It does feel as if the changes to pensions and IHT will have a big impact on ongoing advice both before and after pensions coming into the inheritance tax regime in 2027.
Writing in Money Marketing, Danby Bloch discusses the big changes coming and how it will upend retirement outcomes.
This is quite the sentence about the coming planning storm. "Pensions will rotate to become income generating and other assets will be used for IHT planning. This great pension rotation also has big implications for platforms, wealth managers and asset managers," he writes.
I think this is a very important statistic covered in FTAdviser. Nearly all advisers, or 95% say they have had to apologise to clients because of problems with platforms.
In addition, the report from Parmenion, in partnership with the Lang Cat, found investment platform services had got worse this year.
It also revealed 30% of respondents reported a ‘significant impact’ on their day-to-day work from poor service given by platforms.
New Model Adviser reports that IBP Markets held £653m in its custody services business when it fell into special administration last year, following FCA restrictions over financial crime risks.
Wealth firms are hoping that a coming creditors' meeting will release more funds.
Professional Adviser reports on an FCA fine of £1.4m for an adviser over unsuitable DB pension transfers. Philip Pryke exposed clients to ‘significant’ risk of financial detriment and has been fined and banned for life. It still feels as if this issue will continue to dog the sector for many years to come.
An investigation by the Pensions Ombudsman’s Pensions Dishonesty Unit (PDU) has resulted in a £5.2m repayment order for trustees found personally liable for breaching their duties and facilitating pension liberation arrangements as Corporate Adviser reports.
Trustees Simon Hamilton Kaigh and Michael McNally were held accountable for making high-risk, undiversified investments, including offshore funds linked to them, which violated their responsibilities and facilitated pension liberation.
Around half of mortgages are expected to see payment increases by the end of 2027, according to new analysis from the Bank of England as Financial Reporter reports.
This is because 37% of fixed rate mortgage accounts have not yet re-fixed since rates started to rise in 2021, so the full impact of higher interest rates has not yet passed through to all mortgagors.
