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58% of IFAs say cap rise is no incentive

Life company networks that have received their MTA letters

Legal & General

Life company networks that have not yet received their MTA letters Zurich, MGM Assurance, Axa Assurance, Friends Mortgage World IFA/IFA-owned networks that have received their MTA letters

Enable, Sage Financial, Lighthouse IFA, Bankhall, Mint, Burns Anderson, Berkeley Wodehouse Associates, Banking-Insurance Services, Personal Touch Insurance IFA/IFA-owned networks that have not yet received their MTA letters Tenet (Interdependence, M&E, Lime), Whitechurch, Inter-Alliance, Millfield, Sesame, Interdependence, IN Partnership, Berkeley Independent Advisors, Virtual Net (Europe) Mortgage networks that have received their MTA letters

Members Mortgages, Pink Home Loans, Premier Mortgage Management, Trinion, Manchester Building Society Mortgage Brokering Services, Squirrel, Personal Touch Finance Mortgage networks that have not yet received their MTA letters Best Advice Mortgage Network, Complete Mortgage Network, Custom Made, Domain, Ethical Mortgage Solutions, Genesis, First Home Loans, Home Loan Partnership, LifeQuote, Mortgage Intelligence, Mortgage Marketing Centre, Mortgage Next, Mortgage One, Network Data, Next Generation, Optoma Interpartners, Paymentshield, The Mortgage Union, The Mortgage Operation, Professional Mortgage Network, Mortgage Support Network, Network One, One2One Mortgages, Professional Mortgage Partnership Network, Guaranteed Home Loans, Mortgage Times, All Types of Mortgages, Trustguard Homeloans This list was current at the time of Money Marketing going to press Nearly 60 per cent of IFAs say the rise in the charge cap to 1.5 per cent will not make them more likely to sell pensions.

A survey by Money Marketing Online shows that only 27 per cent of IFAs will be more likely to sell pensions, with 58 per cent saying it will not make them sell pensions while 15 per cent do not know how the decision will affect them.

The Treasury claims it has struck a balance between the needs of the industry and consumers but providers say they are still reticent about whether the Sandler suite will be economically viable.

Bradford & Bingley group financial services director Roderic Rennison says the jury is still out on whether more pensions will be sold but the early signs are not promising.

He says: “Providers have not announced if they will pay more to intermediaries and this will affect whether intermediaries will sell more. Other issues such as regulatory comeback will also influence intermediaries and it is difficult to say what will happen until these have been decided.”

Simply Biz chairman Ken Davy says: “I think until the details of the reviewed charges and the commission is spelt out, it is a difficult question for any IFA to answer. However, despite the disappointment that the charge has only been raised for the first 10 years, I would still expect an increase in stakeholder pension sales.”

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