FCA fines ‘seriously incompetent’ pension adviser £1.3m over steel scandal August 10, 2021 The UK’s financial regulator has issued a £1.3m fine to a pensions adviser it described as “seriously incompetent” for his work advising members of the British Steel Pension Scheme. Geoffrey Armin, who worked for Retirement and Pension Planning Services Limited (RPPS), advised a 422 customers including 183 BSPS steelworkers. In total, he advised on £125m [...]
FCA approves James Hay’s Nucleus acquisition, creating £47bn mega-platform August 6, 2021 Pensions provider James Hay gained the nod of approval from the UK’s financial regulator for its £145m acquisition of investment platform Nucleus, in one of the biggest UK deals in years. The Financial Conduct Authority (FCA) approved Hay’s purchase of Nucleus on Friday, paving the way for their creation of a mammoth financial adviser platform [...]
Johnson and Sunak call for investment ‘big bang’ in UK to aid recovery August 5, 2021 The prime minister and the chancellor have called on the UK’s institutional investors to plough more capital into UK assets to ignite an “investment big bang” that drives an economic recovery from the pandemic. In a joint letter with Rishi Sunak, Johnson said the UK’s institutional investors should “seize the moment” and use their “hundreds [...]
No 10 insists government will stick to £4bn ‘triple lock’ pension pledge June 21, 2021 A spokesperson for the prime minister has vowed the government will not ditch the “triple lock” pension pledge, despite its £4bn price tag. Downing Street insisted that the pledge – part of the Conservative party manifesto in 2019 – will not be broken, after reports that government ministers were considering a temporary suspension to the [...]
Analysts warn Rishi Sunak: Treasury’s pensions raid could be ‘hugely risky’ June 21, 2021 The Treasury is eyeing pensions taxation as one way to pay for the cost of the pandemic, it was reported this morning. Although there are no plans to make changes to the triple lock, the Treasury is looking at three ways to change the ways in which pension contributions are taxed, which some analysts have [...]
Sunak says pensions triple lock remains government policy as he faces £4bn bill June 17, 2021 Chancellor Rishi Sunak has said the triple lock on pensions remains government policy after it emerged that he may have to spend £4bn more on pensioners from next year if he sticks to the pledge. Sunak was grilled on the issue in an interview with GB News, after ONS data published earlier in the week [...]
Tories’ ‘triple lock’ pension pledge could cost Treasury £4bn June 16, 2021 Chancellor Rishi Sunak will have to stump up £4bn on pensioners from next year to cover the Conservative Party’s ‘triple lock’ pledge, despite efforts to cut back spending after the pandemic. The headline growth rate of average UK earnings rose to 5.6 per cent in April — an artificial inflation caused by last year’s furlough [...]
Pensions ‘perfect storm’ could lead to young people dropping out, warns watchdog June 11, 2021 A pensions perfect storm could lead to younger generations dropping out and having inadequate incomes in later life, a spending watchdog has warned. The Treasury has also done little to identify and manage the stark differences in average pensions between genders and other groups, the House of Commons Public Accounts Committee (PAC) said in its [...]
Jammie Dodgers and Wagon Wheels baker snapped up by Nutella maker Ferrero June 1, 2021 Jammie Dodgers and Wagon Wheels baker snapped up by Nutella maker Ferrero
Sunday Times Rich List: Who are the UK’s wealthiest women? May 21, 2021 The lack of women in the boy’s club of billionaires was loud and clear in the Sunday Times Rich List released, so where and who are the UK’s wealthiest women? Bet365’s Denise Coates, who leads the online gambling company after re-mortgaging her father’s chain of betting shops to raise the cash to expand her website, [...]