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 [...]
IFISAs: Invest in British entrepreneurs and maximise your tax-free ISA March 25, 2020 | Sponsored Innovative Finance ISAs offer an exciting alternative investment channel, helping you diversify your portfolio and maximising your £20,000 tax-free ISA allowance — all while supporting high performing British entrepreneurs. Finding the right businesses for your portfolio without skimping on the details you need to make an informed investment decision has always been a challenge. Crowd2Fund [...]
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 [...]
What will Rishi Sunak’s Budget mean for personal taxes? March 6, 2020 | City Talk With a commitment to leave rates for income tax, national insurance and VAT unchanged, the new Chancellor may be looking for other areas to raise tax in March’s Budget – possibly in capital gains tax and inheritance tax. In addition, the Conservative Party manifesto contained commitments to “review and reform” entrepreneurs’ relief (ER) as well [...]
Budget 2020: What is on the pensions industry’s wish list? March 4, 2020 As Rishi Sunak, the new chancellor, prepares for his first Budget next week, the pensions industry will be watching what happens with eagle eyes. Reports have circulated that the government, emboldened by its landslide General Election win last year, could bring in sweeping changes to how some people save for retirement. Some predict that Sunak [...]
Pensions regulator launches consultation on tougher defined benefit rules March 3, 2020 The Pensions Regulatory (TPR) today launched a consultation on new tougher rules on the funding of defined benefit pension schemes. TPR is proposing a twin-track approach to funding defined benefit schemes, which are pension funds where an employer legally has to make up any shortfall in the event that the scheme is underfunded. Under the [...]