News 23 Feb 18
Standard Life offshore bond survives sale to closed book firm
The offshore bond sold by Standard Life will still be available via Phoenix Group after the firm’s life insurance business is acquired, a company spokesperson told International Adviser.
Pension freedoms behind wave of ‘silver splitters’
Although divorce can cut a swathe through your retirement plans, pension freedoms are thought to have embolden some to make the leap into a single life, research from Prudential has revealed.
News 23 Feb 18
Phoenix £6bn offshore bond grab opens market to last players
The acquisition of Standard Life Aberdeen’s UK and European insurance arm will net closed book insurer Phoenix Group around £6bn ($8.35bn, €6.8bn) in offshore bonds, Phoenix Group’s head of corporate communications, Shellie Wells, confirmed to International Adviser.
M&G not liable after son steals from account
In a cautionary tale for investors passing down family names, the UK Financial Ombudsman Service has rejected a complaint from a man whose identically named son was able to fraudulently withdraw money from his M&G Securities account.
Simplified IHT rules could go live in 2019
The UK’s Office of Tax Simplification (OTS) will publish a report on the processes and complexities around inheritance tax (IHT) in autumn 2018, opening the door to the possibility that IHT could be simplified within the next two years.
Lloyds financial planning business set for £50bn expansion
In a major push to expand into the financial planning and retirement industry, Lloyds Banking Group is looking to increase its open book assets in the sector by more than £50bn ($69.9bn, €56.5bn) by 2020, according to the company’s 2018 strategic plan.
Incoming FCA chair admits using tax avoidance scheme
The next chair of the UK’s Financial Conduct Authority said he made an “error in judgement” when he used a tax avoidance film scheme promoted by Ingenious, a firm that has lost several court battles against HM Revenue & Customs.