Comment

Pensions Down Under

Pensions Down Under

For over 20 years, Australia has been the most popular destination for British retirees seeking sunshine in the twilight of their years. However, a recent change in Australian legislation means that there is a significant cut to the amount of pension money that they...

read more
Money Advice Service

Money Advice Service

Last month the government announced the closure of the MAS thus bringing an end to one of the more disgraceful and cack-handed episodes of government supposedly trying to help the public. The Treasury said ‘The name ‘Money Advice Service’ has always been misleading as...

read more
New Regulatory Regime for Failures in Banks

New Regulatory Regime for Failures in Banks

With effect from Monday 8th March a new regulatory regime came into force which holds top executives responsible for failures in banks. There is even a new criminal offence ‘of failure to prevent a bank collapse’. That said the scheme has been watered down since it...

read more
The Brown Legacy

The Brown Legacy

Time should not let us forget the damage that Gordon Brown did to our previously sacrosanct private pension system when in 1997 he imposed a tax on pension funds. This in spite of the long recognised problem of an aging population. What was possibly not anticipated at...

read more
Poisoned Chalice

Poisoned Chalice

Tracy McDermott, the former head of enforcement at the FCA, who was made stand in CEO when Martin Wheatley was unceremoniously given the heave-ho, let it be known that she did not want the top job permanently. There were sighs of relief in some quarters, including...

read more
The Cost of Over Regulation

The Cost of Over Regulation

Looking back over 2015, there can be little dispute that the major event in financial services was the surprise introduction of ‘pension freedoms’. These freedoms though came with their own problems and the FCA was charged with putting in place a framework to govern...

read more

Social Media Policy

The FCA has particular views about the use of social media and how it can involve financial promotion. We have added a new section 7.6, for our compliance manual and have added to our documents a checklist for CF10’s to use when to use when signing off communications...

read more
Consumer Rights Act 2015

Consumer Rights Act 2015

This legislation, which came into force on the 1st October, is all encompassing. It replaces the Sale of Goods Act, The Supply of Goods and Services Act and, most importantly from the Financial Services angle, the ‘Unfair Terms in Consumer Contracts Regulations’. The...

read more
Self Certification

Self Certification

Regulations forbid the promotion of ‘esoteric’ or ‘non mainstream’ products to customers unless they can be classified as either ‘High Net Worth’ or ‘Sophisticated’ investors. The criteria for these classifications, which have been revised recently, are: High Net...

read more
Social Investment Tax Relief

Social Investment Tax Relief

Local Authority spending in England was cut by 20% between 2010 and 2015 which leaves what is nicely called a ‘funding gap’. Authorities do not have the money to fund social projects to the extent that they used to. The Government introduced SITR last year in order to...

read more
Wheatley Shot

Wheatley Shot

So, first we have Hector Sants ‘Be scared, be very scared’ who, after an abysmal reign, was rewarded with a knighthood, widely presumed to have been his price for keeping quiet about instructions from the Treasury to go easy on the banks. Next we have Martin Wheatley...

read more
Saudi Stock

Saudi Stock

Last month for the first time, Saudi Arabia’s stock market opened its doors to foreign investors as the kingdom seeks to diversify its economy which is currently hugely dependent on oil. The Saudi Arabian Stock Exchange or ‘Tadawul’ has gained more than 16% this year...

read more
A Win for Justice

A Win for Justice

The Cirencester Friendly Society specialises in the provision of Income Protection Plans. In May 2007 a Mr Parkin took out one of their plans and then in August made a claim on the basis that he was too ill to work. As is normal, the Society requested a Medical...

read more
Film Partnerships

Film Partnerships

With the government loudly committed to getting rid of ‘morally repugnant’ tax avoidance schemes, it is worth looking at film partnerships which have been the target for a lot of the righteous indignation which has been flying around. Film partnership schemes were...

read more
Insistent Clients

Insistent Clients

There was a time when, if a client was determined to follow a course of action with which his adviser disapproved, the client would simply be asked to sign an indemnity letter confirming that he was acting against his adviser’s advice and understood the implications....

read more
Password Reset
Please enter your e-mail address. You will receive a new password via e-mail.