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Aon calls on IFA networks to scrap select pension panels

Aon Consulting is urging IFA networks to follow its lead and abandon select panels for stakeholder pensions or risk misleading consumers.

Aon, one of the UK&#39s biggest employee benefits consultant
s, recently issued a statement on its plans to look at the whole market before recommending a life office&#39s stakeholder, arguing that small panels are not in the interests of employers or employees.

Aon believes considering stakeholder propositions from across the complete market is the only way to find solu-tions to meet individual cli-ents&#39 needs.

The company is “very concerned” at the prospect of select stakeholder panels, saying that, although they make life easier for advisers, enabling them to maximise their commission earnings, they may not be in the best interests of stakeholder scheme members.

Aon is hoping its public statement on panels will set a precedent for IFA networks fearing stakeholder panels create a multi-tie situation which contravenes polarisation regulations and could mislead the public.

Aon&#39s client base consists of a range of clients from small companies to multinational corporations.

Director of research Donald Duval says: “It would be desirable if this sets a precedent for IFA networks to follow. Stakeholder has created downward pressure on commission, leading some IFAs to use panels.

“If we are going down that route, the law needs to be changed to make IFAs dis-close their stakeholder panel or risk misleading consum-ers that they are selecting from the whole market when they are only looking at a narrow panel.”



1: What benefits can multi-ties, product ties, white labelling or dep-olarising stakeholder products bring to consumers which the current system fails to deliver?2: How much will any change cost to implement, who will pay for this change and by what method?3: What possible changes to stakeholder and Isas could be made to increase the efficiency […]

Tax reforms open up German retail market

Although Germany is often perceived as an economic leader in Europe, the German retail investment scene is still relatively undeveloped in comparison with the US and UK.A 1997 Lipper survey revealed that as many as 41 per cent of German households kept their savings as simple bank deposits, with only 9 per cent investing in […]

Market Harborough – 3-2-1 Discount Mortgage Flexible

Tuesday, 24th October 2000.Type: Discounted rate flexible mortgage.Discounted term: Three years.Discount: Year one &#45 3 per cent, year two &#45 2 per cent, year three &#45 1 percent.Payable rate: Year one &#45 4.49 per cent, year two &#45 5.49 per cent, year three &#45 6.49 per cent.Minimum loan: £30,000.Maximum loan: Up to 85 per cent […]

R&SA launches IHT pack

Royal & SunAlliance International Financial Services (RSAIFS) is launching a new UK Inheritance Tax planning pack with information on three trusts. The pack includes a general guide to UK inheritance tax, a gift trust, a loan trust a capital access trust and an advisers guide.

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White paper — Qatar International Insights

Jelf Employee Benefits highlights new legislation, key requirements and policy considerations when structuring international private medical insurance (IPMI) for expatriate employees in Qatar. This edition will be of particular interest to global human resource directors, compensation and benefits specialists and mobility managers who have employee populations in Qatar.


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