The Chancellor of the Exchequer Rishi Sunak has apparently shelved plans to cut back pension tax relief, though of course there was no official indication that he ever had plans to do so, only background briefings. The Mail reports.
Money Marketing devotes one of its long analyses to the FCA's scrutiny of the suitability of retirement and ongoing advice. One network is concerned that the regulator will not scrutinise smaller IFAs sufficiently.
LEBC suffers a £11m write down from owner private equity company B.P. Marsh due to its halting of transfers and the resulting financial fallout. It takes the valuation from £35.5 million to £23.9 million.
Dunstan Thomas’ Adrian Boulding warns about the retirement prospects of Generation X i.e. 39 to 54 year olds. The firm is conducting nationwide research.
The FCA has refused to authorise an adviser due to complaints against her previous firm. It had £838,953 in compensation claims against it. Advisers, worried about their compensation scheme bills may welcome the move.
There is a big fund manager merger in the US with implications for the UK as Investment Week reports. Franklin Resources, owner of Franklin Templeton, confirms it is buying Legg Mason for a $4.5bn cash offer including taking on $2bn of Legg’s outstanding debt.
Money Marketing editor Justin Cash suggests suitability shouldn’t be a problem for well run firms in his latest leader column.
Some radical thinking in Mortgage Strategy. Andrew Montlake managing director of Coreco suggests the UK needs a nationalised house builder to deal with the housing crisis.