ABI simplified advice head Jolly is leaving
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Association of British Insurers assistant director of consumers and distribution Peter Jolly is leaving the ABI at the end of April.
He has spearheaded the ABI’s development and pilot of its simplified advice service since joining in October 2009 from Standard Life, where he was head of distribution policy.
The ABI has yet to find a replacement. A spokesman says: “This is a personal decision that Peter has taken and we are sorry to see him go. A decision on his replacement will be made.”
Jolly was unavailable for comment. His departure follows the FSA’s announcement it plans to publish a consultation on simplified advice later this year.
At a British Bankers’ Asso- ciation conference in March, FSA chief executive Hector Sants said: “We do recognise that, while not specifically an issue which the RDR seeks to address, in order to ensure the financial marketplace is fully effective for investors, it is vitally important that a credible simplified advice serv- ice exists alongside the full advice offering.”
Finance & Technology Research Centre director Ian McKenna says the delivery of a simplified advice service should not be led by the ABI.
He says: “The ABI designing a simplified advice service assumes automatically that it would be life insurers delivering it. But it may be insurers, it may be banks, it may be financial advisers and it almost certainly will be a whole new breed of technology-driven businesses set up purely to deliver simplified advice services.”
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Readers' comments (2)
Evan Owen | 8 Apr 2011 10:50 am
Advice can never be simplified, anyone who suggets it can is.... er... simple.
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Julian Stevens | 11 Apr 2011 1:17 pm
And how much is this latest consultation going to cost (us)? Will the FSA publish for all to see and to debate the feedback it receives or will it, as usual, be a case of steamrollering ahead its predetermined agenda with some vague statement (probably from the smugly smirking Sheila Nicoll) to the effect that it's "taken on board" the feedback received. What kind of consultation is that? Just the usual hollow, token sham.
Consultation is one thing. Taking damn-all notice of anything anyone else actually says in their responses just makes a cynical mockery of the entire process.
What if all responses suggest simplified advice, other than as practised by the banks, is a complete waste of time and that the whole idea should be scrapped before lift-off? We'll never know, will we? the FSA will just say it's "taken on board" the feedback it's received. How Sants has the gall to sit before the TSC and list all the ways in which the FSA is accountable is really quite something ~ the FSA isn't accountable to ANYONE but itself and the FCA is going to be just as bad.
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