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The Week in News

Brexit warnings, lenders being told off and Neil Woodford considering launching a new fund dominated the news this week.

Wednesday 8 June

Brexit threat to pensions

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Baroness Ros Altmann said pensions could be under threat from upcoming “economic turmoil”, in a veiled reference to the EU referendum.

See page 8 for more details.

Royal Mint sells gold to pensioners

The Royal Mint offers savers the chance to own gold bars within their pension funds for the first time.

Review on page 13.

West Brom in the wrong

West Bromwich Building Society was ordered to pay landlords £27.5m after wrongly hiking the interest rate on their tracker mortgages.

See page 14 for more details.

Schroders launches new fund

Schroders launched a global credit fund in response to investor demand for “more flexible strategies” in the space that seek total returns.

Review on page 10.

Woodford mulls new fund launch

Star manager Neil Woodford (pictured) sent out a survey to see if there is interest in a fund that will offer a “consistently higher yield” than the £9bn Woodford Equity Income product.

See page 10 for more details.

Thursday 9 June

FCA bans pension advice pair

Two men who arranged for nearly £24m to be put in unsuitable investments were banned.

See page 9 for more details.

Aviva Investors closing funds

Aviva Investors said it would be closing its £60m Global Cautious Income and £39m Global Balanced Income funds because of fears their income targets could lead to “an inappropriate level of risk”.

Friday 10 June

Tenet launches member buyout scheme

Tenet said it would pilot a programme of buying up the businesses of its retiring advisers.

See page 2 for more details.

BBA backs trade body merger

The British Bankers’ Association said it would be joining the Council of Mortgage Lenders, Payments UK and UK Cards Association in the creation of a new body representing the financial services industry.

See page 5 for more details.

Succession bags £25m to buy advice firms

Succession announced it had secured an investment package of more than £25m from HSBC and its existing shareholders, to help buy 50 firms from its affiliated membership by the end of 2017.

See page 2 for more details.

FCA tackles lenders

The Financial Conduct Authority is consulting on changes to its rules on how mortgage lenders should deal with customers experiencing a payment shortfall.

See page 5.

Monday 13 June

Honours for FCA

Acting chief executive of the FCA Tracey McDermott was awarded a CBE for services to financial services, consumers & markets over the weekend.

Cameron’s Brexit warnings

Prime Minister David Cameron warned the triple lock guarantee on the state pension would have to be abolished if Britain were to leave the EU.

Santander launching private banking arm

Santander UK is set to launch into private banking, providing bespoke solutions for clients with £500,000 of savings or investments and/or an annual income of £250,000.