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Australian pensions chief warns of Budget ‘disaster’

The chief executive of the Association of Superannuation Funds of Australia has warned the Budget reforms could be a “disaster waiting to happen”.

Speaking at the NAPF conference in Liverpool yesterday, Pauline Vamos said policymakers must ensure appropriate product regulation is in place ahead of the new freedoms coming into force in April next year.

She said: 
“If you are not regulating the market, you will get dodgy products in a new market. Unless you ensure the market is properly regulated, and comparable and transparent you’ve got a disaster waiting to happen.”

She added that the Australian public “hated intermediaries” and was “DIY” when it came to taking pensions advice.

Speaking at the same event, ABI director general Otto Thoresen said pension providers need clarity from Government about what will be expected of them in the future.

He said: 
“I know insurance companies are asking questions about where their responsibilities should start and stop.”

Whitbread group pensions director and NAPF DC council chair Lesley Williams also warned the narrow timescale of the pension reforms was putting the industry under pressure.

She said she wanted schemes to be able to provide income throughout retirement but there “isn’t the infrastructure today to pay income directly from DC funds”.



ABI: FCA is ‘frustrating’ simplified advice progress

The Association of British Insurers has raised concerns providers may not be able to offer simplified advice in time for next April due to a lack of clarity from the FCA. ABI director of regulation Hugh Savill says the trade body’s members are keen to develop online “mass market” simplified advice offerings. But he says […]


Robert Reid: MAS guidance needs the voice of experience

After the debacle that is the Money Advice Service insulting the very people they need to deliver guidance, we increasingly need to discuss the absence of sales skills. There is a real lack of soft skills in those entering this emerging profession. People in general don’t like percentages or numbers, so the ability to empathise is […]


HSBC reviews trail commission payments after FOS ruling

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Interest rate swap redress hits £1.5bn

The total amount paid out in redress for interest rate swap misselling by major banks has hit £1.5bn. The latest FCA data shows that as of the end of September, £1.5bn has been paid out and around 10,000 customers have accepted a redress offer. The regulator says that all nine banks involved in the scheme […]

Trusts: Easier than you think?

Protection providers often extol the benefits of placing plans in trust. The advantages for clients are widely recognised and numerous – inheritance tax mitigation, avoiding probate delay, controlling claim proceeds, and so the long, familiar list continues. Yet, dismissed as unnecessary form-filling, or simply viewed as irrelevant in the context of a mortgage sale, less […]


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