View more on these topics

DBS firms told they must have Assureweb access

DBS is making it compulsory for members to have access to its Assureweb service in a new “minimum technology requirement”.

The requirement will come into force for all members in April 2001.

But experts say they are surprised as the move seems unnecessary.

DBS says it makes sense for its 2,800 members to use the Assureweb service because all its information is available through the portal although it does admit IFAs can also get the information by contacting DBS directly.

Public relations manager Sue Lewis says: “We are int-roducing a minimum tech-nology requirement for all members. Firms will be asked to adopt Assureweb as their main means of communication with DBS.”

The Financial Technology Research Centre director Ian McKenna argues that Assureweb has an ever-imp-roving range of services and he is surprised that DBS feels it needs to head towards compulsion.

He says: “It may be attractive for network members to use the portal with which the network has an involvement but to make membership mandatory at this stage I think is unnecessary. I would hope services were chosen by IFAs based on their merits.”

DBS offshoot Assuresoft, which own Assureweb, has recently come under criticism for its distribution of share options to independent advisers. Share options are going out to the principal of IFA firms rather than to each individual user. But it says it is encouraging firms to distribute them throughout their advisers.

Assuresoft managing dir-ector Mark Lofthouse says: “The scheme rules are clear, defined and they have passed legal checks. “They are allocated to the principal of each qualifying firm but we will be supplying the necessary information for apportionment on an individual basis.”

Recommended

Windfalls of change

Scottish Widows is thanking IFAs for what it views as a very successful merger with Lloyds TSB. The Edinburgh life office claims “IFA intervention” prompted policyholders to vote in favour of demutualisation.Scottish Widows head of IFA sales and development Robert Wyllie says: “We encouraged people to speak to their IFAs and clearly the pos-itive result […]

Eagle Star endowment holders face 80% hike in premiums

Eagle Star has admitted some of its policyholders face premium hikes of up to 80 per cent to make up potential shortfalls in their endowment policies.IFAs say they have been inundated with letters from Eagle Star informing them that clients are facing increases of up to 80 per cent.The letters mean many clients are having […]

Occupational policyholders concerned about ethical investment

A majority of occupational pensions policyholders want to use their influence to encourage socially responsible behaviour by companies says research by fund manager Friends Ivory & Sime. The findings add to growing pressure on fund managers to take the ethical behaviour of companies into account as much as their profits before investing in them. However […]

ScotEq in Tip rejig to offer IFAs new options

Scottish Equitable is revamping its trustee investment plan.The move creates two new options for IFAs. The first, designed for intermediaries who work on fee-based business models, includes a nil-commission option, no initial charge,an annual management charge of 0.6 per cent and no exit charges.The second option, for commission-based IFAs, offers commission of up to 2.5 […]

Sickness absence

Sickness absence — a key piece to the productivity puzzle?

We recently wrote about the productivity puzzle and how the UK lags very far behind most of the other major economies of the G7 on this particular measure. There are of course many pieces to this particular puzzle – and a timely report by The Work Foundation highlights how sickness absence plays a part in this issue also.

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment