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You have at long last got round to preparing your last Will and Testament, and that’s ‘job done’ – or is it? If you write your will earlier in your life than at the last moment, it is highly likely that you will need to update it from time to time, as things change in your life and around you.
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The Financial Services Authority (FSA) has launched an investigation into the £15bn annuity market, prompting criticism that the City watchdog has taken so long to act. It is estimated that a thorough investigation into retirement income payouts with consequent regulation and actions within the industry, and clear advice to consumers, could benefit pensioners by £1bn a year.
Category: Uncategorized
Last month we looked at basic financial planning in the early part of your life – through your twenties, thirties and forties. But what about the second stage of life? It’s easy to assume that all the major changes in life – finding a job, marriage, a family – take place in the early years. In fact there are just as many major changes in later life and the need to keep on top of your financial planning is, if anything, even greater.
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As legislation from the Finance Services Act 2012 comes into force on 1 April 2013, two new regulatory bodies, the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA), both under the direction of the Bank of England, are expected to formally replace the Financial Services Authority (FSA) in a major reform of the UK financial regulatory system.
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The Financial Services Act, which received Royal Assent on 19 December 2012, establishes a framework for a new system of financial regulation in the UK. A single institution, the Bank of England, will have the responsibility, authority and tools to monitor the UK financial system as a whole, and respond accordingly.
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The nights are finally starting to get a little lighter – maybe we can start looking forward to Spring after all. In financial services, Spring means two things; the Budget (on March 20th this year) and the end of the tax year on Friday April 5th.
