UK - The government has thrown out draft amendments to the Pensions and Social Securities Act that would have given the ombudsman power to process group claims.
Pension minister Ian McCartney said the changes would have added a further layer of complexity to an area of legislation which needed to be simplified.”
Hammonds solicitor Oliver Rees said he was not surprised given the negative comments made during the consultation.
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MPs failed to place legislation into the Financial Guidance and Claims bill that would have made pension guidance default, which Just Group director Stephen Lowe said left a "bitter taste".
Aegon has called for the government to double the tax exemption on employer-arranged pension advice, up from £500 to £1,000.
Institutional investor confidence in Europe rose by 8.9 points in April with each region showing growing appetite for risk, according to State Street Global Exchange.