Mini-bond provider Blackmore Bond has gone into administration owing investors £45m. Blackmore was raising money from retail investors to invest in property development projects.Can't imagine how that didn't work.
The FCA should, of course, be using the crisis to ensure that this sort of firm with this sort of ‘retail bond offer’ never gets near the public again.
Billy Burrow’s Emergency Financial Project is up and running with more than 50 advisers offering to help.
A light fittings company has been hit with an £80,000 scheme sanction charge by HM Revenue & Customs for making an unauthorised loan from its pension fund to an affiliated business although the Upper Tribunal has reduced the sanction.
The Financial Times assesses what negative US oil prices mean for the industry.
SimplyBiz co-CEO discusses making many COVID-19 business changes permanent in this Professional Adviser podcast.
Fifty firms drop out of the PFS’s gold standard scheme for DB transfers amid PI concerns.
The FCA has waived the administrative fee for late returns for firms paying less than £10,000 in fees until 30th June 2020.
Schroders Personal Wealth plans the launch of 11 regional hubs.
Rising gilt prices have helped legacy schemes still following a bond glidepath to retirement but they may now be challenged by downside risk says a Corporate Adviser round table.
AJ Bell says HMRC needs to give urgent clarification around salary sacrifice
AJ Bell technical director Peter Hopkins explains it well with this quote: “The tax rules were amended in 2017 to stop a range of salary sacrifice schemes. The way the rules are drafted would catch an employee reducing salary and the employer paying it directly to charity, and might possibly catch those continuing to work but forgoing salary to try and keep their employer’s business afloat.”
This is rather concerning. A Panacea survey of 166 advisers - suggests half may look to furlough staff, while 14 per cent claim they could go bust without access to funding.
The report also highlights the bind the adviser firms may find themselves in, in terms of access to government help.
Under regulatory requirements, to meet capital adequacy thresholds they have to hold either £20,000 or 5% of their investment income, whichever is higher, at any given time.
The Financial Conduct Authority said earlier this month that the UK government loans rolled out to give relief during COVID-19 cannot be used to meet such requirements.
The Chartered Institute for Securities and Investments is taking measures to help members who were left vulnerable to financial fraud after its payments system was hacked. They will reimburse expenses and consider compensation for financial loss. Consider is an interesting word to use.
