Hannah Godfrey
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FCA issues data request to 65 advisers over Rolls Royce DB pension scheme
The Financial Conduct Authority (FCA) has issued a data request to 65 financial advisers who advised on transfers from the Rolls-Royce defined benefit (DB) scheme.
Hargreaves Lansdown remains slowest on pension transfers
Hargreaves Lansdown has been named as the slowest provider to switch pensions through the Origo transfer service.
FCA retirement data raises concerns over long-term sustainability of pension payments
The latest figures on retirement income from the Financial Conduct Authority (FCA) raise concerns about the long-term sustainability of pension payments, according to Just Group.
Autumn Budget cancelled amid Covid-19 crisis - reports
The November Budget will not go ahead due to the ongoing coronavirus crisis, according to reports.
FCA interim chief executive Woolard to exit
Financial Conduct Authority (FCA) interim chief executive Chris Woolard is set to leave the FCA after seven years at the regulator.
Nearly half of advisers could exit DB market in 12 months, say Royal London and LCP
Nearly half of financial advisers currently operating in the defined benefit (DB) transfer market could exit by this time next year, with issues surrounding professional indemnity (PI) insurance appearing to be the main driver of change, research has...
Long-running Staveley court case clarifies rules on pension transfers in ill-health
The long-running HM Revenue & Customs (HMRC) v Parry & Ors case, otherwise known as the Staveley case, has concluded Staveley’s actions gave rise to an inheritance tax bill, bringing clarity around pension transfers or switches made in ill-health.
Quilter doubles redress provision for British Steel pension transfers
Advice giant Quilter has set aside £24m to compensate British Steel workers advised to transfer out of their defined benefit (DB) pensions by Lighthouse, doubling its previous redress provisions.
Tideway stops DB pension transfer business
Adviser firm Tideway was told to cease all pension transfer advice business from 3 July 2020, after first being visited by the Financial Conduct Authority (FCA) about its defined benefit (DB) transfer operations in 2017.
Negative inflation from Covid-19 'could see the end of the triple lock'
A slump in inflation caused by economic damage from the coronavirus could pave the way for the abolition of the state pension ‘triple lock’, according to Lane Clark & Peacock (LCP).
LV= considering selling remaining pensions and insurance business
LV= is exploring the sale of its remaining life and pensions operations, Sky News has reported.
FCA bans contingent charging on DB transfers
The Financial Conduct Authority (FCA) has banned the use of contingent charging in defined benefit (DB) transfer advice.
Lockdown easing could relaunch DB transfer market, says LCP
The easing of the UK’s lockdown could mean a steady rise in defined benefit (DB) transfers, as the ‘lockdown effect’ on the sector weakens, research from Lane Clark & Peacock (LCP) finds.
Covid-19 puts brakes on DB pension transfer activity
Down again from March
Pension schemes to issue Covid-19 DB transfer warning letters to members
Pension scheme members looking to transfer from a defined benefit (DB) to a defined contribution (DC) pension during the Covid-19 crisis will be warned it is unlikely to be in their best long-term interests in a letter from regulators and schemes.
50 firms drop DB transfer 'gold standard' after PI renewal problems
Around 50 advice firms have surrendered their pension transfer ‘gold standard’ status after running into issues renewing professional indemnity insurance (PII) on pension transfers, according to the Personal Finance Society (PFS).
FCA cites pension freedoms as a driver of consumer harm
FCA to look at decumulation advice
FCA investment pathways implementation paused as DB transfer work continues
Stopped suitability of advice work
Ros Altmann calls for six-months pause on pension transfers
Former pensions minister Ros Altmann has called for defined benefit pension transfers to be suspended for six months in wake of market turmoil caused by the coronavirus.