Consider a wealthy widow(er) pensioner wishing to buy a yacht for £600,000:
He could draw 1.2 million pounds from his pension under flexible drawdown and pay £600k tax or he could borrow the money and let his estate pay it off later. more»
Buying a house can be a complicated process, especially if you’re doing it for the first time, but one thing that’s really annoyed me during the course of buying my property is that I’m really not sure who I can trust. more»
It had been a long day for Harry Markopolos, the man who outed Wall Street titan Bernard Madoff as a crook. The whistleblower whose warnings were ignored for a decade was tired of talking.
Markopolos was the first man to alert the SEC to Madoff’s $65 billion (£43 billion) Ponzi scheme, but it repeatedly ignored him. more»
Going to university can cost more than £7,000 a year when you take into account tuition fees, accommodation, food, transport and socialising. IFAonline asks top advisers what parents can do to save enough money to fund their child's further education. more»
A third - or almost 30,000 - of all consumer complaints referred to the financial ombudsman (FOS) in the second half of last year were against just three high street banks.
Figures released today by the FOS show there were 27,137 new grievances against Lloyds TSB, Barclays and Bank of Scotland in the six months to 31 December 2009, with Lloyds the subject of 9,952 complaints. more»
" It should be remembered that the Mortgage Code Compliance Board (MCCB) looked after around 10,000 firms and 38,000 registered sales staff at a cost of £4.4 million per annum. This cost is less than the increase in actual costs required by FSA to cover the same, but smaller, sector this year. The FSA has a cost budget this year of £15.6 million for the sector." more»
The Financial Services Authority's Retail Distribution Review (RDR) may serve only to turn people away from financial advice, senior insurance executives say.
Two-thirds of attendees at an RDR debate hosted by consultants Watson Wyatt said the Review will either have no impact or a negative effect on consumer uptake of financial services products. more»