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An enviable position

Alison Turner Holmes – Protection marketing manager, Skandia

Skandia pledges its support to the campaign. We use only fully FSA-regulated brokers to promote and recommend the quality critical-illness and life policies we provide.

Fully regulated brokers are in an enviable position to give advice on a client’s whole financial position rather than isolating a particular need. For example, we believe that a client’s mortgage situation is relevant to their pension requirements which are also relevant to their IHT requirements, which is relevant to their long-term care retirements…and so it goes. All aspects are inter-related and should be taken into consideration while giving advice. The biggest detrimental factor of execution-only sales via a non-advising channel is trusts. An example here would be that a big life insurance policy can be put into place without any discussion or recommendation of a trust to accompany it.

This plan would, in the event of a life assured’s death, be paid into the estate and either increase or create an IHT liability rather than a trust placing the proceeds in the right hands at the right time. The other problem, of course, being that of critical-illness policies offering basic cover and not fulfilling the client needs or expectations.

There would be no complaints channel for the victim since the inadequacy of the plan would not come to light until they attempted to claim.


Hartford guide aims to help IFAs review WP with clients

US-owned life office The Hartford has put together a with-profits review guide for advisers with clients in the asset class. The Hartford has consistently targeted with-profits money since launching into the UK last year. Its latest with-profits review guide includes key questions and issues to consider, template letters for approaching clients and providers and a […]

Massow slams ‘barbaric’ treatment over claims

Prominent IFA Ivan Massow says endowments and FSAVC claims against him should be dropped because these were the best products for the gay community in the early 1990s. Massow faces a 90,000 claim from Sesame for misselling compensation when he was a member of DBS. He is arguing that the homophobic practices of life offices […]

Level paying field

What are the arguments in favour of a flat rate of income tax and how likely is it to be adopted in the UK?


Guide: day-to-day tasks ​— can your system manage?

This guide from Johnson Fleming will take you through the required communication and also give ideas for additional actions that will ensure your auto-enrolment project is a success. As well as highlighting what is required from a system to ensure it is up to the tasks, an overview of the following is also provided: data validation; data categorisation; employee communication; opt-in process; opt-out process; produce contribution schedule; contribution reconciliation process; upload of member data to pension provider; upload contribution to pension provider; manage salary sacrifice process; enrolment process; re-enrolment process; and management of increased employee queries.


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