Money
Fundment further expands wrapper range with cash Isa and cash Lifetime Isa
Fundment has launched a cash Isa and cash Lifetime Isa, backed by a fully digital cash investment system.
It has partnered with Investec Bank to offer a 12-month fixed rate deposit within its cash Isa and cash Lifetime Isa options, with plans to expand cash investment choices in the future.
This follows the July launch of the Fundment stocks and shares Lifetime Isa (Lisa) and addresses growing adviser and client demand for cash options.
Fundment founder and chief executive Ola Abdul said: “We’re expanding our Isa range in line with adviser demand.
“This move, coupled with the full digitisation of our underlying cash investment functionality, demonstrates our commitment to providing advisers with the tools they need to serve their clients effectively.”
The platform has also fully digitised its cash investment process, streamlining operations for advisers.
From digital account opening and client approval to automated payments of fees, income, and dividends, the process is intuitive and designed to save time, allowing advisers to focus on delivering value to their clients.
Investec head of funding partnerships David Hunt said: “Our collaboration with Fundment aligns perfectly with our commitment to tech-driven, digitally-enabled financial solutions.
“By leveraging our API, Fundment has created a frictionless experience for advisers and their clients.”
Beyond the 12-month FRD in cash Isas and cash Lisas, Fundment offers fixed term deposits within pension and general investment wrappers.
These Investec Bank products are available in three-, six-, 12-, and 24-month terms.
Factbox: Cash Isas and cash Lifetime Isas
- Cash Isa allowance: For the 2024/25 tax year, the maximum that can be contributed to a cash Isa is £20,000, with tax-free interest.
- Contributions up to £4,000 are permitted into a cash Lifetime Isa (Lisa), with a government bonus of 25% (or up to £1,000 annually).
- The Fundment cash Isa is available from age 18, while the cash Lisa is for those aged 18-39.
- Many cash Isas allow flexible withdrawals, but early withdrawals from a cash Lisa (for non-home buying reasons before age 60) incur a 25% penalty.
- Cash Lisa funds can be used penalty-free for a first home purchase under £450,000.
- Isas can be transferred between providers without loss of allowance.
- Currently only one cash Lisa per tax year can be opened and funded but, following changes enacted in April 2024, it is possible to open more than one cash Isa in the same tax year.
The eight arms of ISG’s UK business, which include its construction, engineering and retail branches, have all been placed in administration.
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Combination of the companies would create portfolio of 29 community shopping centres and 13 retail parks across the UK and Northern Ireland.
The post NewRiver agrees £147m takeover of CapReg appeared first on Property Week.
The Financial Conduct Authority has cleared its chair of whistleblowing wrongdoing following an internal review.
The whistleblower sent emails to Alder in December and March to raise concerns over “opaque hiring practices” at the FCA.
However, Alder reportedly forwarded the whistleblower’s correspondence, revealing their identity without their consent, which goes against the regulator’s policy.
The whistleblower told the Financial Times that they were left “angry, stunned and speechless” when they saw the forwarded emails unredacted.
They called the breach “institutional betrayal” and accused the FCA of “incompetence and incapability”.
A second former FCA employee also made a similar allegation as to the handling of their whistleblowing communication to the chair.
Following the FT report, the FCA launched an internal review to investigate the complaints.
The board’s senior independent director, Richard Lloyd, led the internal review of the handling of the two individuals’ whistleblowing communications by the chair.
Lloyd concluded that “while the FCA’s chair did not follow our existing policy to the letter in handling two complex cases, he had sought to ensure the concerns raised, if appropriate, were acted on”.
“The FCA’s chair, Ashley Alder, therefore consulted senior colleagues confident they would treat the information with the utmost care,” he added.
He also said the chair “reasonably took the view that he was providing information of which those colleagues were already aware”.
Alder welcomed the review findings, insisting that he acted appropriately.
He said: “These were unusual and complex cases involving two employees who had left the FCA some years ago and who have raised a range of issues over an extended period of time, in one case through multiple public channels.
“I wanted to ensure that, as non-executive chair, I was in the best position to act on the concerns of both individuals.
“To do so, I needed to consult an extremely limited number of senior colleagues and, while I did not follow the policy to the letter, I knew that they would treat all information with utmost care, and there would be no risk of prejudice to the individuals involved.”
Simon Morris, a financial services partner with law firm CMS, said: “The FCA chair twice disclosed the identity of whistleblowers to colleagues when seeking help to respond. He thought this wouldn’t harm the whistleblowers, and that their names were already known.
“The Lloyd review concludes that this ‘did not follow to the letter’ – meaning breached – the FCA whistleblowing policy, but that the chair was acted reasonably.
“It will be interesting to see if the FCA takes a similarly benign view if a bank chairman reveals a whistleblower’s identity in analogous circumstances.”
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