View more on these topics

Companies move to quality street

The article by Peter Hargreaves What does the client want, Mr Sandler

(Money Marketing, August 16) raised some important issues regarding action

by the financial services industry over clarity and customer service.

The industry is, in fact, addressing those issues through the Raising

Standards quality mark scheme. Forty-nine brands, representing 82 per cent

of the life and pension market, have expressed their support for this

scheme, which is voluntary and applies to financial services brands

want-ing to implement the initiative&#39s promises and standards.

The PPIAB was established in 2000 as an independent body to accredit

brands and verify that all the eight standards are attained to ensure

clarity and comparability of information, appropriateness of products

purchased and customer service. Charges paid by the brands for their

accreditation enable us to be self-funding.

The purpose of accreditation is to foster public confidence in the

pensions, protection and investments industry through PPIAB performing and

promoting an independent accreditation role, and acting as custodian and

promoter of the quality mark, impartially and effectively.

The quality mark covers products that are bought by individuals to meet

long-term savings and protection needs. These include individual life and

pensions such as whole of life, term insurance, annuities, endowments,

personal and executive pensions, FSAVCs, stakeholder, long-term care and

retail collective investment schemes, such as Isas, unit trusts, Oeics.

Group products are currently excluded, except where the contact is

essentially with the individual, such as group personal pensions and

stakeholder pensions.

In July 2001, we received the first applications from brands seeking the

new Raising Standards quality mark and will be announcing the first

accreditations in mid-October.

The industry, by introducing this voluntary scheme, is addressing concerns

that have been expressed over a number of years regarding clarity and

quality of service to its customers.

John Cox

Chief executive,

Pensions, Protection Investments Accreditation Board, London

Recommended

Your client&#39s future is in the balance

Over the last few weeks, I have been looking at certain aspects of pensiondrawdown which might have escaped the attention of retirement incomeadvisers. Among the issues I have examined, improvements in life expectancy and therisk of interest rate reductions should both be acknowledged as adverselyaffecting any decision in favour of drawdown. Against this, last week […]

Simply the best

Syndaxi Financial Plan-ning director Robert Reid is the winner ofWinterthur Life&#39s Simply Drawdown fund competition for IFAs. Robert and his wife will be spending a week at the five-star Maritim Hotelin the North-west of Mauritius overlooking Turtle Bay. IFAs were asked toconstruct their fantasy portfolio from Winterthur&#39s tailored selection fundrange and Robert&#39s performed the best […]

Talkback

Should IFAs be forced to bear the lion&#39s share of the £80mrecalculated redress on phase two of the pension review? “No. Most of the redress needed has not been caused by IFAs anyway.” Steve Goodwin,Goodwin Financial Services “No, but it is no great surprise. IFAs are the fall guys for everythingand it is par for […]

Solus – Solus US Select Opportunities

Tuesday, 28 August 2001.Type: Oeic.Aim: Growth by investing in US equities.Minimum investment: Lump sum £500, monthly £40.Investment split: 100 per cent US equities.Isa link: Yes.Pep transfers: Yes.Charges: Annual 1.5 per cent, initial 3.5 per cent.Commission: Initial 3 per cent, renewal subject to negotiation.Tel: 0161 214 6868.  

The Day of (B)reckoning

A period of exceptional uncertainty started last Friday for the UK, including a fierce leadership battle in a deeply divided Conservative party, the timing of the trigger of the EU’s Article 50, as well as a potential referendum in Scotland, and Northern Ireland. Click here to read the full article

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment