View more on these topics

Friends Life partners with KRS for pensions Omo service

Friends-Life-FriendsLife-700x450.jpg

Friends Life has linked with Key Retirement Solutions to offer a whole of market shopping around service to pension customers who do not have an adviser.

The provider says the non-advised arrangement will be piloted over the next few months and is being introduced to help people make the most of their pension when they reach retirement.

In addition, Friends Life has entered into an agreement with FICO, a provider of analytics and decision management technology, to develop an annuities management system that will help it tailor the pricing of annuities to each individual customer’s circumstances.

Friends Life retirement income managing director David Still says: “It is important for customers approaching retirement to explore their options to ensure they have the relevant information necessary to help them reach the right decisions. 

“Where a customer doesn’t have a financial adviser, we want to ensure they can easily access the support they need to make decisions that will affect their financial wellbeing for the rest of their life.”

Key Retirement Solutions group director Dean Mirfin says: “Maximising income in retirement should be at the heart of the retirement process. 

“Key Retirement Solutions has built a robust whole of market process delivered in a way which puts the customer at the heart of that process.”

Recommended

Mark-Dampier-MM-Peach-700x450.jpg

Mark Dampier: My verdict on Nimmo’s global small cap fund

I am always surprised by the extent to which smaller companies are overlooked by investors. Whether it be on a UK or global level smaller companies don’t feature heavily in many portfolios. I believe it is an area retail investors should focus on more.  Large institutional investors such as pension funds and insurance companies are […]

FCA payments deal prevents bank charges worth £200m a year

The Financial Conduct Authority has agreed a new approach to processing payments with major high street banks which will prevent customers being hit with penalty charges of up to £200m a year. Barclays, The Co-operative Bank, HSBC, Nationwide, Royal Bank of Scotland, Santander, and Clydesdale and Yorkshire Banks have adopted the new payment agreement. It […]

3

Govt urged to ‘hard-wire’ shopping around standards for auto-enrolment

Policymakers are being urged to “hard-wire” minimum shopping around standards into automatic enrolment pension rules. In March, the Association of British Insurers introduced its “retirement choices” code of conduct. The code, which is mandatory for ABI members, is designed to provide savers with clear and consistent information about their options when they reach retirement.  Hargreaves […]

RBS to announce 2,000 job cuts as Hester exits

Royal Bank of Scotland is set to announce 2,000 job cuts after chief executive Stephen Hester announced he will be leaving the taxpayer-owned bank later this year, according to reports. According to the BBC, the cuts are expected to be spread worldwide as the size of the investment division is reduced, with some job losses […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

There are 3 comments at the moment, we would love to hear your opinion too.

  1. Stephen Rowland 10th June 2013 at 1:24 pm

    Another firm undermining Financial Advisers – Why is anybody going to pay an IFA what is usually deemed exorbitant Fees (by normal middle -England salary standards) when I presume they can get it for FREE from Friends Life?

    Is this another way of chipping away at the already fragile state of Financial Services?

    If all company’s do this or similar – would there really be (in ordinary cases) a real reason for IFA’S TO GET INVOVED IN DE-ACCUMULATION ?

    What with trail & now bread & butter business under threat – what sort of shape will Financial Services be left IN THE NOT TO DISTANT FUTURE!

  2. Hampshire Yokel 10th June 2013 at 5:30 pm

    Whilst professional advice (I’ll leave out the word ‘independent’ in this post RDR world) would ultimately be best for everyone, it is not viable to provide to everyone.

    Even before the ban on commission, many professional advisers had recognised that it was not commercially viable to provide advice to retirees with small pension pots. Now, with the ban on commission for advised sales, it is even less likely that people with pension pots of less than (picks a figure out of thin air) £50k will receive advice.

    The regulatory requirement for non-advised sales is that the consumer be given sufficient information with which to make an informed decision. This means that they will need information about the various options and, if possible, a tool that can help them understand the impact of those options, both in the short term and the long term.

    If firms can offer a sensible service that provides this information and therefore encourages consumers to use the Open Market Option, this has to be seen as a benefit to those annuitants.

    If the service can also identify when a potential customer may be able to benefit from enhanced terms due to health or lifestyle issues, the chances of the annuitant improving their retirement income is clearly increased.

    It is however important that any such service is also able to identify when there are factors that would mean that advice is essential. The existance of guaranteed annuity rates (or similar), MVAs or other ‘non-standard’ issues must be identified in the process. In addition, if a consumers pension pot was over a certain figure, say £100k, they should at least be asked if they would like to seek professional advice and helped to do so whenever applicable.

    Non-advised annuity services, such as those offered by Bankhall Gateway, TOMAS and Premier Retirement Services have been operating for years and have helped many people achieve improved retirement incomes.

    They can sit comfortably alongside the professional advice that those with greater amounts to invest, or additional capital to fund fees, can afford.

  3. “Where a customer doesn’t have a financial adviser, we want to ensure they can easily access the support they need to make decisions that will affect their financial wellbeing for the rest of their life.”

    Surely just ask “Ma” then?

Leave a comment

Close

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

Email: customerservices@moneymarketing.com