Treasury

The current timescale for new income drawdown rules to come into effect will make no sense to advisers and their clients, according to A J Bell marketing director Billy Mackay.

RBS has blocked the FSA from publishing a report into the circumstances leading to its taxpayer bailout.

Baroness Sarah Hogg, senior adviser to the FSA, will join the board of the Treasury today along with as many as 40 new directors.

Access to new flexible drawdown pensions will be restricted to people with a lifetime pension income of a minimum of £20,000 a year, the Treasury says.

The Treasury has banned groups of companies from using intra-group loans or derivatives to reduce their tax bills, as part of a widespread clampdown on business tax avoidance.

Individuals who exceed the annual allowance may be allowed to meet the tax charges from their pension benefits, a Treasury consultation paper says.

Mark Garnier, one of the MPs who called last night's debate on the RDR, says his next step will be to lobby small business minister Mark Prisk about the potential adviser exodus after 2012.

This week: OPM CIO Tony Yousefian looks at the effect of Treasury cutbacks on housing

The level of compensation due to 10,000 Equitable Life customers who bought with-profits annuities before 1992 would be "impossible to calculate", Tory MP Jonathon Evans says.

Source, the specialist provider of exchange-traded products, has listed its inaugural range of 15 exchange-traded commodities (ETCs) on the SIX Swiss Exchange.