View more on these topics

Age 70 rule abolished from today

The abolition of the Age 70 rule comes into force today allowing Icob advisers to sell life policies maturing after the age of 70.

The FSA Board voted to scrap the Age 70 rule, which restricts the sale of policies maturing beyond age 70 to Cob advisers, in April this year.

The FSA considered extending the rule to age 80 but decided, after consultation with the industry, to do away with the restriction all together.

The FSA said: “We have therefore proceeded on the basis of option 2 to remove the age and term conditions from the definition. We do not consider the features of the products affected by this rule change warrant the extra regulatory burden imposed by the COB regime.”

Providers and advisers had been pushing for the regulator to axe the rule. Many felt it was outdated in a society where people are living longer and retiring later.

Bright Grey technical product manager Ian Smart says: “It was a sensible move because the rule didn’t make a great deal of sense. It didn’t add protection, it added confusion because people were not being able to take out the cover they actually needed.”

Recommended

Public favour direct hedge fund access

Only 10 per cent of people think access to hedge funds should be restricted to professional investors, with most favouring wider public access.Fifty-five per cent favour direct access while 35 per cent think access should be given but only through specialist investment managers, according to a survey of 3,091 people by F&C Investments.Francois Barthelemy, a […]

Ex-LV= advisers go to Thinc

Two-thirds of the former LV= advisers have rejected the self-employed contracts offered at Lighthouse and moved to Thinc after the mutual closed its IFA arm.LV= closed its advice arm after acquiring Lighthouse in March. The 42 managers, advisers and coordinators from LV= were previously salaried and 29 have turned down the option of self-employed contracts […]

Ex-HBOS man joins Uinsure as MD

Former HBOS general insurance deputy chief executive Simon Stevens has joined Uinsure as managing director. The new general insurance proposition for mortgage advisers has been set up by former Bankhall joint chief executive Simon Taylor.

State of the markets: UK equity income

Artemis Income Fund manager Nick Shenton discusses the state of the UK equity income market with journalist Alexis Xydias. With the first three months of 2015 showing strong returns for both the Artemis Income Fund and UK markets generally, Nick Shenton discusses the fund’s top contributors – including overseas holdings Novartis and Bayer – and […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment