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&#39Regulation of GPPs needs to be tidied up&#39

Many IFAs do not have sufficient specialism to deal with corporate pensions and there is a need to tidy up the regulation of group personal pensions, according to the Pickering report.

Pickering is also calling for a “new kind of regulator” to police the way that IFAs deal with occupational pensions and the way that group personal pension schemes are treated.

His report raises the question of whether G60 should become mandatory for IFAs working in these areas.

While some IFAs and providers have supported his call for a new regulatory body which would replace the Occupational Pensions Regulatory Authority, others point out a single regulator which would combine Opra&#39s and the FSA&#39s roles would be less confusing to the public.

Pickering says: “Opra reports that small fully insured schemes have IFA involvement and that trus-tees of these schemes rely heavily on their IFAs.

“Opra also reports that the standards of some advisers fall below what is required to ensure that trustees of these schemes are fully compliant with legislation.”

Syndaxi Financial Planning principal Robert Reid says: “Pickering is hinting that we need to tidy up the regulation of group personal pensions and suggesting that IFAs&#39 specialism is not high enough. Is he suggesting that at least G60 is required for corporate pensions advice? He needs to take a look at how many advisers have G60.”


RSAE reflects property trend

Royal & SunAlliance Eurolife has established the RSAE Glanmore property fund, a mirror fund of Thesis Asset Management International’s Glanmore property fund.The RSAE fund provides access to UK commercial property through the underlying Thesis fund. Office space comprises 59 per cent of the portfolio, while smaller amounts are invested in the retail and warehouse sectors.The […]

Simple solution welcomed – IMA

Sandler&#39s focus on simplicity and transparency has been given the nod of approval by the Investment Management Association.Chief executive Richard Saunders says it has long advocated separating the cost of advice from the cost of the product and welcomes the improved adviser qualifications proposed in the review.Saunders also singles out the recommendation to level the […]

A common misconception

The lead letter from George Thorpe last week seemed to share what is a common misconception about compliance and it hinted at a reason, perhaps applicable in his own case “if little new business is being introduced”.Far from being a leech on the underbelly of a fat juicy carcass, the role of the compliance officer […]

Wesleyan Assurance – Guaranteed Growth Bond

Wednesday, 17 July 2002 Type: Guaranteed growth bond Minimum-maximum investment: £5,000-£500,000 Term: Five years Charges: Implicit Return: Capital returned in full at end of term along with any bonuses Guarantee: 120% of amount invested returned at end of term Commission: None Tel: 0800 0680680

The curious market reaction to Brexit

Written by Mike Riddell29 June 2016 Headlines over the past few days have screamed about record falls in sterling, record low bond yields and massive falls in equity prices. However, if you take a slightly longer view of markets rather than simply the one- or two-day reaction, I think it’s amazing how little markets have […]


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