View more on these topics

Britannia Life tightens up drawdown training

Britannia Life is tightening its income-drawdown requirements for its broker consultants by forcing them to pass tough new exams.

Seventy-six consultants sat an in-house exam after a three-month course. Two consultants failed the exam but nearly half passed with flying colours, achieving scores of 75 per cent or more.

The two who failed will undergo further training and have to pass the exam before they are allowed to advise IFAs on Britannia&#39s Pension Control drawdown product.

Britannia says the introduction of the exam follows the PIA&#39s failure to act on calls from many life offices to make drawdown a permitted activity.

Head of sales and marketing Francis Ghiloni says: "Britannia places great emphasis on training and qualifications and initiatives that give valuable reassurances to IFAs.

Britannia believes drawdown should be a permitted activ ity but, as yet, the PIA does not agree."

Last week, the IFA Association claimed that the PIA&#39s inaction has forced it to take drastic measures. The IFAA is drawing up guidelines for its members because it fears the complexity of drawdown could lead to accusations that products are being missold.

Life offices have welcomed the IFAA move. Winterthur Life technical support manager Mike Morrison says: "This seems like a good step as a starting point. We would like to see something from the PIA because the IFAA&#39s guidelines are not going to be foolproof."

But the industry is split over the need for drawdown to become a permitted activity. Life offices such as National Mutual and Scottish Equitable are fighting against such a move.

They argue that making drawdown a permitted activity would mean that all forms of retirement advice would need similar treatment.

But they want more education within the market and support training programmes.


What&#39s in store for ISAs

The ISA regime is scheduled to start on April 5, 1999. After that date, no new Tessas or Peps can be sold. Here are the current proposals: Maximum annual investment will be £5,000 and the maximum lifetime total will be £50,000. Investments will be tax-free and can be withdrawn at any time without losing tax […]

Gewanter sets up own firm

Financial PR Henry Gewanter is setting up his own public relations firm – Positive Profile – after quitting Financial Dynamics after nearly five years at the company. Gewanter, a former investment banker and New York taxi driver, takes around 15 clients with him, including Imro, Premier Asset Management and ABN Amro Hoare Govett. Gewanter was […]


“You cannot expect a Government to come in and after six months get everything wrong.” – Labour housing minister Hilary Armstrong failing to get the Mandelson PR spin quite right. “Merry Xmas…you&#39re sacked.” – Daily Record&#39s blunt comment on Britannia Life&#39s decision to axe 260 jobs. “If I say anything about Britannia Life, I will […]

US stockbroker to set up 400 IFA branches in UK

Company directors and IFAs found guilty of dragging their heals over the pension misselling review will be kicked out of the industry under tough new Treasury plans. Treasury economic secretary Helen Liddell, in her latest attempt to keep the pensions review high on the political agenda, revealed that individual directors, managers and sales staff could […]

Time for a new approach to asset allocation

Trevor Greetham, RLAM’s head of multi asset, introduces the recentlylaunched RL GMAPs. Asset allocation has become an increasingly difficult challenge for investors and advisers in the years since the financial crisis. Sometimes violent price swings in stock and commodity markets coupled with the collapse in the rate of interest on bonds have made it harder […]


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 thought leadership.

    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