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Firms told collaboration would improve admin

Cofunds chairman Charles Eppinger is calling for a committee to be set up to monitor administration and operations processes in financial services firms.

Eppinger, who is also chief executive of International Financial Data Services, believes there are many unnecessary costs embedded in the way most companies operate that could be eliminated if there was more collaboration between companies.

He wants to see more companies linking to credit-rating agency Experian to speed up money-laundering checks and also wants to see a barcode system for cheque transfers piloted following the success of a similar project in the US.

He told the conference: “The industry does not need any legislation to make the changes necessary to improve things and raise standards. We can do this ourselves. There are basic issues that we can address like money laundering, repurchasing and renunciation. We have to ask ourselves have we marshalled our resources effectively.”


Holloway planning to make IP cover friendly

Holloway Friendly Society is offering an income-protection product which it says differs from traditional offerings as it will not negatively affect people in higher-risk occupations. The society claims the New Classic Plan has been designed to overcome the consumer drawbacks of income protection. Only 11 per cent of the UK workforce are covered by IP. […]

Proc fees increased at Mortgage Next

Mortgage Next is increasing the procuration fees payable on many of its product lines. The scheme, which is running between 1 December and 29 February, will result in typical fee payments rising by between 10 and 20 per cent. Marketing director Justine Tomlinson, says: &#34The objective of this special promotion is to make as many […]

Letwin brands means-testing as a disincentive to save

New Tory Shadow Chancellor Oliver Letwin says he has no plans to include a price cap in his future policies. Speaking at the Pep and Isa Managers&#39 Association annual conference on The Future of Tax Incentivised Saving last week, after just two weeks in his new role, Letwin slammed the Treasury&#39s stance on savings. He […]

Long-term plans

Convertibility, extendibility and renewability options, in their various forms, are an established part of the financial planning scene. They enable clients to extend the period or alter the nature – with traditional convertible term plans the change was from temporary insurance to endowment or whole-life – of the cover provided at a predetermined age or […]


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