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The recent decision by Revenue Scotland regarding Land and Buildings Transaction Tax in Scotland (LBTT) and its application to in-specie transfers between SIPP or SSAS providers brought to a close a period of almost two years of involvement for Morton Fraser in the debate surrounding the issue in Scotland, writes Fergus McDiarmid of Morton Fraser.

Expanding SIPP provider Curtis Banks Group has reported operating revenue up 47% to £43.6m and pre-tax profits up 31% to £5.9m in the 12 months to December 2017.

The beginning of February saw the FCA issue a discussion paper DP18/1: Effective competition in non-workplace pensions. Within the discussion paper, the FCA estimates that non-workplace pensions amount to around £400bn in AUM, double the amount invested in DC pensions schemes.
Some 17% of financial advisers have changed their preferred platform in the last 12 months as dissatisfaction with service levels grows.
The founder of a SIPP firm has predicted ‘casualties’ within the Sipps market in coming months.
The run up to the end of the tax year can be a very busy time for advisers and is an ideal time to ensure that clients review their expression of wishes form. Trustees do have the discretion to select who will receive benefits, but will of course take account of any in an expression of wish form.
An ex-adviser who turned client and says he lost £30,000 due to a pension transfer delay has been successful in his complaint against Intrinsic Financial Planning.
Sipp provider AJ Bell has announced a 40% cut to management fees on its Managed Portfolio Service.
James Hay could be facing a tax penalty of £20 million over the biofuel investment Elysian Fuel.
The FCA has launched a probe into possible ‘harm’ to consumers in the non-workplace pensions market.
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