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22 Feb

Early Pension Exit Fees Capped

The Financial Conduct Authority (FCA) will be given the power to cap 'excessive' early exit fees on pension pots.

The new FCA responsibility will be introduced through legislation and the government will be publishing a formal response.

The proposals will see the FCA being independently responsible for determining what the level of the cap on early exit fees will be.  The FCA is due to launch a consultation on what this should be.

Around 700,00 (16%) customers in contract-based schemes could face some form of early exit charge for accessing their pot.

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22 Feb

Digital Tax Accounts To Replace Annual Tax Return

HMRC has launched a digital accounts system for businesses and individual taxpayers.

The new system will allow people to see their tax details and make payments at any time during the year.

HMRC plans that by 2020, most taxpayers including individuals, businesses and landlords will track and submit information to HMRC digitally every quarter.

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15 Jan

Help To Buy ISAs Popular In First Month

Two thirds of potential buyers plan to use the Help To Buy ISA scheme to save a deposit for a home.

The research by MoneySuperMarket found that 82% of prospective buyers think the scheme will help them get on the property ladder ealier than planned.

Help To Buy ISAs, which were launched on 1st December 2015, allow individuals over the age of 16 to save up to £200 into an account per month.  Buyers can also deposit a lump sum of up to £1,000 when they set up their account.

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