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The Path to Sustainable and Profitable Adviser Firms: Putting Clients First

FOR ADVISER FIRMS THAT PRIORITIZE CLIENT SATISFACTION, LONG-TERM PROFITABILITY, AND ENVIRONMENTAL RESPONSIBILITY.

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According to official documents, the lifetime allowance (LTA) for pension savings will be abolished by April 6th next year, as planned. The LTA, which is the maximum amount individuals can contribute to their pension pot without incurring tax charges, was announced to be removed in the Spring Budget. The government intends to pass legislation in the Autumn Finance Bill 2023 to eliminate the lifetime allowance. If the Labour party wins the next general election, they have promised to reinstate the LTA. This has created challenges for long-term financial planning for both advisers and clients. Caitlin Sout, the pensions technical manager at Curtis Banks, commented on this situation.

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Spotlight on the author

Jenna Brown, serving as the Deputy Editor

Additional information provided by Jenna Brown includes the proposal from the Financial Conduct Authority (FCA) for the implementation of an investment advice

Bond market: Instead of trying to predict the future, concentrate on the simple and guaranteed success.

Additional information about pensions

There are new regulations for individuals who have pension plans outside of their workplace.

The Financial Conduct Authority (FCA) will implement a fresh set of rules starting from 1 December.

Analyzing the FCA's contradicting advice regarding non-workplace pension cash withdrawals. Clients who were not given advice may now seek it after receiving a warning about their cash withdrawals.

The industry has responded to the proposed changes in workplace pension provision, referring to it as a significant transformation. They believe that these reforms have raised concerns for employers and require thorough evaluation.

This text is the copyright of Incisive Business Media (IP) Limited and it is published by Incisive Business Media Limited. The company is located at New London House, 172 Drury Lane, London WC2B 5QR. It is registered in England and Wales under the company registration numbers 09177174 and 09178013. Incisive Business Media Limited is a part of the Arc network, which can be found at www.arc-network.com.

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