Friday, 2 May 2014

Regulatory Update: Eden Financial Planning

As of 1st May 2014 Eden Financial Planning is now an Appointed Representative of Financial Concepts (Carlisle) Limited

I would  like to publicly thank Stuart Mulligan Limited for the almost 2 years we've spent working together and all their kind assistance along with everyone at Financial Concepts in making this transition as seamless as possible. Stuart who is a Chartered Financial Planner has recently moved and is now based in Colne, Lancashire remains a valued colleague always. 

It's great to be working alongside a highly esteemed Cumbrian based Chartered Financial Planning Firm who are also members of SIFA who provide professional support services for independent financial advisers working closely with Solicitors. 

Really looking forward to working alongside Nigel, Darren, Tony and everyone at Financial Concepts 

Being part of SIFA also adds to full membership of Society of Trust & Estate Practitioners (STEP) and Later Life Accreditation with the Society of Later Life Advisers (SOLLA).

Onwards & Upwards! 

Friday, 21 March 2014

Financial Planning on the UP?!

With George Osbourne dropping a Pension's bombshell this Tuesday methinks the public will be expected to become far more familiar with the 5 tenets of financial planning once they can access their pension funds as they wish....

Five tenets of Financial Planning:

-  Establishing  goals,
- Working out assets and liabilities,
- Evaluating your financial position,
- Developing a plan,
- Implementing it and then regularly reviewing it.

Friday, 14 March 2014

Help is at hand for Employers 


Auto-enrolment affects YOU!!

You are no doubt already aware of the responsibilities you have as en employer with regard to auto-enrolment and may be considering your options as your staging date gets ever closer .

Whilst larger companies across the UK have already made their transition, it should be borne in mind that they have had the luxury of internal departments already dedicated to looking after this level of employee legislation. 

However, as the staging dates approach for SME organisations, feedback has highlighted that there is more than a little concern about the best approach to the thirty three new pension responsibilities for employers.  This is all balanced against the considerable fines placed on companies who do not comply by their deadline.

The key issues lie around the sheer level of work that is needed initially to establish the right kind of auto-enrolment scheme for your organisation which is then followed by all the requirements needed for scheme maintenance.

Had you considered that you will be required to do all of the following: 

Pre scheme introduction
  •  Categorise your workers into those who are eligible for the scheme and those who are not, being aware that this can change and that your categorisation needs to have a facility for change.
  • Consider the benefits of postponement as a potential  option for your company
  •  Make a pension scheme selection  - an area of expertise previously the domain of pensions professionals
Post scheme introduction
  • Communicate regularly with your employees regarding the scheme, where different employees will require different communications, many of which will be time specific.
  • Keep detailed records of your opted in and opted out employees.  Auto-enrolment for some staff members can be a movable feast in that there is not one set scenarios that remains the same for the length of their employment.  Someone who opts out, can opt back in and vice versa  and detailed records must be maintained at all times.
  • Manage your payroll to ensure that the correct contributions are payable for each employee at every payroll run.
  • Offer your employees the benefit of salary exchange in order to increase their pension pot.
If all that sounds complicated, please be assured that help is at hand!

As an experienced financial adviser Eden Financial Planning is able to offer you a solution that will ensure your scheme selection and onward management and maintenance is quick and efficient, having considerably less impact upon your time than attempting to manage the entire process on your own.  

Just ring 017683 42875 or email

After all, surely YOUR energies are best spent managing YOUR business!

Thursday, 13 March 2014

Carney says rates could rise to 3% by 2017

Bank of England governor Mark Carney says interest rates could hit 3 per cent in the next three years as he launched a robust defence of his forward guidance policy.
Last August, Carney said interest rates would not rise until unemployment fell below 7 per cent. After unemployment fell rapidly he adjusted the threshold in February to a range of 18 economic indicators.
Carney told MPs the change had only been made to boost transparency of forecasting and was not related to the drop in unemployment. He said the new measures were entirely down to greater transparency and more accurate economic forecasting.
Conservative MP Brooks Newmark said the changes showed forward guidance had been traded in for “fuzzy guidance”.
Carney said: “We provided guidance that was well understood. Businesses indicated it gave them greater confidence in the recovery and influenced hiring and spending decisions, contributing to falling unemployment.
“These 18 indicators are not part of the new forward guidance. They are the fulfilment of a commitment the Bank made to implement recommendations to improve transparency and forecasting. We have provided more detail about our forecasts and it allows greater perspective.”
Carney said the path of interest rates was clear over three years and could hit 3 per cent within three years.
He said: “Interest rates will rise on a gradual and limited extent. Some Monetary Policy Committee members have put more precise figures on when interest rates will rise over the three-year horizon. Charlie Bean said [an increase of] 2 per cent to 2.5 per cent and I don’t think that is an unreasonable sense to get across.”
Carney admitted he had no control over parts of the London housing market which were fuelled by cash buyers, claiming he could only prevent bubbles where markets were driven by mortgages.
TSC chair Andrew Tyrie also hit out at the MPC for destroying recordings of its meetings. Tyrie asked Carney to review the policy, saying the records are of “huge historical importance”.
But deputy Bank governor Paul Fisher argued retaining MPC minutes could make discussions less frank and more inhibited.

Money Marketing Article

Tuesday, 22 October 2013

Govt to 'strengthen' role of IFAs in LTC funding

Article From Money Marketing 

Samuel Dale
Care services minister Norman Lamb says he will “strengthen” the role of regulated advisers in long-term care funding reforms in changes to the Care bill.
The bill, currently in the House of Lords, would force local authorities to signpost people funding their own long-term care to “independent” financial advice but not regulated advisers.
Other sources of financial advice could take the form of charities such as Citizens Advice or bodies like the Money Advice Service. Cross-party peers have tabled amendments to the bill to force councils to refer to regulated advisers with later life qualifications.
Responding to a question from Money Marketing at the Liberal Democrat conference in Glasgow yesterday, Lamb said he recognises the need for quality financial advice and will act on concerns.
He said: “For these reforms to work we need to set fire to the role financial services can play in providing additional support. If they ultimately ignore it and carry on as before then we will have missed a great trick. However, I understand they have to see a commercial market and they won’t just go into it for well intentioned reasons so it has to make sense for them.
“The two things they have said to us, which they feel are incredibly important to make this work, is firstly raising awareness. Government has to lead the way in getting the public to a much better place in understanding what these reforms are about and that is, self-evidently, incredibly important. the level of understanding is incredibly weak.It comes as a shock to most people that they have to pay for it.
“The second thing the industry asks for is that those people with assets, perhaps with significant assets, are encouraged, not forced, to seek good quality financial advice from an IFA, preferably someone with later life qualifications. I do feel there is a need for that type of professional advice and we are looking at the bill. I can’t make announcements now but we are looking at how we can strengthen that to provide some re-assurance.”
Lamb also said Liberal Democrat leader Nick Clegg personally intervened to push through long-term care funding reforms as part of mid-term coalition negotiations.
The bill seeks to cap the cost of care at £72,000 from April 2016 and implement the recommendations of Andrew DIlnot’s commission into care funding for the elderly.
In a recent interview with Money Marketing, Labour peer David Lipsey said the party was confident they can win a fresh battle in the House of Lords to force councils to refer long-term care funders to regulated financial advisers.

Monday, 9 September 2013

Eden Financial Planning is a finalist in the Moneyfacts Tax & Estate Planner of the Year 2013 awards.

For more information on the Awards to be presented in London on October 2013 and former winners in 2012

MoneyFacts Awards

Thursday, 11 April 2013

 Quarter of UK adults have ‘lost’ a pension

 Nearly a quarter of adults (23%) in the UK have lost track of at least one pension pot, according to research from charity Age UK.
However, the research also found that almost a third (30%) of those who had lost a pension pot would make an attempt to find it, although many remain unsure on how.
The trend is a result of shifting cultures in employment, as nearly a quarter of 25-34-year-olds have already had five or six employers, which the same as the lifetime average for those over 65, according to the charity.
Almost half of those who have lost a pension are also unclear as to how they lost track, while a fifth have disregarded the paperwork.
However, on realising they have lost track of their savings, nearly a quarter of survey respondents said they would contact previous employers for help, while 15% would contact the government or tax office.
Age UK head of services Lucy Harmer said: "While some measures are being taken by the government to account for smaller pension pots likely to be created under auto-enrolment, existing pots that we may already have are not being accounted for. This makes it more important than ever that we keep on top of what we have already accumulated."
Pensions minister Steve Webb previously acknowledged the concerns of lost pots which led to the suggestion of the pot follows member regime.
Earlier this year, the minister confirmed the Department for Work and Pensions would begin legislating on the concept shortly.

IFA Online - News, blogs and analysis for IFAs. Visit the website now.

Did you know that you can trace any lost pensions by contacting the Pensions Tracing Service via You can fill in a form online. Act now to make sure you keep a track of what you are entitled to. And don't forget to get your State Pension Forecast to plan your retirement!