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News review: wealth management, divorce, mortgages

Barclays and Credit Suisse announce cost-saving restructures

26 September 2013

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WEALTH MANAGEMENT CUTS

Barclays will cut its wealth management offering in 130 countries by 2016, reports Reuters. A spokesperson said jobs will go as part of the restructure but not a significant number.

Reuters also picked up the news that Credit Suisse's wealth management business will exit or partially withdraw from 50 countries by the end of 2013.

 

TRUSTEES AND DIVORCE

A rise in the number of complaint to the Pensions Ombudsman about asset splits has prompted a lawyer to warn trustees about compensation in divorce cases. Arshad Khan, associate director at Sackers, says incorrect pension pot valuations are being used in settlements, reports Professional Pensions.

 

MORTGAGE LENDERS

The Council of Mortgage Lenders has used its response to the review of regulation by the Ministry of Justice to complain that too few claims by lenders on the Compensation Fund are successful. Figures from the SRA show the fund paid out £5.64m in compensation in the second quarter of this year. See Solicitors Journal.

 

UNPAID TAX

Follett Stock Solicitors will be taken to court if its outstanding tax bill is not settled by Monday, according to The Lawyer. HMRC served a winding-up petition in August.

 

PROPERTY MARKET

The UK housing market is being closely monitored by the Bank of England for evidence of overheating, reports BBC News. Although average prices in the sector were up on last year, housing activity and loan-to-value ratios on mortgage lending were down, said the Bank's Financial Policy Committee.

 

RDR PROBE

The Financial Conduct Authority is investigating whether pension provider Partnership Assurance breached Retail Distribution Review rules on inducements and conflicts of interest, reports Money Marketing. Another firm is also being probed.

 

BANKERS' BONUSES

The EU's plans to cap bankers' bonuses to no more than their salary - unless shareholders agree it could be higher - are being legally challenged by the UK Treasury, reports BBC News.

 

WEALTH TAX: IRELAND

A think-tank study commissioned by the Nevin Economic Research Institute in Ireland has claimed that taxing net household wealth in excess of €1m would raise about €150m for the country, reports The Independent in Ireland. The body said foreign and Irish companies would not be liable. Farms would also be included.

 

AUTO-ENROLMENT PENSIONS

The ban on paying consultancy charges to advisers from auto-enrolment pension schemes may stretch to retrospective agreements, reports the FT. The Department for Work and Pensions will consult on the matter in the autumn.

 

TOWRY ACQUISITION

Aberdeenshire-based Conclusion Financial Planning has been acquired by Towry, reports the FT. The national wealth management firm announced earlier this year that it was in discussions with 85 other firms across the UK.

Categorised in:

Tax & Wealth structuring Pensions