A 'rogue' adviser, pension transfer advisers and WASPI - here's our weekly heads-up on the financial stories that may have caught your clients' attention over the weekend...
St James's Place to refund customer over rogue adviser
St James's Place (SJP) has had to refund a customer more than £75,000 after one of its advisers "went rogue" and persuaded clients to invest money into a friend's company that subsequently went bust, The Sunday Times reports.
Cox, who worked at SJP for around a decade until last May, encouraged about 17 of his SJP clients to invest a total of £1.35 million in Green World Innovations - a company owned by Cox's friend that has since gone bankrupt.
The victims, some in their eighties, who have lost six-figure sums claim they only invested in Green World because they thought it was approved by SJP. The issue was previously highlighted by the paper, but the company concluded it did not owe compensation. Now the Financial Ombudsman Service has forced it to pay out.
SJP says: "We have fully co-operated with the ombudsman's investigation and will not be contesting their ruling."
Pension transfer advice in short supply
The number of advisers working in pension transfer advice has shrunk in the past three years, according to the Financial Times' Josephine Cumbo. Thousands of investors are reportedly struggling to find the specialist advice they need to take before making a pension transfer.
Cumbo writes that, over the past month, managers of ‘final salary' style pension schemes have reported a spike in requests from members seeking quotes on trading their future secure pension for a cash lump sum today.
However, those seeking to do so are finding this "extremely challenging", according to experts, as the number of advisers offering this advice has shrunk by a third.
State pension warning: Boris Johnson ordered to think again on ‘grotesque' age change move
Women from the Backto60 pressure group affected by changes to the state pension age have vowed to press on with their campaign despite the Court of Appeal ruling the reforms were not discriminatory, according to the Daily Express this weekend. Almost four million women born in the 1950s have been affected by pension reforms introduced by the government to ensure equality within pension age.
Campaign founder Joanne Welch hit out at Johnson for saying previously that they would sort out the ‘injustice'. Speaking to BBC News, Welch says: "Boris Johnson said at the time of the last election that he would look at it with fresh eyes and new vigour and sort it out, which is an acknowledgment of the injustice. That was reported in the press, it wasn't just anecdotal.
"Keir Starmer said that this is an injustice against 50s women and that he supported BackTo60." She adds: "Also the House of Lords and House of Commons select committees have all said that 50s women are grotesquely disadvantaged."
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