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ABI sets out its stance on savings

We were puzzled to read Mick McAteer&#39s article (Money Marketing, December 4).

As he knows, the proposal for standardised savings products, with a simpler sales regime and low charges, was put forward by Ron Sandler in his report of July 2002. Since then, the insurance industry has been working closely with the Government and the FSA to try to ensure that this idea is implemented in a practical way that realises all the potential benefits for consumers. This is hardly “posturing”, still less “protectionism”. We are simply looking for a proposition that makes savings attractive to consumers and sensible for companies.

The industry is also heavily involved in the provision of collective pension schemes, which do have some of the advantages of scale to which Mr McAteer refers.

Like Mr McAteer, we would like to see an expansion of employer-based pension provision and we have put forward specific, costed proposals to that end.

If the Consumers&#39 Association has any further ideas, then they should certainly put them forward but this will not remove the need for an expansion of individual savings along the lines that Sandler proposed.

The UK benefits enormously from its retail savings industry. There is always room for improvement and a great deal of change is under way, leading to keener competition and enhanced customer service. This is something that the Consumers&#39 Association can surely welcome.

Francis Magee

Head of life insurance,

Association of British Insurers,

London, EC2


AMI produces guide to cold calling

The Association of Mortgage Intermediaries has produced a factsheet about cold calling, which will be banned once statutory regulation kicks off in October. The guide concentrates on what AMI&#39s members will be allowed to do with regard to cold calling, and has been produced following discussions with the FSA, a review of the final rules […]

Davies goes to Morgan Stanley

Ex-FSA boss Howard Davies is to join the board of Morgan Stanley. This will be his first private sector post since leaving the regulator.The bank will be looking to use Davies&#39 knowledge of the FSA and his considerable contacts within the industry.Davies is presently a director of the London School of Economics.Davies will replace Robert […]

Baronsmead drinks up

ISIS EQUITY PARTNERS BARONSMEAD VCT 4 Type: Venture capital trust Aim: Growth by investing in unquoted companies in the business services, media, healthcare and IT sectors Minimum investment: Lump sum £1,000 Opening-closing date: November 24, 2003/January 30, 2004Investment split: 80% unquoted companies, 20% fixed-interest securities Charges: Initial 5%, annual 2% Commission: Initial 3% or initial […]

Scottish Life offers new vision of pensions marketing

Scottish Life has launched a new proposition to let Independent Financial Advisers tap into income streams inside company-based pension by servicing demand among corporate clients for more extensive employee benefit packages. The idea of offering a wider range of benefits to employees has traditionally only been taken up by larger, blue-chip companies. But Scottish Life […]

Managing customers in drawdown

By Lorna Blyth, Investment Marketing Manager Delivering a decent drawdown review process takes time and resources. This article looks at how you can manage drawdown clients in a more cost-effective way. Most advisers are seeing an increase in drawdown clients following pension freedoms. Often these are clients with lower fund sizes, which means advisers are […]


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