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Aifa slams defined payment system

Aifa is calling for a fundamental rethink of the FSA&#39s defined payment system proposals set out in CP121.

The body has branded the defined payment system as impractical, bureaucratic and likely to lead to a significant reduction in the number of IFAs.

Aifa is proposing a “menu” option where IFAs would inform clients up front about product options and the cost of remuneration to reassure consumers there is no bias.


Bloomer reveals bank link talks

Prudential says it is in talks with banks to set up formal bancassurance links in preparation for life after polarisation.Speaking at a presentation marking Pru&#39s first quarter results last week in London, chief executive Jonathan Bloomer sparked speculation over the possible identities of these partners by claiming it was in discussions with a number of […]

NU calls for soft loans to IFAs

Norwich Union has broadly welcomed the FSA&#39s CP121 proposals but sounded a note of caution saying it is essential that a substantial IFA sector is maintained.It says providers should be allowed to make soft loans to IFAs as they adjust to a depolarised marketplace to help them through the transitional period.It welcomes the defined payment […]

Anything but a pension…

I read the other day that the Department of Work & Pensions is to release its requirement for money-purchase providers to give policyholders a meaningful illustration of their future pension entitlement.It will replace the current PIA-based projections…with a single growth projection of 7 per cent eroded by 2.5 per cent inflation.If we reduce the remaining […]

Long-term protection

While incapacity benefit has been increased for the financial year 2002/03, the new rate for long-term incapacity set at £70.95 per week represents a meagre 17 per cent of the national average weekly wage of £418.This is one of many significant factors influencing attitudes towards state benefits. The Mintel Financial Intelligence report January 2002 shows […]

Tax-free gains? That can’t be right, can it?

When he was Chancellor of the Exchequer, George Osborne made several changes to the way in which income is taxed. Personal allowances were increased significantly above the rate of inflation; a starting rate band was introduced for savings income and, with effect from 6 April 2015, this was assessed at 0 per cent. In addition, […]


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