Baroness Altmann hits out at net pay pension arrangements for seriously disadvantaging the working poor who are paying into pensions. She says the government must act swiftly to end this situation and says a million low paid workers who are mostly women are losing out.
It does feel like a situation that needs to be sorted out by industry, Goverment or both.
Sesame has pulled its membership of PIMFA and the Association of Professional Compliance Consultants. Very interesting to see how PIMFA deal with this especially as the organisation might be viewed as tilted towards its wealth management membership already. This won't exactly help matters.
Aegon has warned that the FCA’s new rules on triage could spell the end for free advice sessions. That would be a shame.
Pension transfers are to hit £60bn over the next three years according to estimates from Mercer. At this sort of level, it may have a real economic impact.
This story is a serious warning to non-execs in particular. Angela Burns was chief executive of her own investment consultancy, and non-executive director at two mutual societies - Marine and General Life Assurance Society and the Teachers Provident Society - where she served as chair of their respective investment committees.
She solicited work from Vanguard by referring to her non-executive director positions while she was providing the mutuals with what they thought was impartial advice.
Burns must pay a £20,000 fine by 28 December and cannot be a non-exec.
The FCA has prevented the former management of Full Circle Asset Management from buying its old client book backed a move which New Model Adviser says is frustrating an attempt to phoenix.