December 2017

04Dec

UK Treasury Plans Tighter Regulation of Bitcoin and Cryptocurrencies

The British government is planning to introduce strict regulations of cryptocurrencies like bitcoin to combat crime like tax evasion and money laundering. The UK Treasury will lead the effort into regulating cryptocurrencies like bitcoin, bringing it under the purview of anti-money laundering and counter-terrorism financing legislation. A Treasury spokesperson said on Monday: "We have clear tax rules for people who use cryptocurrencies, and like all tax rules, these are kept under review. We also intend to update regulation to bring virtual...

December 4, 2017
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November 2017

30Nov

UK’s FCA starts civil proceedings over pension investment statements

Britain’s Financial Conduct Authority (FCA) has begun civil proceedings against Avacade and Alexandra Associates, alleging the firms made misleading statements about pension investments and carried out regulated activities in Britain without authorisation. The FCA on Thursday alleged that Avacade Ltd and Alexandra Associates (UK), trading as Avacade Future Solutions, promoted pensions and investments in alternative investments such as tree plantations. The FCA wants customers affected to be compensated and injunctions to prevent further breaches of rules and is also bringing proceedings...

November 30, 2017
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29Nov

Britain close to deal on Brexit bill with EU: sources

Britain has offered to pay much of what the European Union was demanding to settle a Brexit “divorce bill”, bringing the two sides close to agreement on a key obstacle to opening talks on a future free trade pact, EU sources said on Tuesday. The offer, which British newspapers valued at around 50 billion euros, reflected the bulk of outstanding EU demands that include London paying a share of post-Brexit EU spending on commitments made before Britain leaves in March...

November 29, 2017
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28Nov

As good as it gets? The adequacy of retirement income for current and future generations of pensioners

By David Finch & Laura Gardiner (Resolution Foundation) Recent strong growth in the incomes of pensioner households and reductions in pensioner poverty are to be welcomed. But set against much weaker incomes for working age households and the challenges younger generations are facing in accumulating wealth, anxiety is building that these outcomes may not be sustained for future generations of retirees. Their prospects are particularly uncertain given both the big shifts in pensions policy currently in train and the fiscal...

November 28, 2017
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28Nov

UK. Millennials will have similar pensions to baby boomers, says report

Young adults will have retirement incomes similar to today’s pensioners, according to analysis which rejects widespread pessimism about the financial prospects for millennials. Men in their 40s will suffer a fall in their retirement incomes compared with today’s pensioners, but the generation behind them will see their incomes recover, analysis by the Resolution Foundation found. It said the average pension for a man will be about £310 a week in 2020, taking into account state and private pensions. This will fall to about...

November 28, 2017
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27Nov

Pension scheme trustees urged to prepare for imminent EU regulation

Although the regulation is not expected to impact trustees directly, it is thought that new rules for brokers and asset managers may affect UK pension schemes’ current contractual relationships. The EU legislation is designed to offer greater protection for investors while injecting more transparency into all asset classes, taking effect on 3 January 2018. Sacker & Partners LLP have identified several steps trustees should be taking now, which include: 1) Obtain an LEI number – this can be done at the London Stock...

November 27, 2017
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21Nov

UK. May Wants Something in Return as Brexit Money Offer Set to Rise

Prime Minister Theresa May is ready to put more money on the table to settle the Brexit divorce bill -- but the Brits are plugging away at getting the European side to give her something in return. “We’re headed in the right direction and what matters now is that the U.K. and EU take a step forward together,” James Slack, May’s spokesman, told reporters on Tuesday in a sign that any improved offer on the bill must be matched with...

November 21, 2017
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16Nov

UK. FCA targets pension scammers in Welsh steelworks

Britain’s markets watchdog is sending supervisors to Wales to make sure that 15 billion pounds in steelworker pensions does not become a “honey pot” for crooks. The move -- made public at a parliamentary committee meeting on Wednesday -- is part of a broader crackdown by the Financial Conduct Authority to avert pension scams across Britain following changes in the law. Since 2015, Britain has made it possible for people to cash in their pension pots rather than waiting until...

November 16, 2017
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14Nov

UK. Pensions regulator seeks first criminal charges for dodging auto-enrolment

The Pensions Regulator has for the first time charged an employer for deliberately failing to provide a workplace pension to its staff. Bus company Stotts Tours and its managing director Alan Stott pleaded guilty to 16 offences of failing to comply with the law on workplace pensions, TPR says. The regulator found 36 staff were not provided with a workplace pension and didn’t get paid contributions from June 2015 onwards. TPR director of automatic enrolment Darren Ryder says: “Dozens of staff...

November 14, 2017
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13Nov

UK and US ‘must learn from poor countries’ to solve ageing crisis

The ageing crisis facing Britain, the US and other wealthier nations could be partly addressed by adopting initiatives being developed in poorer countries, experts say. Low- and middle-income countries have been forced to be “innovative and ingenious” in finding low-cost and effective solutions for their growing elderly populations. Some of the initiatives include: Devoting an entire city in Chile to experimenting with elderly care. Increasing involvement of older people in democracy through old people’s councils in Brazil. Training armies of volunteers in elderly...

November 13, 2017
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