Latest Blogs
-
Tilley: Pensions Commission must push reform...and quickly
Recent news of the revival of a Pensions Commission was music to my ears.
-
Lisa Webster: Till pensions do us part
There have been some fluctuations in recent years but overall divorce rates in the UK have been in decline since the 1990s.
-
Tilley: Let’s end the SIPP vs SSAS debate for good
As you might know from my previous columns on SIPPs Professional, I am, and have been for some time, a huge advocate for Small Self-Administered Schemes (SSAS).
-
Lisa Webster: Pre-Budget withdrawals are spiking again
Ever since “tax-free cash” changed its official name to “pension commencement lump sum” back in 2006 there have been pre-Budget rumours that it was going to change – and not for the better.
Popular News
-
Barnett Waddingham appoints new head of SIPP proposition
Pensions and SIPP consultancy Barnett Waddingham has appointed Embark Group’s Andrew Phipps as head of SIPP proposition and supplier management.
-
Pension indexation law shouldn’t change: SPP
The Society of Pension Professionals (SPP) has warned of the “unintended consequences” of changing the law relating to pre-1997 pension scheme indexation.
-
DB pension surpluses remain at record highs
DB pension surpluses remain at record highs, up £57bn year-on-year in October, according to new analysis from XPS Group.
-
STEP warns of pension reforms ‘chaos’
Proposed pension reforms included in next week’s Budget will create chaos and put bereaved families and ordinary people at financial risk, according to STEP, the global professional body for trust and estate practitioners.
-
Pension professionals exempted from new rules
HMRC has agreed to exempt pension administration professionals from new requirements requiring ‘tax advisers’ who interact with HMRC on behalf of clients to register with HMRC and meet new minimum standards from 1 April 2026.
The FCA has stressed that there will be no changes to its rules and regulations despite the UK exiting the EU tonight at 11 pm (31 January).
Following Brexit the UK will enter an implementation period which is due to last until 31 December.
The watchdog said that during this implementation period EU law will continue to apply and firms and funds will continue to benefit from passporting between the UK and EEA countries.
Consumer rights and protections under EU law will also remain in place.
In guidance to regulated firms the FCA said: “There will therefore be no changes to the reporting obligations for firms, including those for MiFIR transaction reporting, under EMIR, and for CRAs, which will continue in line with existing EU regulatory requirements.”
The windows for EEA firms to notify the FCA that they want to use the Temporary Permissions Regime (TPR), or for fund managers to notify the regulator of any funds they want to continue to market in the UK under the Temporary Marketing Permissions Regime (TMPR), closed yesterday (30 January).
Andrew Bailey, FCA chief executive, said: “The work the FCA has undertaken, along with government and the Bank of England, ensured the financial services sector was one of the best prepared industries for any of the possible Brexit outcomes.
“The implementation period gives firms a period of certainty while negotiations are continuing on our future relationship with the EU.”
He said the FCA would use the implementation period to work with government, the Bank of England, firms and other regulators to ensure the financial services industry is ready for the end of 2020.
The FCA has, however, urged firms to prepare now for actions to ensure that post 1 January 2021 they minimise risks to customers.
The FCA provides regular updates on its Brexit webpages, and firms can also call the FCA Brexit information line (0800 048 4255).
The parent company of Transact, the SIPP and platform provider, has been hit with an unexpected £4.3m VAT bill which could also see the company having to pay an additional £1.4m a year in VAT.
Pensions drawdown investors have seen positive growth in four out of the five years since the Pension Freedoms arrived in 2015, according to a new study.
The Financial Conduct Authority’s pension scheme has apologised after being hit with a £2,000 fine from The Pensions Regulator over governance shortcomings.
The Money and Pensions Service, the government-backed consumer financial guidance body, has appointed acting CEO Caroline Siarkiewicz as its permanent chief executive.
The government-backed pension advisory Pension Wise says its users are more likely to use a financial adviser after taking guidance from the service.