The former head of the civil services Gus O’Donnell says a wealth tax is very likely. Very interesting issue for advisers to consider in terms of how they advise clients. A wealth tax might fall on property, on investments and savings or just possibly on private ownership of companies.
Clearly much to play for before an expected Autumn Budget.
Andrew Ashwood, senior analyst at Platforum reviews Hargreaves Lansdown’s Wealth Shortlist. There is a great stress on governance and loyalty bonuses for customers.
Emma Wall, speaking for Hargreaves, says that the new research process would have seen Neil Woodford’s funds excluded as reported on Thisismoney.
Compliance expert Rory Percival discusses what advisers are getting right and wrong on pension transfers on an FTAdviser podcast.
This is a small but potentially significant change. Flexible furlough comes into force a month early i.e. from July so workers can return part time and their employer still gets some support for non-working days.
The FCA has extended the application of the SM&CR for small adviser firms until March 31st 2021. It means the revival of the register will be delayed as well. Firms must submit the relevant information by that date suggesting the register will not be up and running for several months after that. This hiatus is not good for the public.
The Government has lost four votes on amendments to the Pension Schemes Bill.
With regards to the pension dashboard, peers voted in favour of an amendment stating that the dashboard will not include a provision for financial transaction activities such as transfers or consolidation.
The Lords also demanded that the dashboard will have to be operational in a public-owned state for 12 months before commercial providers can offer it.
Is that really such a concern?
Karen Wright, head of private clients at Foster Denovo discusses onboarding new clients during the crisis.