View more on these topics

Consumers unaware of financial redress

Consumers rate security of their money as the most important factor when making investment decisions, according to research by the Financial Services Compensation Scheme.

A Mori poll in October asked almost 2,000 people around the UK what they consider when taking out investments, insurance or placing deposits. It found that past performance is the second most important factor, which seems to contradict the FSA&#39s decision not to include this on its comparative tables.

Over 80 per cent of respondents believe a firm must be registered with a regulatory body before offering advice or accepting deposits but 41 per cent do not know how to find out whether a firm is registered and who it is regulated by.

Forty-five per cent of people say they do not know if anyone would compensate them if a financial provider collapsed.

The FSCS commissioned the research to discover attitudes to financial products, advice and knowledge of the existence of the compensation scheme. It did this in the run-up to becoming the new one-stop shop for compensation on December 1. It replaces the Investors Compensation Scheme, Deposit Protection Board and Policyholders&#39 Protection Scheme.

FSCS head of communications Heather Tilston says: “The results of the research show we must work to raise awareness of the scheme as most people expect compensation but do not know where to get it.”


Tiner says life offices have overpaid bonuses

FSA director John Tiner has criticised life insurance companies for overpaying bonuses on with-profits policies, claiming this raises consumer expectations and could be unsustainable. Speaking at a CII Breakthrough lecture last week, Tiner said he is “worried about the expectations of policyholders”. Tiner has been given the job of implementing the recommendations of the Baird […]

CIS pension plea to MPs

CIS is writing to MPs in a bid to assure them that product providers are selling stakeholder to its target audience and that compulsion is not the answer to increasing pension provision. General manager (marketing) Martin Clarke has asked to meet with the speakers at last week&#39s House of Commons debate on stakeholder pensions. The […]

Tiner warning to small IFAs on pensions review

FSA director John Tiner has accused small IFA firms of dragging their heels over the pension review. Tiner said 215,000 cases had not yet had offers of compensation and the deadline of June 30, 2001 is approaching.

Aegon UK appoints industry development head

Aegon UK has appointed Peter Williams, 47, in a new role as head of industry development.Williams, who was previously Scottish Equitable IFA training manager, will be aiming to develop Aegon UK&#39s relationship with trade and industry bodies along with director of corporate communications, Laurie Edmans and director of pensions development, Stewart Ritchie.He has been with […]

Value for money in DC pensions

The Pension Policy Institute (PPI)’s recent report “Value for money in DC pensions” tries to identify factors by which people can assess whether their pension offers fair value for money (VFM). Fiona Tait provides an overview of the findings. Positive Outcomes It is extremely hard to assess VFM in a pension. Press activity naturally focuses […]


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 advice.

    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