It seems that many in financial services look at the defined benefit situation by comparing DB with DC. Jargonfreeebenefit’s boss Steve Bee puts another frame on it, arguing that pensions are deferred pay and the promises should not be unwound. He says he is horrified that the recent green paper suggests that employers in difficulties should be able to cut back benefits.
Advisers set out what they want to see in next week's Budget including reform of the Lifetime ISA.
An SJP adviser falls foul of the Ombudsman Service for selling an ISA to a dementia sufferer as the Times relates. Doesn’t look like the Sunday Times is ready to let SJP out of their sights. There is clearly pressure to do some positive PR work - and perhaps here it is.
Money Marketing runs a long interview with outgoing SJP chief executive David Bellamy. He says, among other things, that ‘we do not have exit penalties’. IFAs will be reaching for their dictionaries.
Standard Life mulls buying Aberdeen Asset Management in a £11bn deal to create the UK’s largest fund manager says the FT rather breathlessly.
Lighthouse wins the contract to provide financial advice to the Money Advice Service’s staff.
The following FOS ruling is a tricky one. An Openwork AR had advised on a pension transfer but had not looked at the underlying investment which included Harlequin. Indeed the adviser couldn’t advise on Harlequin given his restricted status. FOS finds for the client and against an Openwork argument that the investors would have made the transfer and investment anyway. This may have wider implications given recent guidance on transfers. Much debate in the comments section.
Given talk of a Standard Life deal, Aberdeen-owned Parmenion may lose a big chunk of assets – around £650m - as Intrinsic considers buying wealth manager Caerus.
Angus Tulloch is retiring from the Stewart Investors’ Pacific Trust but will be a non-exec on an as yet-to-be-launched global small cap trust.