Miscalculations regarding pension transfers are becoming something of a theme especially in New Model Adviser’s coverage.
Mercer trustees have hired a law firm to recover £90,000 from a DB transfer overpayment after a error in 2017 as the website reports.
A week before it also noted Capita demanding £1m DB transfer money back from members.
It does beg the question of what the regulatory implications are. ‘Sorry we overpaid’ feels slightly different from ‘sorry we miscalculated and gave you figures and money on which you may have based decisions’.
The Money and Pensions Service (Maps) is to commence work on a new delivery model for all of its guidance services.
In its annual corporate plan Maps said this includes Money Guidance, Pensions Guidance and Pension Wise.
Interesting in light of the ongoing advice/guidance boundary review. Maps will surely be an important part of any widening of guidance provision.
James Priday, managing director of Prydis Wealth explores how advisers could use higher interest rates to offset platform charges in Professional Adviser.
In the Money Marketing podcast, Lois Vallely talks to Hannah Coffey, vulnerability and client assistance manager at St James’s Place, and Zoe Taylor, chartered financial planner at Lawrence Neil Wealth Management about spotting and managing vulnerable clients.
The Government needs to act to reduce friction in small pot consolidation says Steve Watson, director of policy and research, Cushon, writing in Corporate Adviser.
Thisismoney considers the fall in the rate of inflation to 6.8%. This is always a thorough look covering lots of angles from the consumer website.
Rates are continuing to fall as the mortgage market starts to quieten after weeks of turmoil, according to the latest Moneyfacts rate watch reported by Mortgage Strategy.
For two-year fixed at all LTVs, the average rate has dropped slightly – from 6.8% on 11 August to 6.76% on 18 August 2023.
Two-year fixed rates at 95% LTV have fallen by 10% from 7.05% to 6.95%, while a two-year fixed for 85% LTV has reduced from 6.9% to 6.85% over the past week.
Money Marketing discusses how to prepare for a dawn raid from the FCA. Let’s hope no readers are woken up early this week!
