Profesional Service

At the end of the 2019/20 tax year, UK savers held a total of £620bn in ISAs, a rise of 6% year-on-year and a new record.

More women invested in ISAs than men in with 10.5m women investing using ISAs compared to 9.7m men, according to the latest gender split data also released today (2018/19 tax year). However, despite this, the gender ISA gap was £2,991 in 2018/19, up from £2,812 a year earlier, and almost doubling in a decade (from £1,550 in 2008/9).

The number of cash ISAS opened rose 1.2m year-on-year whilst stocks and shares ISAs rose 300,000.

Payments into cash ISAs rose £4.8bn (to £48.7bn) whereas payments into stocks and shares ISAs rose £1.6bn (to £24.2bn) year-on-year.

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Tom Selby,

The CMA reassessed the deal following FNZ appealing to the Competition Appeal Tribunal against the CMA’s original ‘Phase 2’ decision to block its £150m acquisition of GBST announced in November 2019.

A group of independent CMA panel members agreed with the initial assessment that the purchase of GBST by FNZ could substantially reduce competition on the sector due to them both being providers of retail investment platform solutions with “few other significant suppliers” that “offer effective and competitive alternatives.”

However, the reassessment said that GBST’s capital markets business does not currently compete with FNZ in the UK and therefore could be considered for acquisition separately.

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FNZ will now have to sell GBST to

In the second quarter the flows into the platform that went into accounts that are linked between different family members were 12.7% of all platform flows. This compares to just 0.5% of flows in the second quarter of 2020.

Old Mutual Wealth allows linked family accounts to benefit from a multiple family member discount, which the platform says has been taken advantage of by 73,000 accounts over the past year.

The platform launched the family linking initiative in February 2020 with no minimum investment and each family member’s charge based on the total value of all product held on the platform by the linked family members.

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Karen Blatchford, distribution director at Quilter, said: “There is an estimated

The FCA said around half of the cases it has reviewed so far appear to have been unsuitable.

The new web page from the regulator encourages and British Steel workers to make a complaint if they have any doubts at all about the quality of advice they received.

The regulator tells steelworkers on the web page: “Hundreds of steelworkers have already complained.

“You don’t need to give a specific reason for your complaint. All you have to do is ask for your advice to be reviewed as you’re unsure whether it was suitable for you.

“Even if you’re happy with your decision to transfer, you should still consider complaining. If you don’t, you may end up with less money in retirement than