The Financial Conduct Authority (FCA) wrote to over three quarters of the IFA firms active in the defined benefit (DB) pension transfer market about the quality of their advice last year. A freedom of information (FOI) request from consulting firm,…read more
Financial Ombudsman ramps up fees for 2020-21. Published February 2020
The Financial Ombudsman Service (FOS) is planning to hike case fees for complaints about financial products and services by £100 to £650 from April 2020. At the same time, it is planning to double the levy it charges firms, up…read more
Court rejects challenge to Financial Ombudsman’s decision. Published January 2020
A woman who lost her Payment Protection Insurance (PPI) complaint has had her application for a judicial review of the decision thrown out by the High Court. Mrs Critchley took out a credit card with Halifax in 2002 – at…read more
The FCA targets pensions transfer advice firms. Published December 2019
The Financial Conduct Authority (FCA) is writing to around 1,600 IFA firms in a crackdown on pension transfer business. The regulator is concerned that too many clients are being advised to transfer money out of defined benefit (DB) pension schemes. …read more
Government turns down new PII rules for IFAs following steel pension scandal. Published November 2019
The government has turned down a request from a Labour MP to change the professional indemnity insurance (PII) rules for Independent Financial Advisers (IFAs). It says the current model is “working well” for most firms. Stephen Kinnock, MP for Aberavon,…read more
Pension scheme trustees hit with maximum fines for governance failings. Published October 2019
Pension scheme trustees have been fined by The Pension Regulator (TPR) for failing to provide chair of trustees’ statements for defined contribution pension schemes. Pitmans Trustees, a professional trustee firm, and James Hay, a self-invested personal pension (SIPP) provider, have…read more
Accounting giant fails to block tax negligence case on limitation grounds. Published September 2019
Multinational accounting firm PricewaterhouseCoopers (PwC) has failed to stop a tax negligence claim going to trial. The firm tried unsuccessfully to argue that the case was brought after the six-year limitation period had expired. The claimants were trustees and beneficiaries…read more
Accountants face £1 billion class action over tax advice. Published August 2019
Accountants are facing a £1 billion class action after recommending a tax avoidance scheme to their small business clients. Company owners were encouraged to buy partly paid ‘E’ shares in what HMRC is calling a ‘disguised remuneration’ scheme. Now the…read more
FOS reports low level of IFA complaints in 2018/19. Published July 2019
The Financial Ombudsman Service (FOS) has reported a relatively low level of complaints against Independent Financial Advisers (IFAs) in the last year. Its 2018/19 Annual Review showed that only one in 200 complaints received by the ombudsman was about financial…read more
HMRC wins £40m case against tax avoidance scheme. Published June 2019
HMRC is set to collect over £40 million in unpaid tax from users of a complex tax avoidance arrangement. The First Tier Tribunal has ruled that the promoters, Hyrax Resources, failed to inform HMRC about the scheme. It has ordered…read more
