News round up


Article by Phil

Here are some of the updates we’ve read about in March:

  • The FCA has introduced new caps on the fees Claims Management Companies can charge clients from 1st March just as we reported way back in January last year.
  • According to research by Lloyds Bank, 80% of over 55-year-olds in the UK don’t have a Lasting Power of Attorney in place. Almost a third thought that you could only put an LPA in place after someone became ill. More education is needed.
  • Fraud Warning – please be aware that there has been a report of a cloned firm being registered by Companies House in the name of UK Aberdeen Investment Company – this has been reported by Abrdn to the FCA and clients should be careful when carrying out their due diligence. Apparently this cloned firm is registered at a London flat where over 180 other cloned companies are registered. You would think that something could be done about this.
  • Fraud warning – the FCA has acted to close down the website which was offering returns on German gilts of between 3% and 9% but was a scam operator.
  • On the same theme, researchers have looked at the names which are the most impersonated in e mail scams. So here are the ones to watch out for: 1. Amazon 2. DHL 3. DocuSign 4. PayPal 5. LinkedIn, so please be careful
  • The Chancellor announced in his Spring Statement that pension receipts were expected to increase to £1.7 billion in the coming year. This is tax paid on withdrawing funds from personal pensions. The increase seems to be as a result of more people accessing their pensions earlier under the 2015 pension freedoms changes.
  • The government announced that the triple lock will be re-instated for the remainder of the parliamentary term. That means that pensioners are in for a bumper rise, but not until April next year. The rise could be 5.6% of even higher.
  • The FCA have announced that they only conducted 6 investigations into the performance of the Senior Management Certification Regime (SMCR) launched in 2018. That’s out of 48,000 regulated firms.
  • Research by Vanguard reveals that 90% of clients using so called “robo advice” expect to switch to human advice at some point in the future. Only 5% said that they would only ever use technology. Just shows the human touch is by no means dead!

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