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ABI says regulation is not the answer to Sandler

Regulation of the sales process of Ron Sandler&#39s stakeholder style products is only one part of a “three pieced jigsaw puzzle” according to the ABI and on its own will not help to close the savings gap.

Responding to the FSA&#39s Discussion Paper 19 published yesterday which outlined three possible sales regimes for the new stakeholder products, the ABI said the options are a useful starting point but that minor amendments to the current rules will not make the difference needed to close the savings gap.

The FSA discussed three alternatives for the sales of Sandler&#39s so-called safe-haven products, the first having warnings about product suitability but no advice, the second where advisers are permitted to ask consumers filter questions decided by the regulator and the last where low-level advisers would make suitability decisions within guidelines set out by the FSA.

ABI director general Mary Francis says: “We must not forget that getting regulation right is only one component of making Sandler work. Not only does regulation need to be right, we need to make sure that the price controls and the product definition itself, give us a package that providers can offer and customers will want to buy.”


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Britannic enters purchased life market

Britannic Retirement Solutions has entered the purchased life annuity market.Purchased life annuities are not pension annuities, so they can be taken out by anyone who needs an income for life. However, they are usually of interest to people who are approaching retirement or who have already retired. They may, for example, be used to fund […]

Northern Rock – Fifty:Fifty Issue 16

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FSA publishes Sandler sales options

The FSA has published three possible options for the new sales regimes to accompany the Sandler suite of stakeholder products, none of which include full-blown advice.Of the three options, the FSA favours the second, an approach led by filtered questions, but says it is eager to consult with the industry to gauge its opinion.There is […]

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David Cameron appoints former adviser to Tony Blair as new pensions minister

Following a cabinet reshuffle in light of last week’s general election, David Cameron has announced that Ros Altmann will be replacing Steve Webb as pensions minister. As the industry works with one of the largest reforms to the sector in almost a century, the former adviser to Tony Blair has been tasked with ensuring that the pensions revolution does not stray off track.


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