Who is Nikhil Rathi, the next FCA chief executive? FTAdviser answers its own question rather well. Among other things, he has been chief executive of the London Stock Exchange and former Treasury adviser including during the financial crisis.
Some believe the appointment meets government desires to win more global business for the City. If true, it is surely fair to ask is that really what this role is for?
The chair of the work and pensions select committee Stephen Timms want to amend the Pensions Schemes Bill to allow DB schemes to halt a transfer where they suspect the destination may be a scam.
He told a seminar with magazine Prospect that: “A relatively small change to legislation could be a potentially huge step in protecting savers from handling a lifetime of savings to scammers by requiring an appropriate level of due diligence takes place first."
There have been some misgivings expressed on social media concerning the legal position of schemes where they to get these powers including some concerns about liabilities if they do not act.
Obviously, this is an opposition MP expressing these views, but it does keep the spotlight on the issue.
Writing in Professional Adviser, Clive Goldthorpe, the COO of Beaufort Financial says that the FCA had to act on pension transfers given the number of unsuitable cases, and that it may well be best that larger firms and networks are the firms left in the market.
Neil MacGillivray, head of technical support at James Hay, set out various the opportunities to carry forward this year’s possible losses to set against gains in future years.
To quote: “Carried forward losses have the advantage that the investor can decide how much of the loss they wish to use in subsequent years. This flexibility allows the investor to bring gains within their capital gains tax (CGT) annual exemption.”
The number of Lifetime ISA savers has surged 45%. Could it be due to the temporary easing of the withdrawal penalty or is it the product simply building momentum?
There is quite a bit of debate about Fundsmith setting up a fund that will use shorting in the Cayman Islands. It is, apparently, for the management of Terry Smith’s wealth not to be managed by Terry Smith himself as Citywire reports. There have been some rumblings from investors.
The Fund Fanatic podcast also features two journalists discussing their disappointment over the fortunes of Alexander Darwall’s European Opportunities Trust which has taken a hit from the Wirecard scandal. It was the trust's top holding.
