View more on these topics

&#39Overload as life offices struggle on DWP deadline&#39

Life offices are struggling to implement statutory money-purchase illustrations before the Department for Work and Pensions&#39 deadline of April 2003 because of regulatory overload, claims a leading industry consultant.

IBM director of insurance services Shaun Crawford warns that firms are failing to put a priority on dealing with SMPI as they face a wave of consultations flowing from N2.

Plans to meet these requirement will be further hampered in October when, after CP134, the FSA publishes rules requiring providers to include point-of-sale illustrations for new business projections in key features documents using the same real-time valuations as those for SMPI.

Product providers say these rules will be too late for incorporation by April 2003 and want the FSA to delay them until 2004.

In its response to CP134, the ABI has called for the establishment of an independent body responsible for setting the method and presentation of all pension projections, made up of representatives of the DWP, FSA, the Faculty and Institute of Actuaries and the Government Actuary&#39s Department.

Crawford says: “There is a big risk of providers missing this deadline. N2 has created a lot of consultations and this review is not hitting the priority list.”

FSA spokeswoman Kate Bristow says: “We will make our response to the ABI&#39s proposals and say whether implementation will be put back when we publish a policy statement in the autumn.”


SG Hambros – Market Recovery Deposit

Friday, 16 August, 2002 Type: Guaranteed Equity bond Aim: Growth linked to the performance of FTSE 100 and Dow Jones Eurostoxx 50 indices Minimum investment: Lump sum £50,000 Place of registration: Luxemburg Investment split: FTSE 100 index 50%, Dow Jones Eurostoxx 50 index 50% Guarantee: Original capital returned in full at end of 18-month term, […]

Buy to let slips through FSA&#39s net

The Treasury has been criticised for excluding certain types of lending from the FSA&#39s remit amid warnings that this will leave consumers without protection.The main area of concern for many brokers is buy-to-let mortgages as the Treasury is sticking to the view that these are commercial transactions. The decision comes despite the FSA voicing concerns […]

Who can handle IFAs&#39 complaints?

I believe there is a serious regulatory loophole which has existed for some time.The point is best illustrated by an example. NPI in the early 1990s became the biggest providers of 90/10 SSASs. The directors select portfolio combined a 90 per cent contribution to an executive pension plan with NPI and a 10 per cent […]

Legal & General doubles Isa market share

Legal & General says its share of the Isa market more than doubled in the year to June 2002.The life and pensions provider says its market share rocketed to 11.9 per cent in the second quarter of this year from 4.8 per cent over the same period last year.Retail investments director Simon Pistell says: “Although […]

Retirement - thumbnail

(Another) downhill stroll — retirement planning

A report published this morning by the CIPD (CIPD Employee Outlook March 2015) provides yet more interesting data to the changing landscape of retirement planning. It should be remembered that we are in a period of genuine flux here given that the default retirement age was scrapped three years ago, and new pension freedoms come online in April. Both of these alterations will have a huge impact on how employees plan for their retirement.


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm