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‘ABI is not looking to resurrect salesforces’

Large-scale provider direct salesforces are extinct and will not be resurrected under the Association of British Insurers’ retail distribution review proposals, claims Norwich Union.

Speaking at Money Marketing Live, NU head of distribution development Stephen Gay branded talk that the simplified regulatory regime advocated by the ABI will revive DSFs as “a conspiracy theory”.

The ABI’s final response to the retail distribution review calls for a simplified regulatory regime to “make direct distribution more economic for firms” and suggests “the success of the bancassurance model has demonstrated that in the right environment, the mass market can be served economically”.

Gay said these suggestions are not necessarily calling for providers to facilitate this stream and the simplified regime could be employed equally by distributor businesses or other organisations.

Gay said: “I think DSFs are dead, they are not coming back. There is nothing in the ABI paper to suggest they are coming back or should. They failed for reasons we all know and understand and things have not changed, so I think this argument should be consigned to the bin as a conspiracy theory.”

Royal London chief executive Mike Yardley said: “I feel very strongly that if DSFs do resurrect and are in the market of offering regulated advice, there should not be a two-tier approach. It should be very much the same degree of regulation and disclosure that applies to them as to an independent intermediary.”


Bolton claims fund split move is blazing a trail

Fund manager legend Anthony Bolton says Fidelity has set a trend by splitting its special situations fund.He says he would have thought that other fund firms have looked at their fund structures. Bolton says a variety of ideas were considered before the £6.5bn fund split in September 2005 but Fidelity was convinced that dividing the […]

Dennehy has doubts over Fidelity’s choice

IFA Brian Dennehy has attacked Fidelity’s decision to appoint Sanjeev Shah as Anthony Bolton’s successor on its UK special situations fund, branding the move as “Hobson’s choice”.Dennehy, managing director of Dennehy Weller & Co, says although Shah produced strong performance on the £288m UK aggressive portfolio he ran between 2002 and 2005, the returns on […]

‘Return to work’ deal from Towry

Towry Law is looking beyond the traditional IFA pool and launching a “return to work” scheme for professionals considering careers as wealth advisers.

‘Sipp clients better off in a PPP’

The Sipp market is becoming oversaturated and the majority of people taking out Sipps would be better suited to personal pension policies, according to outgoing Selestia marketing director Bill Vasilieff.He says PPs are better sui-ted to the majority of Sipp investors and those that have open architecture are not saddled with the additional charges that […]


Almost nine in 10 employers admit failings with post-DRA compliance

The default retirement age (DRA) was abolished more than three years ago, yet new research from Jelf Employee Benefits suggests that the vast majority of employers still have some way to go to fully understand, comply and communicate the landmark legislation change that prevents older employees being forcibly retired on the grounds of age alone.


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