Welcome to August's Latest News.
Brexit is a hot topic at the moment so we feature it as our main article this month. Negotiations continue between the United Kingdom (UK) and European Union (EU) on their future relationship - but while talks continue there are still many questions. We've produced some frequently asked questions you may find useful.
Earlier this month we also saw Bank of England raise their interest rate, find out what that means for clients who have cash in their cash facility. Plus we now have updated investment reports that you can download, news about how our online protection service just got better and HMRC's annual allowance calculator.
Read on to find out more.
Progress towards Brexit
Bank of England interest rate rise
On 2 August 2018, the Bank of England raised the interest rate for only the second time in a decade. The rate has risen by a quarter of a percent, from 0.5% to 0.75% - the highest level since March 2009.
This means that if your client holds cash in their cash facility for Aegon Retirement Choices or One Retirement we'll apply a gross rate of 0.70% - Bank of England base rate less 0.05%.
We calculate interest on a daily basis and pay any interest due monthly into your client's cash facility after deduction of basic rate tax where applicable.
Platform tip of the month
Aegon Retirement Choices - ongoing adviser charges.
Use Report Zone to check how much ongoing adviser charge you're receiving as a percentage for each client. Select 'Product Wrapper Valuation Report' from the 'Product Wrappers Opened & held Reports' section.
