New rules for pension transfers and a mortgage broker who ended up in jail when he tried to impress his girlfriend have caught your attention this week.
Here are the headlines that have kept you captivated over the last five working days.
1) Rethink of pension transfer rules
Finally the Financial Conduct Authority has rewritten the rules for pension transfers.
The regulator’s new proposals on advice relating to pension transfers rethinks the FCA’s fundamental starting point of defined benefit always being best.
The new rules recognise that in some cases DB transfers can be beneficial to clients, provided the sound and informed judgment of an experienced professional financial adviser is called upon.
The rules give much needed clarification to advisers and their clients to examine each situation according to its individual merits but will it help to allay advisers’ concerns over retrospective retribution? Only time will tell.
2) Sell now and retire sooner
Advisers considering their own retirement were told to sell sooner rather than later in order to take advantage of current high prices in a sellers market.
Brian Spence, partner in merger and acquisition consultancy Harrison Spence, said he has seen a “complete reversal” in the IFA acquisition space.
He said: “Five years ago there were 10 IFA vendors for every acquirer. Today, there has been a complete reversal.
“For every vendor, there are now 10 acquirers chasing a signature [sale] – meaning it really is a seller’s market for owners of quality IFA practices.”
Fairstone also announced it is looking to offer a retirement income to advisers who want to sell their business before stepping aside, in a move that puts it in competition with rival wealth firm St James's Place.
Chief executive Lee Hartley said the only other company he knew of which offered such an arrangement was SJP so he hoped to offer advisers choice.
The proposition is aimed at advisers who want to sell to consolidator Fairstone, work with the company for a brief period to migrate the business across and then retire.
3) Queen’s nod to Brexit
Aside from her decision to wear a hat that resembled the European Union flag, the Queen’s Speech will perhaps best be remembered for what it failed to contain.
Waspi - the campaign group for fairness in women's state pension ages - slammed the government for failing to tackle pensions inequality in the Queen's Speech.
In a statement issued by the campaign group yesterday (Thursday 22 June), Waspi stated it was "very disappointed the government made no mention of Wasp in the Queen's speech."
Although it expressed gratitude that so many candidates in the run-up to the general election on 8 June had pledged to work in parliament to find a solution to inequality in pensions, the group commented: "Since then, there has been no recognition from government of the severe financial hardship faced by women across the country because of the mismanagement of changes to the state pension age."
Of 27 bills announced by the Queen, eight related to Brexit and its implications for key industries.
As well as a bill to convert European Union rules into UK law, there were measures on trade, customs, immigration, fisheries, agriculture, nuclear and sanctions.
But other key manifesto plans have either been axed or delayed after the Conservatives lost their majority in the general election.
Proposals to axe the winter fuel allowance for well-off pensioners, scrap the triple lock on pensions, expand grammar schools and end free school lunches for infants were dropped while other proposals, such as a cap on energy bills and reforms to social care funding, will be put out to consultation.
4) Standard Life and Aberdeen take a step closer
The creation of a new Scottish super provider took another step forward this week.
A spokesman for the provider said the integration of Standard Life and Aberdeen Asset Management could take three years, after the two companies reported that their merger had been cleared by the Competition and Markets Authority.
The merged company will be the biggest asset manager in the UK, with £660bn of assets under management.
The deal, an all share takeover, values Aberdeen at £3.8bn, and the merged entity at £11bn.
But before you have time to get your head round that there is already talk of this new super provider snapping up another big Scottish name.
Standard Life was linked to a deal to takeover rival Scottish Widows.
Reports suggested the deal with Aberdeen could open up the way for another merger with Scottish Widows.
5) Careful who you try to impress
A mortgage broker ended up in jail after an attempt to impress his girlfriend landed him in court.
Mortgage adviser Greig Thomson was jailed for nine months after forging his mother’s signature to obtain a £180,000 mortgage so he could impress his girlfriend.
The Dundee-based broker’s scam was only discovered when he defaulted on the loan.
Creditors repossessed the flat and began chasing his mother for the outstanding £80,000.
After it emerged her name had been signed on the mortgage application without her permission, the police were called.
emma.hughes@ft.com