August 2019

12Aug

How Brexit Will Affect the UK Fintech Industry? Experts Answer

Back in 2016, there was a referendum that caused Brexit, which has since been affecting all spheres of British life. Would Brexit’s effects be positive or negative for the fintech industry in the United Kingdom? We asked experts from the London Fintech Week, the U.K. in a Changing Europe, the University of Nottingham and more. Meanwhile — and this should be underlined — a lot of experts declined to give comments on such a politically sensitive topic. While the...

August 12, 2019
News, Slider
Read more...
09Aug

UK. The rise of the Fintech sector

The UK’s Fintech (Financial Technology) sector is on the rise – despite Brexit uncertainty investors have put $16bn into the UK fintech market in just the first-half of 2018, a level of investment surpassing that of both the US and China. The UK remains the main hub in Europe for financial technology start-ups, providing over 60,000 jobs. Cloud Computing & The Foundations of Banking: In a highly competitive market, high-street banks are in pursuit of digital transformation with business...

August 9, 2019
News, Slider,
Read more...
07Aug

Five million at risk of pension scam, UK Regulator warns

The pension pots of five million savers are at risk from crooks, new research reveals. Figures from the Pensions Regulator and the Financial Conduct Authority showed 42% of working Brits aged 45-65 would fall for at least one scam tactic that's already out there. And even the cleverest savers are at risk thanks to "blind spots" exploited by criminals. Psychologist Honey Langcaster-James explained: “Most people are confident in their ability to avoid being scammed. We tend to assume that...

August 7, 2019
News, Slider,
Read more...
06Aug

HSBC UK pension completes £7bn longevity swap with Prudential

The Prudential Insurance Company of America (PICA), a subsidiary of Prudential Financial, Inc., has completed a longevity swap transaction with the HSBC Bank (UK) Pension Scheme. The longevity swap is the second largest transaction ever completed for a UK pension scheme, and concerns the longevity risk in relation to c£7 billion of pensioner liabilities. The new longevity insurance policy forms part of the Pension Scheme’s investment portfolio and is structured as an insurance contract with a HSBC-owned captive insurer...

August 6, 2019
News, Slider
Read more...
05Aug

UK. Pensions industry making ‘fat living’ from charging savers, MPs claim

Parts of the pension industry are making a “fat living” from people’s savings and should come under tougher scrutiny, MPs have said. In a damning Commons report, the work and pensions committee called for the government to take urgent action against pension funds that fail to disclose how much they charge savers, saying it is “unconvinced” that the industry will act voluntarily on providing transparent information about the costs and charges of investments. MPs have called for providers behind...

August 5, 2019
News, Slider,
Read more...
02Aug

UK. University pensions deficit could be £23bn

The pension scheme for university academics would face a deficit of £23bn if it had to be rescued by a government-backed pension lifeboat, the scheme's annual accounts show. The figures will stoke a fierce debate about the Universities Superannuation Scheme's (USS) financial position. It has assets of more than £60bn and provides retirement incomes and savings for about 200,000 UK university staff. The USS said it funds the scheme in a "fair and balanced way". In February and March...

August 2, 2019
News, Slider,
Read more...

July 2019

31Jul

UK. Contingent charging ban could cost advisers £445m

The financial regulator estimates the advice market will see its revenue drop by as much as £445m a year as a result of the ban on contingent charging. According to the regulator's own calculations, the ban will cost advisers between £360m – £445m a year in lost revenue as a result of a drop in demand for and a lower cost of pension transfer advice. This is alongside an estimated cost of between £399m - £598m in...

July 31, 2019
News, Slider,
Read more...
30Jul

UK. FCA bans contingent charging in new pension advice rules

The FCA has outlined a ban on contingent charging for pension transfer advice as part of a new package of proposals. The regulator says the ban will help to "protect customers from the conflicts of interest which arise where a financial adviser only gets paid if a transfer goes In a statement, the FCA said: "We have carefully considered the available evidence on the impact of banning contingent charging, including how we can maintain access to advice for those groups of consumers...

July 30, 2019
News, Slider,
Read more...
29Jul

UK: PLSA Launches ESG And Stewardship Guidance

The PLSA published a new guide to help pension funds comply with the new ESG requirements coming into force from 1 October 2019, and support them in achieving good practice into the future. The new ESG requirements stem from a new regulation that was initially proposed by the Department for Work and Pensions in September 2018. The regulations implement the Law Commission's proposals to clarify pension scheme trustees' fiduciary duties in statute and will require pension schemes to have...

July 29, 2019
News, OP Ed, Slider,
Read more...
29Jul

UK. Growing number of GPs cut shifts to avoid huge pension tax

A growing number of family doctors are reducing the hours they work to avoid a huge and unexpected pension tax bill. The decision increasingly means already-overstretched surgeries have fewer appointments to offer patients. One GP who last year dropped two of her eight sessions a week now intends to drop two more, halving her original workload. “Losing two sessions a week will have a significant impact on waiting times for patients booking appointments and also mean delays in dealing...

July 29, 2019
News, Slider,
Read more...