Displaying items by tag: pensions

Protecting consumers from unscrupulous scammers and conmen has been a priority for the financial services industry for some time.

Platform and SIPP provider AJ Bell has today announced a profits surge of 24% in its interim half-year results, its most profitable ever it says.

The firm reported “strong growth” for the six months ended 31 March, which, as well as increasing profits to record levels, included a 12% rise in customer numbers from 164,557 to 183,482 and a 5% increase in assets under management from £39.8bn to £41.8bn .

Elsewhere in the report highlights included:
·       New business growth with net platform inflows of £3.5bn, up 17% (H1 2017: £3.0bn)
·       Customer retention of 95%
·       Revenue increased 16% to £42.9m (H1 2017: £37.0m)
·       An interim dividend payment of 14p per share, a 10% increase compared to the interim dividend last year (H1 2017: 12.75p)

In the period the company launched two new income-focused multi-asset portfolios within its Managed Portfolio Service (MPS) for financial advisers, as well as a new Lifetime ISA.

Preparations for a listing on the London Stock Exchange “later in 2018 or early 2019” were said to be “progressing well.”

Andy Bell, chief executive of AJ Bell, said: “These are the most profitable interim results in our history and are a great endorsement of our strategy and market position. 

“The UK retail investment and savings market continues to display strong growth and investment platforms are central to this.”

“We are well placed to continue our growth trajectory and are progressing well with our plans for a premium listing on the London Stock Exchange later this year or early 2019.”

The end of the tax year is traditionally a really busy time for adviser and SIPP providers.

The Personal Finance Society wants the Government to impose a ‘seven basis points’ levy on funds under management per year as a solution to FSCS funding problems. 

Investors have launched legal action against Liberty SIPP over allegations it cost them money through risky investments.

New analysis of 17,000 drawdown customers by a provider has revealed wide variations in the amount taken from pension pots but few signs of pensioners taking out all their cash in one go to buy a Lamborghini.

Two financial adviser brothers, who conned 200 pensioners and vulnerable clients out of millions of pounds, have been jailed for a total of 11 years today.