Significantly more Icob advisers have recommended pension term assurance to consumers than Cob advisers, says Standard Life.Its survey, undertaken by George Street Research among 206 advisers in June, found that only 40 per cent of Cob advisers have recommended PTA compared with 54 per cent of protection advisers. Overall, 43 per cent of advisers said they felt PTA was not appropriate for their client base. Just over 25 per cent said the product did not fit their clients’ needs because it did not offer combined life and critical-illness cover. The main reason for recommending PTA over other types of cover was due to the savings a consumer could make, cited by 82 per cent of advisers. Standard Life product marketing manager Mick James says: “I am surprised at the number of advisers who felt PTA is not appropriate for their clients.” CBK principal Peter Chadborn says: “I think Cob advisers are perhaps more aware of changes in legislation and because of that we are more wary of U-turns happening. “For example, if Gordon Brown becomes Prime Minister, he may decide to scrap the tax relief on PTA. So Cob advisers are perhaps exercising more caution when recommending PTA.”
The FSA has fined Braemar Financial Planning £182,000 for systemic failings in its sales processes for pensions unlocking.
Sirius Financial Solutions has announced a 154 per cent increase in its pre-tax profit compared to the same six month period in 2005, from 226,000 to 573,000. Operating profit before goodwill amortisation increased 50 per cent from 734,000 to 1.1m. After charging goodwill, operating profit was 615,000, increasing from 253,000 in the first half of […]
The Way Group is adding an estate transfer plan to its range of inheritance tax planning vehicles underwritten by Isle of Man Assurance. Way says the estate transfer plan, which is only available through an insurance policy, will offer the benefits of a discounted plan but with increased flexibility for the donor over the extent […]
Aifa’s call for the introduction of limited or focused advice on specific product areas has been welcomed by many in the industry as long as important caveats are established.
Employees at Johnson Fleming, in Bromsgrove, Worcestershire, are looking forward to trying out some dramatic new hairstyles on Wig Wednesday. A host of colourful wigs will brighten up the office on 20 May as staff support children and young people with cancer.
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The Financial Ombudsman Service has appointed Money and Mental Health Policy Institute vice chair Richard Lloyd to lead an independent review into its complaints handling process. The former Which? executive director has been charged with producing a report into FOS’ practices after a Channel 4 documentary earlier this year suggested a number of failures at […]
Aberdeen Standard Investments has voted against multi-million pound payouts for senior executives at housebuilder Persimmon. Persimmon held its annual general meeting today. There was a huge outcry at the end last year when it emerged the chief executive, chief financial officer and managing director of Persimmon were in line for huge pay packets as a […]
Consideration of non-pensions related tax-advantaged investment is becoming more necessary This week I want to take a look at where things stand in relation to pensions and planning using tax-advantaged investments following the Spring Statement. With the increasing impact of the lifetime and annual allowances, consideration of non-pensions-related tax-advantaged investments is becoming ever more necessary […]