The Pensions Act 2008 received royal assent yesterday although many in the industry are still worried about flaws in the Government’s plans.
Some IFA firms are to be hit with capital adequacy requirements of 30 times their current levels as part of the retail distribution review, according to Aifa.
With regards to Michael Nichols’ plea for a balanced debate regarding structured products, from what I have seen in Money Marketing, I have had two articles casting doubt on the product but there have been nine letters and articles, etc in their defence. None has anything of substance which would change my mind. There have been no facts to demonstrate transparency or anything to prove me wrong. Do I have seven more chances to make the debate balanced?
PYV managing director Neil Pointon says the impact of FSA proposals for capital adequacy and professional indemnity insurance will only become clear when the PI market hardens. He says few advisers have exclusions on policies for any classes of business because of the soft market. He says: “If the market hardens, we will see exclusions for classes of business reappearing and then the FSA’s calculation, if it is in force, will come to the fore.”
Research from Jelf Employee Benefits and retirement workshops specialist LaterLife Learning shows that one in two employers could offer their older workers greater remuneration flexibility so that they can benefit from the new Freedom of Pensions rules.
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