The unemployment rate was 4.7% in the 3 months to February 2017, down from 5.1% a year earlier; it has not been lower since June to August 1975. Estimates from the Labour Force Survey show that, between September to November 2016 and the three months to February 2017, the number of people in work increased, the number of unemployed people fell, and the number of people aged from 16 to 64 not working and not seeking or available to work (economically inactive) also fell. There were 31.84 million people in work, 39,000 more than for September to November 2016 and 312,000 more than for a year earlier. Strong demand for labour is translating into a shift from part-time to full-time employment, and an increase in the average hours worked per week by both full time and part-time employees. The number of vacancies increased by 2.1% between the last quarter of 2016 and the first quarter of 2017 to 767,000, the highest level on record. For the 3 months ending February 2017, the highest employment rate in the UK was in the South West (78.8%) and the lowest was in Northern Ireland (68.8%). For the 3 months ending February 2017, the highest unemployment rate in the UK was in the North East (6.4%) and the lowest was in the South East (3.4%). A continued pick-up in consumer price inflation sees annual real wage growth weaken to its lowest rate since 2014.
Follow this link for full details from the Labour market economic commentary - April 2017 .
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Financial Advice Market Review (FAMR) - guidance consultation 20 April 2017
One of the recommendations of the FAMR is that a new factsheet should be developed and promoted to set out what help employers and trustees can provide to employees on financial matters without being subject to regulation.
CIPP comment Employers have long been concerned about crossing the regulatory advice line when it comes to providing employees with pension or financial ‘information’. The introduction of a factsheet would be a welcome move to provide employers with clarity and the confidence to positively influence their workers’ financial decisions.
Guidance consultation The Financial Advice Market Review (FAMR) was launched in August 2015 by HM Treasury (the Treasury) and the Financial Conduct Authority (FCA) to explore ways in which the government, the industry and regulators could stimulate the development of a market which delivers affordable and accessible financial advice and guidance to everyone, at all stages of their lives.
The FAMR final report , published in March 2016, made a series of recommendations for the FCA, the Treasury and other regulators to take forward.
The Guidance Consultation (GC) is part 1 and sets out proposed guidance in response to some of the FAMR recommendations; one of which is that The FCA and The Pensions Regulator should develop and promote a new factsheet to set out what help employers and trustees can provide on financial matters without being subject to regulation.
The FCA aim to publish their response to part 1 in September 2017 and then the part 2 of the consultation will follow in December 2017.
The package of measures is likely to take effect in January 2018 however The FCA expect firms will be able to use any material that they publish in September from that time.
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The Chartered Institute of Payroll Professionals
Policy News Journal
cipp.org.uk
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