Sullivan Street Nears Deal for Senior's Aerostructures Unit
Investment firm Sullivan Street Partners is nearing a deal for British engineering group Senior Plc's aerostructures unit, which supplies components to Airbus SE and Boeing Co., people with knowledge of the matter said.
London-based Sullivan Street could reach a final agreement with Senior in the coming weeks, the people said, asking not to be identified because the information is private. A deal would value Senior's aerostructures operations at about £200 million ($268 million) including debt, the people said.
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36 minutes ago
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More people could get help to navigate their financial lives, says regulator
'Once-in-a-generation' proposals to help more people navigate tricky financial decisions and boost confidence when getting to grips with investments and pensions have been set out by the City regulator. The proposals would enable firms to offer a new type of help called 'targeted support' and make suggestions to groups of consumers with common characteristics. The Financial Conduct Authority (FCA) is aiming to reduce the 'advice gap' – so that people have timely access to the help they need, at a cost they can afford, to make informed decisions about their financial lives. The FCA said people who may be currently drawing down on their pension unsustainably, not saving enough for retirement or who have excess cash sitting in a current account, could potentially be helped. Sarah Pritchard, deputy chief executive of the FCA, said: 'We want to help consumers navigate their financial lives and plan for the long term. Some of the most difficult financial decisions we face are how to save, invest and prepare for a comfortable retirement. 'These once-in-a-generation reforms will help people navigate their financial lives and give them greater confidence to invest. This is a win-win for consumers and firms alike.' The reforms should set the framework for the next 20 to 30 years, the regulator said. The FCA said that as well as targeted support, it wants to see a thriving and trusted market for full financial advice, simplified advice and guidance. It said the advice gap is 'stark'. Just 9% of adults received financial advice about their pensions or investments in the previous 12 months, according to the FCA's latest Financial Lives survey 2024. Of those who did not receive financial advice, but hold £10,000 or more in cash savings, 24% said they do not invest because they do not know enough about it, 12% because they feel overwhelmed by the number of options available, and 8% said they would need more support before they invest. The FCA said there are around seven million adults in the UK with £10,000 or more in cash savings who may be missing out on the benefits of investing throughout their lives. Its consultation is open for eight weeks. The regulator said it is also working with the Government to help resolve issues that might prevent firms communicating with consumers. Dan Olley, chief executive at Hargreaves Lansdown, said the changes 'will be truly transformational in kick-starting a thriving retail investment culture in the UK over the coming years'. He continued: 'For the first time, we will be able to provide targeted support that is much more relevant for each of our clients. 'We will be able to tailor conversations and the digital experience to where they are in their investing journey, helping them see the potential of certain choices, which could have large positive impacts on their financial outcomes over the long term.' Tom Selby, director of public policy at AJ Bell, said: 'Ensuring people can access the help and support they need, either through regulated advice or guidance, is critical to building financial resilience in the UK. The existing regulatory framework makes it difficult for firms to offer anything beyond relatively basic information to non-advised customers without risking straying over the boundary from guidance to advice. 'This means millions of people who don't take regulated advice are essentially left to make often complex retirement decisions on an island, without receiving the help they require.' Claire Exley, head of financial advice and guidance at JP Morgan-owned wealth manager, Nutmeg said: 'Targeted support is a much needed and welcomed first step in closing the advice gap. 'We know clients are looking for guidance that is relevant to them, their situation at the time it's right for them. 'People like you' scenarios will hopefully help consumers to build confidence in their own decision making – we're aware that often people are looking for reassurance that they've arrived at the 'right' decision – rather than being told what the decision should be.' James Heal, director of public policy at St James's Place, said: 'We are moving closer to a new form of support that will help consumers make better investment decisions.' Yvonne Braun, director of long-term savings policy at the Association of British Insurers (ABI) said: 'We know facing complex financial decisions can feel overwhelming, especially in retirement, which is why we've long championed targeted support. The FCA's decision to press ahead with this crucial proposal is very welcome and should be a relief to millions of savers. 'We expect targeted support to be free and widely available. To ensure its success, it should be backed by a clear process for fair compensation if things go wrong. Giving firms the freedom and flexibility to roll out targeted support across a range of products and scenarios will make sure everyone can benefit. We also welcome the drive for simplified advice. While no single solution will entirely close the advice gap, this package is a major leap forward.' Chancellor Rachel Reeves said: 'Too many people are missing out on the support they need build a more secure financial future for themselves and their families. 'Today's reforms will make a real difference to help working people make better long-term financial decisions, ultimately putting more money in their pockets as part of our plan for change.' 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Lifetime Isas may need to carry warnings for some savers
The complexity of Lifetime Isas could increase the risk of savers making poor financial decisions and the products may need to carry warnings for some people, according to a committee of MPs. The savings accounts enable people to save for their first home or their retirement in one pot. But the Treasury Committee said the dual-purpose design of the Lifetime Isa, or Lisa, may be diverting people away from more suitable products. MPs found that the objectives to help people save for both the short and long term make it more likely that people will choose unsuitable investment strategies. Lisas held in cash may suit those saving for a first home, but may not achieve the best outcome for those using accounts as a retirement savings product, as they are unable to invest in higher-risk but potentially higher-return products such as bonds and equities, the committee said. It also described current rules penalising benefit claimants as 'nonsensical'. Under the current system, any savings held in a Lisa can affect eligibility for universal credit or housing benefit, despite this not being the case for other personal or workplace pension schemes, the committee said. The report said: 'The Government provides higher levels of contribution through tax relief to many other pension products that are not included in the universal credit eligibility assessment, such as workplace pensions and Sipps (self-invested personal pensions). Treating one retirement product differently from others in that regard is nonsensical.' The report added: 'If the Government is unwilling to equalise the treatment of the Lifetime Isa with other Government-subsidised retirement savings products in universal credit assessments, Lifetime Isa products must include warnings that the Lifetime Isa is an inferior product for anyone who might one day be in receipt of universal credit. 'Such warnings would guard against savers being sold products that are not in their best financial interests, which might well constitute mis-selling.' Savers can put in up to £4,000 into a Lisa each year, until they reach 50. They must make their first payment into their Lisa before the age of 40. The Government will add a 25% bonus to Lisa savings, up to a maximum of £1,000 per year. People can withdraw money from their Lisa if they are buying their first home, aged 60 or over or terminally ill with less than 12 months to live. People withdrawing money from a Lisa for any other reason face a 25% withdrawal charge, and can end up with less money than they put in. The report said: 'The withdrawal charge of 25% is applied to unauthorised withdrawals, causing Lisa holders to lose the Government bonuses that they have received, plus 6.25% of their own contributions. 'Several witnesses described that loss of 6.25% as a 'withdrawal penalty'.' There are also restrictions on when Lisas can be used to buy a first home, including that the property must cost £450,000 or less. The report said: 'Many people have lost a portion of their savings due to a lack of understanding of the withdrawal charge or because of unforeseen changes in their circumstances, such as buying a first home at a price greater than the cap. 'However, the case for reducing the charge must be balanced against the impact on Government spending. The Lifetime Isa must include a deterrent to discourage savers from withdrawing funds from long-term saving.' It also added: 'Before considering any increase in the house price cap, the Government must analyse whether the Lifetime Isa is the most effective way in which to spend taxpayers' money to support first-time buyers.' The committee noted that in the 2023-24 financial year, nearly double the number of people made an unauthorised withdrawal (99,650) compared to the number of people who used their Lisa to buy a home (56,900). This should be considered a possible indication that the product is not working as intended, the committee said. At the end of the tax year 2023–24, around 1.3 million Lisa accounts were open, the report said. The Office for Budget Responsibility predicts spending on bonuses paid to account holders will cost the Treasury around £3 billion over the five years to 2029-30 – and the committee questioned whether this product is the best use of public money given the current financial strain. MPs also raised concerns that the product may not be well enough targeted towards those in need of financial support and could be subsidising the cost of a first home for wealthier people. It said the data on this issue remains unclear. The report also highlighted the benefits of certain elements of the Lisa, including being an option for the self-employed to save for retirement. Treasury Committee chairwoman Dame Meg Hillier said: 'The committee is firmly behind the objectives of the Lifetime Isa, which are to help those who need it onto the property ladder and to help people save for retirement from an early age. The question is whether the Lifetime Isa is the best way to spend billions of pounds over several years to achieve those goals. 'We know that the Government is looking at Isa reform imminently, which means this is the perfect time to assess if this is the best way to help the people who need it. 'We are still awaiting further data that may shed some light on who exactly the product is helping. What we already know, though, is that the Lifetime Isa needs to be reformed before it can genuinely be described as a market-leading savings product for both prospective home buyers and those who want to start saving for their retirement at a young age.' Brian Byrnes, head of personal finance at Lifetime Isa provider Moneybox said: 'The report marks a further opportunity to engage with policymakers and continue the conversations needed to ensure the Lisa continues to offer the best level of support to those that need it most.' He added: 'While it is right that the Government ensures the Lisa provides value for money as part of its review of the product, it is our view that it absolutely does… 'The Lisa has proven particularly valuable for first-time buyers on lower to middle incomes, with 80% of Moneybox Lisa savers earning £40,000 or less.' He continued: 'We firmly believe that by future-proofing the house price cap and amending the withdrawal penalty, the Lisa would continue to serve as a highly effective product, helping young people build and embed positive saving behaviours early in life, get more people onto the property ladder, and prepare for a more secure retirement.' Sign in to access your portfolio
Yahoo
an hour ago
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UK watchdog to ease rules on investment advice
LONDON (Reuters) -Britain's financial regulator said on Monday it will make it easier for investment firms to give customers support with their pensions and investments, a move broadly welcomed by finance firms who had complained about the current strict rule book. Under existing rules investment firms are restricted in how much support they can give customers outside of more highly regulated financial advice. This created an "advice gap" for those unable to afford the regulated advice, firms had said. The Financial Conduct Authority (FCA) plans to create a new category of help for consumers called "targeted support" allowing firms to make suggestions to certain groups such as those not saving enough for retirement or holding excess cash. The FCA said it also planned to ease rules for simplified advice, but added that there would remain a place in the industry for full financial advice. The watchdog will consult on the proposed changes before introducing them next year. "We want to help consumers navigate their financial lives and plan for the long term," said Sarah Pritchard, deputy chief executive of the FCA. "Some of the most difficult financial decisions we face are how to save, invest and prepare for a comfortable retirement." Investment firms welcomed the proposals but said the new rules had to be clearly defined and any potential penalties properly understood. "The advice gap has been acknowledged for years, but never properly addressed. The FCA has great ambitions, and this seems like the best chance in a generation to tackle the problem," said Verona Kenny, chief distribution officer at Aberdeen Adviser. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
