Latest by Rachael Healey

Blog

Trustees of defined benefit schemes – are they on the hook for pension transfers? Yes says the Pension Ombudsman

Published on 09 August 2018. By Rachael Healey, Partner

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The Pension Ombudsman has upheld a complaint against the trustees of a defined benefit scheme for failing to warn of the risks of a transfer to a pension liberation scheme. The Pension Ombudsman found that had the trustees provided documentation recommended under guidance from the Pension Regulator and identified and warned the member of certain hallmarks of a pension liberation scheme, the member would not have transferred his pension. The Pension Ombudsman has directed the trustees to reinstate the complainant's pension in the defined benefit scheme and pay £1,000 in distress and inconvenience.

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Blog

The future of SIPPs – FCA responds to the Work and Pensions Committee

Published on 05 July 2018. By Rachael Healey, Partner

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A couple of weeks ago we reported on 5 pointed questions raised by the Work and Pensions Committee of the FCA in relation to the SIPP market. Those questions included whether or not the FCA was considering banning non-standard investments in SIPPs. The FCA has now responded. The response includes the FCA's views on the due diligence it expects of SIPP providers when it comes to non-standard investments.

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Blog

SIPPs – the work and pensions committee asks some pointed questions of the FCA

Published on 31 May 2018. By Rachael Healey, Partner

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The Work and Pensions Committee has sent a letter to the FCA following its review of defined benefit pension transfers raising 5 pointed questions in relation to SIPPs.

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Blog

Changes on the horizon - FCA consults on non-workplace pensions

Published on 22 February 2018. By Rachael Healey, Partner

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The FCA has issued a discussion paper targeted at the non-workplace pension market. The paper marks the start of the FCA's work looking at whether there is harm in the non-workplace pension market and to better understand the potential presence, nature, extent and cause of any harm.

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Publication

Tax avoidance schemes and the duty to warn

Published on 09 January 2018. By Rachael Healey, Partner

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In a useful judgment summarising when a duty to warn arises, the Court of Appeal overturned the High Court’s decision and raised doubts over the applicable test when considering whether or not financial advisers have been negligent in advising on the risks associated with investments.

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Blog

Unauthorised introducers, the Pension Ombudsman and SSASs

Published on 04 January 2018. By Rachael Healey, Partner

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The Pension Ombudsman has rejected a complaint against a SSAS provider in relation to investments in carbon credit investments made on the instigation of an unauthorised introducer. In contrast to FOS decisions we have seen, the Pension Ombudsman appeared to put the onus and risk on the consumer for engaging with an unauthorised introducer.

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Blog

DB Transfers - now what?

Published on 04 October 2017. By Rachael Healey, Partner

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We know that the FCA is looking closely at defined benefit transfers; we already have the FCA's review of redress methodology and the defined benefit transfer rules. We now have the results of the FCA's review, into defined benefit transfers and it makes for uncomfortable reading for the financial services industry.

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Blog

No duty of care owed when conducting a redress procedure

Published on 04 August 2017. By Rachael Healey, Partner

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The Court of Appeal has found that banks did not owe a duty of care when conducting a past business review (PBR) of previous sales of interest rate hedging products. Although the decision is in the context of the review procedure agreed between the FCA and banks, the decision is likely to apply to all PBRs, except formal 'consumer redress schemes' under s404 FSMA.

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Blog

FCA's review into non-advised retirement product sales

Published on 21 July 2017. By Rachael Healey, Partner

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The FCA has published its retirement outcomes review interim report. The report forms part of the FCA's assessment of the impact of the pension freedoms on the pension market and consumer behaviour. Although the focus of the report is non-advised sales it provides a useful insight for all those involved in the pensions market in relation to (1) customer behaviour post the introduction of the pension freedoms and (2) how the pension market is responding to those reforms. The report also puts forward some proposed "remedies" in relation to areas where the FCA considers behaviour may be detrimentally impacting customers. The remedies include permitting customers to access part of their pension at an earlier date in what appears to be an attempt by the FCA to steer customers away from drawdown products.

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Blog

Complaints against insolvency practitioners hold steady

Published on 11 April 2017. By Rachael Healey, Partner

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The insolvency service has published the latest figures for complaints against insolvency practitioners made to the Complaints Gateway during 2016. The statistics indicate that the Gateway has received a reasonably steady level of complaints since it was established in 2013 but promisingly for practitioners the Gateway does appear to be weeding out more complaints with the Gateway having rejected 29% of complaints in 2016, compared to 18% in the Gateway's first year.

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Blog

In-specie pension contributions - what's the fuss all about?

Published on 08 March 2017. By Rachael Healey, Partner

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SIPP and SSAS providers and members continue to be left in limbo over potential tax charges arising from in-specie contributions. HMRC has suspended tax relief on contributions whilst it investigates the position, leaving providers and members without tax relief and the risk of tax assessments back to 2009.

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Blog

The importance of retainer letters

Published on 15 February 2017. By Rachael Healey, Partner

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Court strikes out claim that an adviser owed a duty to point out a claim against a former adviser

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Blog

Enhanced annuity non-advised sales – not as bad as first feared?

Published on 31 October 2016. By Rachael Healey, Partner

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The FCA's thematic review into non-advised enhanced annuity sales found no evidence of an industry wide or systemic failure to provide customers with information about enhanced annuities or the open market option. There will not be a general industry wide remedial action.

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Blog

It doesn't rain it pours… New capital adequacy rules for SIPP firms introduced from 1 September

Published on 06 September 2016. By Rachael Healey, Partner

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SIPPs are never far from the headlines at the moment. The most recent issue for SIPP firms to deal with are the new capital adequacy requirements. The effect of the new rules is to place an increased capital burden on SIPP firms holding so-called "non-standard assets".

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Blog

Pensions freedoms where are we now?

Published on 22 July 2016. By Rachael Healey, Partner

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On 14 July 2016 the Financial Conduct Authority published three releases relating to pension freedoms. The releases provide an insight into the FCA's areas of concern following the introduction of the pension freedoms in April 2015.

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Blog

Pension Ombudsman, SIPPs and the uncertainty

Published on 21 April 2016. By Rachael Healey, Partner

SIPP trustees and administrators don't have to consider suitability, the Pension Ombudsman has found in a recent complaint.

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Blog

Panama Papers – what does the leak mean for professional advisers?

Published on 13 April 2016. By Rachael Healey, Partner

The headlines have been full of stories about the so-called Panama Papers since their release 10 days ago.

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Blog

Under-settlements – what factors does the Court take into account

Published on 22 February 2016. By Rachael Healey, Partner

In Dunhill v W Brook and Co and Crossley a damages claim was brought against solicitors and counsel for under-settling a personal injury claim.

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Blog

Standstills, FOS and time limits

Published on 08 February 2016. By Rachael Healey, Partner

FOS applies its own time limits when considering complaints.

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Blog

Resolving mistakes in trust deeds and wills – a new, cheaper and quicker approach?

Published on 08 February 2016. By Rachael Healey, Partner

Claims are often made against professionals arising out of errors in trust deeds and wills.

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Blog

Standstills – direct, indirect, connected to, arising out of – has time been stopped?

Published on 27 January 2016. By Rachael Healey, Partner and Rhian Howell, Partner

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Defendants are often invited to enter into Standstill Agreements, stopping time for limitation purposes.

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Blog

Delegation of regulated activities – warning from the FCA

Published on 03 December 2015. By Rachael Healey, Partner

Adviser firms delegating regulated activities to unregulated third parties have been removed from the FCA's Christmas card list following a notice issued this week.

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Blog

Limiting your retainer – success before the Court of Appeal for divorce lawyers

Published on 20 November 2015. By Rachael Healey, Partner

Divorce settlements have attracted a number of professional negligence claims recently.

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Blog

The Pensions Freedoms and FOS – trends in complaints and enquiries

Published on 29 October 2015. By Rachael Healey, Partner

FOS has published a response to the Treasury's consultation paper looking at early exit penalties, the transfer process and communications with consumers in relation to financial advice on pensions.

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Blog

Section 14A revisited – how much does a claimant need to know?

Published on 28 October 2015. By Rachael Healey, Partner

The Court of Appeal has looked at whether or not a claimant had sufficient knowledge under Section 14A when it was told that a firm had been negligent but not told that any damage may result.

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Blog

Pension freedoms guidance & advice - Parliament wades in

Published on 22 October 2015. By Rachael Healey, Partner

The Work & Pensions Committee, following a call for evidence in early September, has published a report considering the first six months of the new pension freedoms.

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Blog

The responsibilities of SIPP administrators and trustees for investments – where are we now?

Published on 05 October 2015. By Rachael Healey, Partner

The Pensions Ombudsman has published a decision rejecting a complaint made against a SIPP administrator in relation to the suitability of investments held within a SIPP.

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Blog

Pension freedoms - the 5 month report card

Published on 10 September 2015. By Rachael Healey, Partner

As children head back to school, what would the pension freedoms' report card look like 5 months in from the April reforms?

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Blog

Transfers, exit fees and financial advice - what next for the pension freedoms?

Published on 05 August 2015. By Rachael Healey, Partner

What do exit charges, the pension transfer process and financial advice all have in common?

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Blog

Pension Transfers – seeing the wood for the trees – Part 2

Published on 10 July 2015. By Rachael Healey, Partner

This is the second of two blogs addressing the issues raised in the FCA's paper on the changes to the pension transfer regulations.

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Blog

Pension Transfers – seeing the wood for the trees – Part 1

Published on 09 July 2015. By Rachael Healey, Partner

The FCA has published changes to its regulations affecting advice on pension transfers.

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Blog

Spot the Difference? Uncertainty continues for SIPP administrators and trustees in the wake of the Berkeley Burke decision

Published on 14 May 2015. By Rachael Healey, Partner

Please see our latest legal alert following the recent Pensions Ombudsman decision on the duties of SIPP Trustees when it comes to SIPP investments.

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Blog

Pensions, pensions, and yet more pensions in the FCA's Business Plan

Published on 27 March 2015. By Rachael Healey, Partner

The FCA has published its Business Plan for 2015/2016.

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Blog

Pensions Freedoms and the Second Line of Defence – some flesh on the bone

Published on 02 March 2015. By Rachael Healey, Partner

In late January the FCA issued a Dear CEO letter to pension providers, proposing new protections to be provided to consumers seeking to access their pension pot when the new pension freedoms are introduced from 6 April 2015.

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Blog

The Insolvency Service Complaints Gateway – first year report card

Published on 08 September 2014. By Rachael Healey, Partner

In June 2013 the Complaints Gateway was established to provide a single entry point for regulatory complaints against insolvency practitioners.

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Blog

Pre-packs – improving a bad reputation?

Published on 03 July 2014. By Rachael Healey, Partner

Pre-packs involve the pre-determined sale of a business before it enters administration, allowing a sale within days of an administrator's appointment.

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Blog

Annuities – what next for providers and advisers?

Published on 21 February 2014. By Rachael Healey, Partner

The FCA has published its of Thematic Review of Annuities having conducted a substantive review of the annuity market.

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Blog

When is a solicitor acting as a solicitor?

Published on 20 February 2014. By Rachael Healey, Partner

The High Court has recently given some guidance on whether, when operating its client account, a firm is acting in its capacity as a solicitor.

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Blog

Tax avoidance – the beginning of the end?

Published on 21 August 2013. By Rachael Healey, Partner

Last week HMRC published a consultation document entitled "Raising the stakes and tax avoidance".

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Blog

What a difference a week makes

Published on 02 December 2011. By Rachael Healey, Partner

This week has seen a number of unwanted early Christmas presents for the IFA industry.

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Blog

The FRC's proposals for reform - a clearer focus?

Published on 28 October 2011. By Rachael Healey, Partner

The FRC has recently published consultation proposals for its reform.

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