View more on these topics

Cousins tells FSA to act on endowment surrenders

Labour MP Jim Cousins has slammed the FSA for failing to ensure that life offices provide endowment policyholders with all the available options when they are looking to surrender their policy.

Cousins has written to FSA chairman Howard Davies demanding that he take action to prevent policyholders being kept in the dark any longer over options such as selling their policy on the traded endowment market.

In the letter, Cousins points to a memo sent by Davies last December to the Treasury select committee, in which Davies claimed he expected the PIA to act.

Cousins says the PIA is merely a shell organisation for the FSA so there is no reason for there to be any delay.

In the letter, Cousins says the PIA has “failed to issue guidance. I really must press to ensure that the PIA takes action quickly. Policyholders cannot be left without proper advice any longer”.

Cousins has also criticised the FSA&#39s review of with-profits products, saying the damage has already been done to the concept in the eyes of the public.

He says this is unfortunate because with the recent poor performance of the markets, this is when with-profits funds should shine with their smoothing effect kicking in.


Pru cuts terminal bonus rates

Prudential has cut terminal bonus rates on its Prudence Bond and personal pensions. Terminal rates for both are down 0.25 per cent to 4.5 per cent and 5 per cent respectively. A total of £2.8bn will be added to policies in the UK with-profits funds. On a 20 year personal pension policy the payout will […]

A multitude of mortgages

For IFAs feeling the regulatory heat and the pinch of stakeholder, selling mortgages could be an attractive option. Diversification could be the key, if not to survival, then at least to bolstering the comfort zone. Alliance & Leicester key account manager Merdad Yousefi says: “Mortgages are an ideal catalyst for IFAs to generate additional income […]

IFAs could face legal action on LTC need

IFAs could be sued for negligence if they do not tell elderly clients about the need for long-term care insurance, says IFA Care. Director of education and training Tish Hanifan, who is a barrister, says IFAs could be sued by families of clients who are diagnosed with a debilitating illness if they do not make […]

FSA bans commission to IFAs with tree restriction

The FSA is forcing life offices to block IFA commission on stakeholder if their call centre staff take clients through decision trees, potentially leaving IFAs unpaid for hours of work. The move means even if a commission-based IFA has advised an employer, performed a worksite presentation, distributed marketing material and convinced dozens to take the […]

Globe - thumbnail

Considerations for overseas workers in Germany

With Germany’s strong economic growth leading the eurozone’s recovery, many UK businesses are keen to be part of the success story: recent data shows that there are currently more than 280,000* employees working for a UK-controlled company in the country.


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