Treasury

People who have already taken their tax-free lump sum will be given more time to decide what they want to do with the rest after the government scrapped the rule forcing action to be taken within six months.

Shares in Lloyds Banking group fell more than 5% this morning after the government sold another 7.8% of its stake in the bank last night.

Chief Secretary to the Treasury Danny Alexander has suggested the 2014 Budget will avoid tampering with pensions.

FIVE THINGS

The Treasury has spent more than £2.6m on administering the Equitable Life payments scheme (ELPS) in the three months to November, government figures have shown.

Retail savings and investment industry body TISA has endorsed the government's plans to allow holders of child trust funds (CTF) to transfer their funds to ISAs upon maturity, outside of the normal annual subscription limits.

Consumer group Which? is among four organisations awarded ‘super-complainant' status by the government, meaning it has the power to present complaints to the Financial Conduct Authority (FCA), which must respond.

Scottish taxpayers will have to pay out £1.6bn a year to fund initiatives set out in the white paper on the country's independence which have not yet been allocated cash, according to Treasury figures.

Fines levied by the regulator against the financial services industry soared by almost 50% this year, as the tougher stance of the new Financial Conduct Authority (FCA) left its mark.

The Treasury is exploring the idea of capping tax-free ISA allowances to crack down on 'ISA millionaires', while investigating plans to reduce the amount retirees can take as a tax-free lump sum.