FCA proposes assessment of pension value for money rules June 24, 2020 The financial watchdog has proposed a tightening of rules to check whether members of workplace pension schemes are getting value for money. In a consultation paper released this morning, the Financial Conduct Authority (FCA) announced it would bring forward the proposals to make it easier for Independent Governance Committees (IGCs) and Governance Advisory Arrangements (GAAs) to [...]
Pensions watchdog gives go-ahead to superfund deals June 18, 2020 The UK’s pension watchdog has given the green light to the launch of superfunds, leading to billions of pounds of retirement funds to be pooled together. The Pensions Regulator (TPR) has set out an interim framework for supervising the pension consolidation vehicles called superfunds. Sky News first reported the development yesterday afternoon, before TPR confirmed. [...]
A new ‘superfund’ scheme for pensions June 18, 2020 Pensions minister Guy Opperman announces a significant step towards transforming retirement saving The consolidation of defined benefit pension schemes into “superfunds” has the potential to deliver more secure retirement incomes for workers, while allowing employers to concentrate on what they do best: running their businesses. That’s why I welcome the Pensions Regulator’s interim regime for [...]
FCA fines Lloyds Banking Group £64m after mistreating mortgage customers in difficulty June 11, 2020 Lloyds Banking Group must pay a £64m fine for failing to treat over a quarter of a million mortgage customers in arrears fairly. Lloyds Bank, the Bank of Scotland and the latter’s subsidiary The Mortgage Business all failed to take struggling customers’ financial circumstances into account when arranging repayments. The banks’ systems and procedures meant [...]
L&G agrees two pension risk transfer transactions with IHS Markit May 13, 2020 Legal & General has today announced it has agreed two pension risk transfer transactions with information provider IHS Markit, one in the UK and one in the US. The UK transaction was for £37.8m, covering around 150 members, while the US transaction was £78.4m, covering around 1,200 members. The financial services group also confirmed it [...]
Financial advice industry grew in 2019 despite rising costs and regulation April 20, 2020 The financial advice industry grew last year despite rising costs and widening regulation, research published today showed. The sector’s growth has been driven by ever more complex financial needs, low growth in DIY investing and a lack of alternatives to spending time with a professional adviser, the survey from fund data provider FE fundinfo found. [...]
FCA pushes car finance firms to halt repossessions amid coronavirus April 17, 2020 The UK’s financial watchdog has proposed a freeze on car finance repayments, ruling out repossessions of vehicles during the coronavirus crisis. The Financial Conduct Authority (FCA) told car leasing firms today to offer three-month repayment pauses for customers in financial difficulty as a result of coronavirus. “We are very aware of the continued struggle people [...]
Coronavirus: Regulators urge savers to avoid rash decisions on pensions April 1, 2020 Regulators today urged savers to not make any rash decisions in relation to their pensions during the coronavirus epidemic. The Pensions Regulator (TPR), the Financial Conduct Authority (FCA), and the Money and Pensions Service (MaPS), said fears over the impact of the pandemic on markets and personal finances may make savers more vulnerable to scams [...]
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Budget 2020: Chancellor raises threshold for pensions tax relief to £200,000 March 11, 2020 Chancellor Rishi Sunak said today that the tapered allowance threshold for pensions tax relief will increase to £200,000. The pensions annual allowance is the maximum amount of tax-relieved pension savings that can be accrued in a year Sunak increased the two tapered thresholds for pension tax relief by £90,000 today. This means that from 2020-21 [...]