View more on these topics

Balls calls for Age 70 rule to be scrapped

Treasury economic secretary Ed Balls said today that he would be writing to FSA chairman Callum McCarthy recommending that the age 70 rule be scrapped.

The FSA is to consider the decision on whether it will scrap the age 70 rule on protection policies this Thursday at a board meeting and will announce the decision following the meeting.

Balls said at the FSA’s Principles-based Regulation conference today: “I am writing to Callum McCarthy to recommend that the age and term conditions for life insurance policies be scrapped.”

If the rule is scrapped, Icob advisers will be allowed to sell policies maturing beyond age 70 as these can only be sold by Cob advisers at present.

Providers say it will open up the marketplace for conventional non-profit whole-of-life plans and pure protection whole-of-life plans to Icob advisers.

The FSA originally suggested two options – scrapping the rule or raising the age 70 condition to 80 but is expected to take the former option.

Association of British Insurers protection committee chairman Nick Kirwan says: “Scrapping the rule is something I have been campaigning for for a long time as it will help to open up the market.”


Alliance Trust boutique hires new manager

Alliance Trust’s boutique asset management company, AT Asset Management (Asia Pacific) has appointed Jay Newman as senior portfolio manager. He will bring his experience of the Asia-Pacific region to the the Hong Kong based team and will develop the new company’s global multi-asset class business for third parties. AT Asset Management already manages the portfolio […]

Long road to freedom

I refer you to the following debate – on Tuesday, April 17, in debate on occupational pensions, MPs referred to the two-year campaign by The Times to obtain documents under the Freedom of Information Act. Gordon Brown: First, we introduced the Freedom of Information Act 2000. Secondly, I support it. Thirdly, I support the release […]

Don’t rue the day

It is a rare professional who has never advised a client to commit to an investment that has not subsequently gone down in value. It is equally improbable that you will find one who has never missed out on a rising star.

Sites for sore IFAs

A few months ago, I had a moment of revelation. I had just been researching whether to move broadband providers, having read that contracts were becoming cheaper. To stay with my existing supplier might now be unnecessarily expensive.

Choose life…

Sarah Scott  – Marketing Consultant, Royal London  This month sees the return of Renton, Sickboy, Begbie and Spud in the sequel to the film Trainspotting. Just over 20 years later, we return to see exactly how life treated the characters whose lifestyle was less than ideal back in 1996. Did they choose a job, choose […]


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    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