Former minister criticises Amber Rudd’s plan to jail bosses who mismanage pension schemes February 10, 2019 A former pensions minister has criticised Amber Rudd’s plan to toughen up laws governing those in charge of employee pensions in the wake of recent mismanagement scandals at BHS and Carillion. Company bosses could be locked up for as long as seven years if they don’t manage employee pension schemes properly, according to Work and [...]
How to reshape the financial system? First ditch the idea of the free market February 4, 2019 | City Talk Nick Silver, Honorary Senior Visiting Fellow, Cass Business School, writes for The Conversation. First published by Amy Ripley (Senior Communications Officer) Ten years ago the financial system collapsed and governments around the world intervened to save it. Much of the subsequent legislation, regulation and angst has attempted to make the system less risky so it [...]
JP Morgan takes minority stake in London startup Smart Pension February 4, 2019 Banking behemoth JP Morgan has made a strategic investment in workplace pensions startup Smart Pension, the firm will announce today, as part of a fresh equity funding round. The size of the round was undisclosed, however Smart Pension said it had raised around £50m to date. JP Morgan took a minority equity stake as part of [...]
FCA to force pension providers to unveil hidden ongoing charges under new proposals January 28, 2019 Companies offering popular pensions products will be forced to be transparent about ongoing charges, in a fresh batch of measures bidding to help increase savers’ pension pots by £25m a year. The Financial Conduct Authority (FCA) announced today it would force providers of so-called drawdown products – where retirees leave their pension funds invested rather [...]
Million-pound pension scheme scammer locked up for seven years after fraud investigation January 25, 2019 A man has been thrown behind bars for seven years after stealing more than £1m from a company pension fund, using it to fund the purchase of a house and several cars. Ian Woodall, 47, diverted the stolen money from Westminster City Council (WCC) through Swiss bank accounts and then back into the UK. Read [...]
Mark Kleinman: Flybe might struggle for take-off without investors on board January 25, 2019 Talk about a crash landing. The outrage of Flybe’s largest shareholder about the terms of its £2.2m takeover, articulated in a legal letter to the airline’s board last week, is at face value perfectly understandable. On the full pre-flight checklist-worth of complaints from Hosking Partners, the most incendiary may be Flybe’s decision last year to [...]
‘No deal’ would be a betrayal of Leave voters’ hopes, warns Philip Hammond January 24, 2019 Leaving the EU without a deal would be a betrayal of the people who voted Leave in the hope of a better future, Chancellor Philip Hammond has warned as pressure grew on Theresa May to rule out exiting the bloc without an agreement. Just days before parliament resumes voting on Brexit, ministers, business leaders and trade [...]
From truffle trees to sunken treasure, beware of unregulated investments in your pension January 23, 2019 Self-invested personal pensions, or Sipps, give us the freedom to invest in what we want. But while this DIY approach to pensions appeals to many investors, there are mounting concerns that some Sipp providers are doing customers a disservice by allowing inexperienced investors to allocate their savings to unsuitable schemes. Liberty Sipp is the latest [...]
Scammers cost savers £202m in blow to pension pots January 21, 2019 More than 3,000 savers have lost a combined £202m to pension scammers in recent years, whose companies were later shut down by the government. The Insolvency Service warned investors today to guard their pension savings from investment scammers and negligent trustees, after it applied to the courts to wind up 24 companies that have carried out a [...]
Parent trap: the child benefits system has ended up punishing the very people it was designed to protect January 16, 2019 For high-flying parents who earn more than £50,000 a year, the child benefit system will seem ridiculous. You go through the effort of applying for the benefits (over the course of a year, this amounts to £1,000 for the first child, and £700 for each additional child), only for the money to be clawed back [...]