Treasury

Consumer groups will have the power to insist regulators investigate complaints of mass mis-selling of financial products when the Financial Conduct Authority takes over in 2013, Mark Hoban, financial secretary, will announce today.

The Treasury is reportedly discussing plans to axe higher rate tax (HRT) relief on pensions altogether, but PwC partner Marc Hommel says reform is not on the cards.

Chancellor George Osborne is considering a £7bn "raid" on pension perks for the better off, according to reports.

The Treasury's proposed statutory residency test is a welcome improvement to the current "chaos" but it may still provide room for fraud, accountants Baker Tilly has said.

The Treasury has proposed a new system of testing statutory residency in a bid to tighten tax rules on those who work or live abroad.

Cross-subsidisation within the Financial Services Compensation Scheme (FSCS) should end, according to some respondents to the Treasury's consultation on the future of financial regulation.

The government has confirmed the FCA will have a statutory duty to promote competition, but stopped short of making it one of the new body's core principles.

The Financial Services Authority (FSA) has issued a warning to consumers over pension reciprocation plans (PRPs) and other pension unlocking schemes.

Tens of thousands of local government pension scheme (LGPS) members will opt-out if Lord Hutton's proposal to increase contribution rates is implemented, the Treasury has admitted.

The Treasury has proposed to remove tax relief on compensation payments for pension mis-selling.