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Aegon aims for 5% share with IFA merger

Origen chief executive Gareth Marr (pictured above left) and chairman Peter Dornan (right) now lead an IFA formed from the consolidation of the five firms wholly owned by Aegon – Advisory & Brokerage Services, Wentworth Rose, Aurora Financial Group, Momentum Financial Services and Elliott Bayley.

The new 200-RI firm has aggressive expansion plans to win a 5 per cent market share of the IFA sector and nearly triple turnover to £90m by 2008. Aegon believes the firm will become a major player in the UK independent sector.

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MEP&#39s call to arms on PI

Directives from Brussels are causing professional indemnity insurance problems for IFAs and Labour MEP Peter Skinner says lobbying should be centred on this issue. IFA firms carrying out both insurance and investment business will be hit with PI requirements stemming from the insurance mediation directive in January and the investment services directive in April 2006. […]

TUC chief says workers will strike to keep pensions open

Workers feel betrayed because of cuts in their pension benefits and will no longer accept benefits being axed, Trades Union Congress general secretary Brendan Barber has told industry chiefs. Barber warned delegates at the National Association of Pension Funds&#39 conference in Glasgow last week that industrial action would be taken if employers stopped or reduced […]

Profits boost for Positive Solutions

Positive Solutions nearly tripled profits in the year to December 31 as it continued its policy of attempting to recruit big numbers of IFAs. Despite tough market conditions, the national IFA firm saw profits rise by 161 per cent from £425,716 to £1.11m with turnover rising by 41 per cent from £18.1m to £25.6m. It […]

Citibank widens advisory service and fund range

Citibank is expanding its UK investment advisory service to include in-house investment advice and a broader range of equity funds. The Citibank UK Investment Advisory Service includes access to JP Morgan Fleming Asset Management&#39s Isa and Oeic range. The service provides financial reviews and investment recommendations tailored to customers&#39 needs. It is available to Citibank […]

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England vs Australia: pensions

Well, the cricket season is here, and England and Australia are stepping up to the wicket. Although we compete with each other in the sporting world, when it comes to pensions, Australia’s pension programme is held up as a model for our auto-enrolment initiative. Auto-enrolment was introduced because people weren’t saving enough into their pensions, and it is still early days but signs are positive. However, in Australia, saving into a pension is compulsory, and in fact employers are the ones who have to pay in. Employees in Australia can make additional contributions into their pensions, but they don’t have to. Should the onus be on the employer or employee to save? Well in the UK we think it’s both, but to get ‘adequate’ savings for retirement it’s the employee who has to pay more in.

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