The publication of the FCA’s Business Plan for 2019/20 set me thinking once again about the effectiveness of the regulation of retail financial services.

The 14 March saw the 30th anniversary of Nigel Lawson’s budget speech which conceived the idea of a SIPP (although the name and acronym emerged some time later). 

The tax collected from individuals breaching the Lifetime Allowance (LTA) has rocketed by £100m since it was introduced in 2006, with the latest figures showing that £110m in tax was collected from individuals exceeding the allowance during 2016/17, compared with less than £10m in 2006/7 when the LTA was introduced.

A Paraplanning boss has detailed how she dealt with a client who faced the “very rare” circumstances of four defined benefit pensions alongside personal pensions and lifetime allowance tax issues.