View more on these topics

Back our Omo push

Living Time has called on the most active and influential IFA firms to lend their weight to the Omo – Offer More Options campaign that seeks to introduce fresh thinking to the £14bn retirement income market.

This campaign for change has two important aims -, to encourage retirees to consider all their options at this crucial stage of their lives and to help advisers position themselves to grasp the significant opportunities of offering retirement solutions, not just at retirement but also through retirement.

Following the distribution of video messages to the leaders of the top 200 adviser businesses, many of the industry’s big hitters are beginning to lend their support. Among the quick responses, was one from Aifa head Chris Cummings, expressing his frustration at the lack of success of the open market option and support for far-reaching reforms.

Too many retirees are unaware of the range of options available to help deal with complex considerations on longevity and health and too few exercise their right to shop around for the most suitable plan. Lifetime annuities are an important part of the jigsaw but no retiree should be given the impression they are the whole picture.

So far, initiatives to improve take up of the open market option have failed to deliver sufficient change – they are tinkering at the edges of an issue that impacts on nearly half a million people each year.

We believe the level of response and the early feedback point to a clear need for an industrywide working group/forum promoting change at the highest levels. But we need the fullest possible support of all in the financial advice and retirement industries. Sitting back and accepting the status quo will only prolong a problem that can easily be improved and ultimately solved.

The industry has the potential to make a positive impact but it needs to focus harder on getting its message understood and reducing bureaucracy. Joining forces and lobbying for change together can help turn the huge potential for improvement into a reality for all our benefits.

Dave Harris,

Managing director sales & marketing, Living Time

Supporters can find out more and register their interest on the campaign website at www.offermoreoptions.co.uk Living Time has also promised to meet with firms and IFAs who support the campaign to gather a wide range of views on how reform can be pushed through to benefit the industry and the consumer.

Recommended

Approval for ifs diploma to meet QCF standards

The ifs School of Finance says Ofqual has formally approved amendments to its level four diploma for financial advisers, designed to meet QCF level 4 requirements.

Bailey promoted at Axa

Rob Bailey, the head of UK retail sales at Axa Investment Managers (Axa IM), has been promoted to head of sales, UK. In this broader role Bailey will be responsible for the development of Axa IM’s retail and institutional business. He will work closely with Simon Cartwright, the global head of consultant relations, and Mark […]

Thumbnail

Case study: administration — implementing a management log

Our client is a leading video game and publishing company best known for its console role-playing game franchises. The client provides a number of benefits, at varying levels and cost that attract a P11d liability. With the absence of a management log to track data for benefit movements, enormous administrative and therefore cost implications were occurring each year just to comply with P11d reporting requirements.

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment

    Close

    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm

    Email: customerservices@moneymarketing.com