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BRS team back with eyes on at-retirement

The team that put Britannic Retirement Solutions on the map is set to re-enter the market with an annuity, equity release and long-term care proposition, Money Marketing has learned.

The new company is understood to have significant corporate backing to target the at-retirement market and is believed to be on track for FSA approval in June or July, with a launch date yet to be fixed.

Many IFAs were disappointed to see Britannic Group close BRS to new business last November, feeling the market had lost a genuine innovator and a tireless lobbyist.

The new provider is understood to be the brainchild of former BRS chief executive Mike Fuller, who is generally credited with inventing the smoker&#39s annuity for Stalwart in 1995, later sold to GE Life. BRS managed to more than double its turnover to £362m in 2002 from £166m in 2001 by competitive pricing in the enhanced annuity market.

Sofa managing director and former BRS corporate development director Bob Bullivant is understood to have no role in the fledgling company.

GE Life head of marketing David Lowe says: “The enhanced annuity market currently represents 10 per cent of the market when it should be nearer 40 per cent. Growing markets need competition and so more players will drive that competition.”

Chartwell Investment Management pensions adviser Gemma Bryer says: “When BRS left we saw the market for enhanced rates narrowing significantly. We welcome a new player in the market and believe the market will grow as people become more switched on to their options.”

Thinc chief operating officer Simon Chamberlain says the success of the new network will depend on acquiring the right firms and utilising their skills and client bases


Outcry as FSA tells IFA its fees are too high

The FSA has told a central London-based IFA that its £150 an hour fees are too expensive and it must lower them. The move has left IFAs aghast at what they see as blatant market intervention and has sparked fears that the regulator may be determined to push down IFAs&#39 tariffs despite clients&#39 willingness to […]

IFAs at loggerheads on fees

Two leading IFAs clashed over whether consumers are willing to pay fees for financial advice at last week&#39s Money Marketing Live. True Financial Planning managing director John Baxter, whose umbrella organisation advocates fee-based advice, and Berkeley Independent Advisers chief executive Richard Howells disagreed with each other over how easy it is for commission-remunerated advisers to […]

NDF Administration – European Defined Bonus Plan

Type: Capital-protected bond Aim: Growth linked t the performance of the Dow Jones Eurostoxx 50 index Minimum-maximum investment:£10,000-no maximum, Isa £7,000 Term: Six years Return: 10% of original investment at end of year one if the index is at or above its initial level, 20% at end of year two if the index is at […]

Easy to stumble in front of the pension goal

Risk is always with us in everything we do but, for some reason, many people seem to have particular difficulty in managing their financial risk. If things go wrong because of mismanagement of financial risk, that damages the whole industry, regardless of whose fault it is. I define financial risk as the possibility of a […]


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