacle goes into liquidation and MPs demand a ban on contingent charging.
ActiveWealth has entered liquidation amid concerns about its poor advice to steelworkers. The FCA suggests that British Steel Pension Scheme complainants discuss their options with the Ombudsman service following the firm's demise as their complaints may now rest with the Compensation Scheme.
The FCA is putting the pensions transfer examination under scrutiny consulting with training providers to shake up the curriculum.
The MPs of the Work and Pensions select committee say contingent charging should be banned because of what it says it an inherent conflict of interest. This has sparked some lively social media debates.
It wants the adviser register improved and it believes the timetable offered by the trustees was woefully inadequate.
Interesting to see local papers involved with the Scunthorpe Telegraph relating the pension trustees’ defence of that timetable.
The FCA has also publicised a letter to advisers outlining its concerns about commoditised transfer advice.
Guy Opperman writes a column for Money Marketing saying the government will work with the industry to deliver savings success. He notes the difficulty of spreading the pension habit to the self employed which may be why he needs help.
Lloyds Banking Group pulls its deal with Aberdeen Asset Management to manage its £109m assets citing Standard Life, AAM’s merger partner as a material competitor. The market did not take the news well as share price fells 10 per cent. The Telegraph discusses outflows including from GARS and says the firm may be mulling a dividend increase.
Artemis fund manager Jacob De Tusch Lec weighs the chance of a recession but says it is unlikely.
The Institute for Fiscal Studies says that homeownership collapses among young adults. Advisers will be well aware of the challenges with some no doubt having helped their clients’ relatives on the housing ladder.