The FSA is starting a campaign requiring advisers to contact all clients who will be “affected” by A-Day and notify them of the impending rule changes.The vagueness of the wording has raised concerns among some advisers, who are worried about the expense of contacting significant numbers of clients. The regulator says it will not take a prescriptive approach but advisers need to apply the treating customers fairly initiative. Syndaxi Financial Planning director Robert Reid says while it is prudent to contact all clients, this would be a costly exercise and arguably pointless for those in generous non-contributory occupational schemes or with tiny old pension pots. He says, on one level, everyone is affected because changes to trivial commutation rules mean that those with pension pots under 15,000 can take them as cash. But he believes it should only be essential to contact clients who are adversely affected by the rule changes. The FSA stresses that the plans are still in the formative stages. It has not decided how to get its message across to advisers but it is likely to be through letters and a series of events up to next April. St James’s Place head of pensions Ian Price says the run-up to A-Day is a good business opportunity and a chance to cement client relationships. Price says: “Most reputable advisers will be contacting clients about A-Day. It makes business sense and should be part of the ongoing advice process.” Reid says: “It is prudent but a big cost. The FSA should say any client significantly or adversely affected should be contacted.” FSA spokeswoman Abi Jones says: “We want advisers to let their clients know if they are affected by A-Day.”
Sipp investors will pump 8.5bn into the residential property market from next April, boosting demand in the housing market by almost 5 per cent. Research by Hargreaves Lansdown indicates that a further 1.5bn will be used to buy overseas property.
Standard Life has launched a new online service called askTech to answer technical questions from advisers. AskTech is split into life and pensions sub-divisions and answers questions on trusts, pensions simplification and the defined-contribution regime, with more than 250 pairs of questions and answers. Advisers can look at sub- sections or type in specific questions […]
Credit Suisse Asset Management
Credit Suisse Multi-Manager Incubator Fund
Mortgage intermediary network HL Partnership has signed a deal with Direct Life and Pensions Services.This means HomeLoan Partnership appointed representatives will be able to access protection products from a single on-line point of access as well as the express underwriting service.HL Partnership managing director Martin Cave says: “I see this as a very significant step […]
Paul Casson, manager of the Artemis Pan-European Absolute Return Fund, explains why he likes Irish housebuilders but is shorting banks – and how one Spanish TV company is going against media trends. Click here to read more
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