Your Industry  

Prudential splits and SimplyBiz floats: the week in news

They will have lost that £150,000 and will have to pay income tax at 45 per cent on the £4.5m, so someone investing £150,000 will now have to pay more than £2m to HMRC.

She also warned that even bankruptcy may not save them. That’s not a happy ending.

4) Bad week for the FOS

Finding yourself the subject of a Channel 4 Dispatches programme is rarely the key to a good week, and the Financial Ombudsman Service has been no exception to this rule.

The programme alleged some decisions may have not been fair to consumers, after Fos changed from a structure where adjudicators specialised in a product area and were assigned complaints in that area to one where the person who first receives the complaint will consider the complaint.

Thousands of cases could now be re-opened after the Personal Investment Management and Financial Advice Association called for an immediate independent review of past cases, while former pensions minister Ros Altmann said the scale of what she saw was "much worse than I would have imagined."

The Fos, for its part, said the documentary gave an "unfair impression" of the service.

5) Waspi leadership spat holds up legal case

The fighting over at Waspi continues as outgoing board members of the Women Against State Pensions Inequality (Waspi) campaign are threatening to hold up a legal case against the government over disputes about their successors.

Former directors have lodged a formal objection to the new leadership, which means a legal case brought by the group could now not go ahead.

It’s not the first infighting to be found amongst the Waspis, who are meant to be protesting against the unexpected increase in state pension age for women, rather than about each other. In August 2016 the group  split suddenly as the result of what ousted founding members called a  "meticulously planned military-style coup".