Big changes are planned at the FOS but it may be bad news for smaller IFAs.
The FCA plans to hike the amount that can be claimed in a FOS complaint by £200,000 from £150,000 to £350,000. The system comes into force – subject to consultation - from next April and indeed the huge rise only applies to complaints after that date though some claims will rise to £160,000. The FCA itself admits that PI could rise. PI insurers are arguably now the focus of the story.
What is also interesting is that the FCA has decided to give small businesses FOS coverage given their recent travails with banks and a great deal of political pressure. Perhaps the FCA felt the need to align the amount individuals and SMEs could claim but that really doesn’t sound like fair regulation.
It may not all be gloom. The Chartered Institute for Securities and Investments argues that the FCA’s new transfer rules should mean fewer complaints against advisers.
Consolidator AFH has granted has granted 599,000 share options to the company's executive directors and other members of its management at 394p per ordinary share.
Steve Kenny quits Aegon’s sales team amid a pre-Brexit sales restructure which splits the team into UK and Europe components.
In an important court case, HM Revenue & Customs vs Parry & Ors, the Revenue has won an appeal granting it the right to bill 40% of the respondents’ deceased mother’s private pension plan of around £750,000.
According to the ruling, if any pension saver who moves their pension to a personal pension dies within two years of the transfer, HMRC is entitled to claim 40%. This could undermine the rationale for quite a few pension transfers.
The former Coalition minister Roz Altmann believes pensions tax relief will be left alone in the Budget something advisers would clearly welcome.
