Britannic Retirement Solutions is launching a purchased life annuity paying enhanced rates to people with qualifying lifestyles or medical conditions. Research carried out for Britannic Retirement Solutions shows the purchased life annuity market has grown 23 per cent to £207m in the first three quarters of 2002 from £168m in the first three quarters of 2001.
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Shell shock
Schroders director Robin Stoakley received a shock at work last week when his wife rang to say that he couldn't come home because an unexploded World War Two bomb had been found in the garden.Workmen discovered the 60-year-old German bomb while laying a new drive at Stoakley Towers. Neighbours had to evacuate a 100m exclusion […]
CML sad to see Davies go
On the departure of Howard Davies from the FSA next September the Council of Mortgage Lenders communications manager Bernard Clarke says: “Howard Davies has helped the FSA to steer a proper course in implementing the Treasury's proposals for the statutory regulation of the mortgage market. “He has reinforced his reputation as a witty and entertaining […]
Options on endowments
It would appear that mortgage endowment policyholders have several options open to them to address any projected potential shortfall in their plan's targeted maturity value:•Increase their endowment's premium.•Convert all or part of their loan to a capital and interest basis.•Make separate alternative provision for any anticipated shortfall.•Do nothing.•Complain, alleging that they were missold the endowment […]
Britannic picks chief operating officer
Britannic Asset Management has appointed Gavin Stewart as chief operating officer. He will take up the role in January and will be responsible for finance, legal, IT, corporate development, investment trusts and product development. Stewart was formerly group development director at Aegon and marketing director at Scottish Amicable.
Auto-enrolment compliance figures…
At the end of July, the Pensions Regulator issued its quarterly update on auto-enrolment (AE) compliance by employers in the UK. The full report can be seen under the quarterly bulletins section here.
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FSCS to pay back 2,700 clients of collapsed DFM Beaufort
The Financial Services Compensation Scheme will automatically compensate hundreds of clients of a collapsed discretionary fund manager, but other investors will have to wait another five months to get their money back. London-based Beaufort Securities has been investigated by both the FCA and US authorities. An indictment from the US Department of Justice alleges that […]
Profile: Fiducia on really knowing your clients
Fiducia managing director on ‘good old-fashioned’ customer service in the digital world Anthony Scott is adept in the art of communication. As an adviser and a novelist (he has written the novels ‘On Ashover Hill’ and ‘The Birthday Gift’) it is crucial for the Fiducia Group managing director to engage and build a rapport with […]
FCA warns over advisers giving ‘inadequate information’ to DB transfer specialists
The FCA has reiterated its warnings that advisers outsourcing defined benefit transfer advice to firms with relevant qualifications cannot divorce themselves from responsibility for the eventual recommendation. While existing FCA rules require additional qualifications to advise on DB transfers, and the FCA has written to all firms who have DB transfer permissions as part of […]
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