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UK pension reform – part 2

UK pension reform – part 2

7 October 2014

Ben Faulkner George Osborne moves to end the 55% ‘death tax’ on pension pots in drawdown On Monday this week the Chancellor, George Osborne, announced at the Tory Party Conference further changes to the UK pensions landscape. This follows the radical pension freedom reforms announced in the March 2014 budget. The new move to scrap the 55%... MORE

Unlocking the potential of customer information

Unlocking the potential of customer information

17 September 2014

In recent years, the pursuit of competitive advantage among wealth management companies has seen a shift in focus from good record keeping to the analysis and interpretation of those records to better understand and serve the customer. In today’s financial services landscape, achieving high integrity and highly secure record administration is a given, not a point... MORE

Tackling sensitive life issues

Tackling sensitive life issues

18 August 2014

David Barrett This year’s annual SMSF Professionals’ Association (SPAA) conference series provided a terrific opportunity for discussion and debate and it was interesting to hear the delegates’ views on where the opportunities lie to improve the industry and its operations. Key topics discussed ranged from in-house asset rules and related party transactions through to the ATO’s new... MORE

Keep an open mind

Keep an open mind

12 August 2014

Catherine Musgrave The interim report of the Financial System Inquiry (FSI) covered a wide range of topics relevant to the financial services industry at large. Of particular relevance to the wealth management sector was the suggestion that superannuation fees and charges remain too high. It’s important to remember that the full benefit of SuperStream reforms are yet... MORE

Sharpen your focus

Sharpen your focus

23 July 2014

Increasingly, wealth management businesses are turning to managed services to deliver their administration software and underlying IT infrastructure. The managed services model sees the day-to-day management of an administration system outsourced to a specialist software vendor, leaving businesses free to focus on their strengths. In the past, IT solutions in wealth management typically evolved very... MORE

Spiralling down: superannuation member fees

Spiralling down: superannuation member fees

19 June 2014

Michelle Lusty There has been recent discussion in the industry about the benefits of SuperStream. Are the efficiencies envisaged in the Cooper Review able to be realised? What benefits will actually flow to members over time? However SuperStream plays out, we can be assured that competitive pressures will continue as the industry consolidates, and members develop stronger... MORE

Selecting software: the start of a long relationship

Selecting software: the start of a long relationship

17 June 2014

Darren Stevens When it comes to selecting a wealth management software application, for many organisations the decision centres on functionality and price. As a key investment for the business, the software platform must be proven to perform to defined standards, and be priced at a level that enables the organisation to operate successfully and profitably, well into... MORE

All change: government moves on pensions

All change: government moves on pensions

3 June 2014

Ben Faulkner The UK’s long-term savings and investment industry is undergoing significant upheaval as the Government moves to make major changes. George Osborne’s radical Budget is set to offer greater freedom to pension savers. Whilst a drive by the Department for Work & Pensions (DWP) and Financial Conduct Authority (FCA) is set to boost transparency and ensure... MORE

Promoting financial wellbeing in the UK

Promoting financial wellbeing in the UK

29 April 2014

Eric Welsby The TISA Savings and Investments Policy Project (TISP) this week released the findings of its initial review into the challenges faced by UK savers, warning of a looming consumer finance crisis unless industry and policy-makers take urgent action. The findings set out how UK households are failing to save enough for their day-to-day needs and... MORE

The implications of MiFID II

The implications of MiFID II

10 April 2014

There has been much discussion about the implications of MiFID II (Markets in Financial Instruments Directive) following the long-awaited agreement reached among EU regulators at the end of January this year. The directive is being introduced with the aim of establishing a more transparent system and efficient marketplace. One of the key impacts on distribution... MORE