Sales of new life and pension products rose by almost 25 per cent in the second quarter of the year compared with the first quarter, according to latest figures from the ABI.The ABI says A-Day has helped to drive record sales of 3.9bn in the second quarter, up by 24.5 per cent on the previous quarter and 31 per cent on Q2 2005. The figures show partic- ularly strong growth in individual pension sales, with single-premium individual pension new business in Q2 hitting 4.254bn, up by 61.6 per cent on Q2 2005. Regular-premium individual pension new business in Q2 hit 953m, up by 67.2 per cent on Q2 2005. The latest figures follow a round of buoyant new sales figures in the life sector, with Aegon recording a 55 per cent rise in new life and pension business in the first half against the same period last year and Norwich Union seeing 43 per cent growth. But Cazalet Consulting principal Ned Cazalet says the figures are”absolutely meaningless” and says the majority is just recycled business. Facts & Figures Financial Planners managing director Simon Webster says: “A-Day was useful for people that already had pensions but recycling old money does not close the savings gap. The ABI is saying the garden is rosy but they are shouting about the wrong thing.” But an ABI spokesman says: “Ned Cazalet has made his views well known. We freely acknowledge there is a certain amount of transfer business in these figures but a lot of it is genuinely new business. Cazalet should also not discount transfer business, as it shows the market is working well.”
Norwich Union is launching a TV campaign this week supported by new press and outdoor ads. The aim is to raise NU’s profile as an investment provider and will use more product-specific ads than in the past.
A company chaired by stakeholder reformer Ron Sandler has been hit with a 250,000 fine by the FSA. The regulator found that between 2001 and 2003, derivatives broker Kyte Group breached FSA rules by failing to properly reconcile client money balances and segregate the correct amount of money on behalf of its clients. It also […]
The Advertising Standards Authority has upheld a complaint against a claim management company for giving misleading information about the success rate of CMCs compared with individual complainants.The complaint was brought by the FSA against CPH Financial Advisory Services, an IFA firm that also acts as a CMC, in connection with an advert from September 2005.The […]
Scottish Life has appoin- ted Jamie Clark as occupational pensions marketing manager. Clark worked in marketing development at the Edinburgh-based company.
By Kunal Desai, head of Indian Equities, Neptune A key concern for investors who were looking at India afresh has been the rich valuations and strong prior performance. We view the correction in the market through short-term growth concerns from demonetisation as a terrific entry point for the long-term investor. Investors should not be overly concerned […]
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Fund managers who have helped pay compensation over the collapse of life settlement bond provider Keydata will receive a £12m refund, the Financial Services Compensation Scheme has announced. Keydata’s management has been embroiled in a multi-million-pound legal battle with the FCA since it collapsed in 2009. The total bill for compensation stands at more than […]
With no employer to fall back on, the self-employed are on their own when it comes to retirement saving. Irregular income patterns can make it harder to save regularly into a pension and commit to locking money away until age 55. Those who are building a business may see that as their biggest asset and […]
The FCA has finished implementing the recommendations of the Financial Advice Market Review with the publication today of a policy statement relating to personal recommendations today. The FCA aligned itself with Mifid II last year by mandating that regulated advice must contain a personalised recommendation. In August last year, the FCA published a consultation paper […]