MM – Top lead story

Old Mutual Wealth 2014
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Sesame confirms Intrinsic AR referral deal

Sesame Bankhall has confirmed it has chosen Instrinsic as its preferred partner for investment and pension appointed representatives who choose to leave the network following its closure. Last month, Money Marketing revealed that Sesame was planning the tie-up with the Old Mutual-owned network after it closed for business to investment advisers. Following the restructure of […]

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FCA fines Clydesdale Bank £20.6m over PPI complaint handling

The FCA has fined Clydesdale Bank £20.6m over serious failings in the way it handled payment protection insurance complaints. This is the largest ever fine imposed by the FCA for PPI-related failings. The FCA says in mid-2011 Clydesdale implemented inappropriate policies which meant that its PPI complaint handlers were not taking into account all relevant […]

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FCA sets out plans to regulate pension freedoms

The FCA has made pensions and retirement income a key plank of its policymaking for the coming year, as it warns providers about attempting to sidestep the Pension Wise service. In its business plan for 2015/16, published today, the regulator says given the changes to the market over the last year pensions will be a […]

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FCA lays out financial incentives misselling concerns

The FCA has laid bare concerns about potential misselling risks created by sales incentives schemes at firms dealing with retail customers. The document lays out the FCA’s approach for all firms dealing with retail consumers, and comes following an increase in whistleblowing and evidence of instances of poor practice. While the regulator says it has […]

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Design flaws: FCA second line of defence reforms risk ‘overloading’ customers

Providers under pressure to comply with the FCA’s new ‘second line of defence’ rules may end up overloading customers with generic information to meet the April deadline, experts are warning. Last week, the regulator published rules that require pension providers to give customers personalised ‘risk warnings’ based on their plans for accessing their savings. But […]

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FCA on suitability reports: ‘Ask the FOS’

Advisers who are struggling to produce concise and personalised suitability reports should take their questions to the Financial Ombudsman Service, says FCA technical specialist Rory Percival. Speaking at a Distribution Technology conference in London yesterday, Percival again raised concerns that suitability letters are too focused on defending potential complaints and not enough on client engagement. […]

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Former L&G annuities boss Tim Gosden returns to MGM

MGM Advantage has recruited former Legal & General annuities boss Tim Gosden to develop and market the provider’s post April retirement proposition.  Last month, Money Marketing revealed Gosden had left L&G as part of a restructuring exercise. L&G pensions strategy director Adrian Boulding has also left the company. MGM product and marketing director Peter Carter says: […]

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FCA publishes first data on compliance guarantees

The FCA requested 10 compliance guarantees of small and medium-sized firms last year, new data reveals. The regulator has today published quarterly statistics on its use of attestations for the first time. An attestation is a written confirmation that a firm is meeting certain regulatory requirements. They can take the form of a Dear CEO […]

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Better Retirement founder Tim Eadon exits to launch new advice firm

Better Retirement Group managing director Tim Eadon has left the firm he founded to set up his own venture. Eadon, who was chief executive of the Personal Finance Society from 2006 to 2008, is setting up his own advice business as he looks to take advantage of growing interest in pensions following the April freedoms. […]

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Providers ‘committed’ to with-profits following L&G exit

Insurers offering with-profits products to new customers say they have no plans to follow Legal & General’s lead and exit from the market. Earlier today, L&G said it was closing the funds to new business because of falling sales as a result of the introduction of the RDR. But Prudential, Aviva, Royal London, and LV= […]

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Bond veteran Bill Gross ‘fired from Pimco’ after offer to scale back role

Pimco founder Bill Gross has claimed he was fired by the fund manager after offering to pare back his role at the firm. In an interview with Bloomberg, Gross said he offered to step down from the executive committee and compensation committee and oversee closed end funds after “differences with management” over the firm’s business […]

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B&CE eyes new auto-enrol employer charge

B&CE, the firm behind The People’s Pension, is considering introducing a new charge for employers using the scheme for auto-enrolment, Money Marketing understands. Board members at the firm are understood to have discussed the possibility of a fee paid by smaller employers, in addition to the 0.5 per cent annual management charge on members’ pots. […]