17 February 2011
Fund firms’ bloated charges are reflected in their lavish office floors and it is time to redress the balance, says Mel Kenny.
Direct Life & Pension’s Neil McCarthy says by helping consumers benchmark what is simple, you also deliver a message about what is complex.
Nic Cicutti says consumer confusion over fund names needs to be sorted out.
Lawyer Alasdair Sampson raises concerns about the FSA’s move towards protect regulation.
Alan Lakey says most organisations would be embarrassed by such antics but the FSA pushes on like a zombiefied Duracell rabbit.
John Greenwood says banks and life offices are set to clash over group pensions.
Sesame Bankhall Group says 40 per cent of advice firms that left the network in 2010 did so as a direct result of the RDR.
Aifa has called on the FSA to review its ban on provider factoring, pointing to Nest’s charging structure as a good example of how factoring can work in practice.
AXA Wealth new business revenues up 41 per cent despite fall in group earnings.
Barclays says advice for high-net worth individuals should be exempted from the RDR.
The chair of the work and pensions select committee has criticised the Government for not allowing a debate about the effects of the rise in the state pension age on women.
Advisers have warned that Government plans for Big Society Isas appear to be a high-risk investment strategy that is unlikely to be suitable for retail clients.
The Financial Skills Partnership wants to develop qualification standards for simplified advice.
Peter Hargreaves concedes the firm’s stockbroking charges are not competitive and says the firm is lowering its prices.
Lowes says those who dismiss all structured products as rubbish are “speaking from a position of ignorance”.
IFA firm launches financial education teaching programme it hopes can be rolled out in secondary schools.
Advisers have called on the FSA to apologise for its manipulation of Financial Ombudsman Service complaint statistics to try to dispel IFAs’ claims they provide a better service than banks.
Paul Johnson of the IFS puts the case for annuity top-up payments as an alternative to the tax-free lump sum.
Treasury documents reveal plans to abolish the inheritance tax levied on the pension pots of individuals in ill health who delay taking benefits.
Insurers freezes bonus rates despite assets returning 12.8 per cent over the year.
Sales director of mortgages Mike Jones says FSA should not have delayed new AP regime, despite the extra pressure this would have placed on lenders.
Bond allows investors to lock in investment growth on a daily basis.
Scottish Widows head of pension market development says advisers should be cautious about recommending flexible drawdown until the FSA issues guidance on best practice.
TPR chief executive Bill Galvin says he will not push Govt to introduce legislation to improve take-up of the open market option.
“Bill and Ben are waiting for you in reception.”
NAPF says Government must address state pension “means-testing trap” ahead of 2012.
Insurance companies and fund companies with wrap platforms will be the biggest threat to advisers after the RDR, according to Simon Chamberlain.
Legal & General RDR and commercial director Danny Wynn says the retail distribution review will have a big impact on charging structures in the protection industry.
The FSA’s proposed changes to disclosure rules for pensions will cost the industry £200m rather than the £20m estimated by the regulator, says Ian McKenna.
Advisers providers are divided on IMA’s suggestion to link the absolute return sector with managed sectors in a bid to categorise the risk level of funds.
Ian McKenna says advisers must be able to harness new technology offerings to survive the RDR industrial revolution.