The Financial Services Authority has been accused of failing to encourage more people to shop around for better annuity rates. Figures from the association of British Insurers show more people this year bought annuities from their existing provider than they did last year. However the FSA set up rules last year requiring pension providers to tell customers about the open market option., which provides consumers with the right to buy annuities from any provider. The FSA believes three in five people used the OMO option this year, compared with 48 per cent last year.
More people trust IFAs than any other source of information when it comes to pensions, according to research by YouGov for Standard Life. When asked who they would trust to provide accurate and reliable information about pensions advice, 41 per cent preferred IFAs, with 24 per cent mentioning banks & building societies, 21 per cent […]
IFAs could be getting a better deal on their professional indemnity insurance by quitting their networks, according to support services providers and brokers.Support services provider Threesixty believes firms which rushed into networks when PI premiums escalated last October could be paying higher premiums now than similar sized companies which remained independent.Trade bodies Sofa and Aifa […]
Shepherds Group is offering a with-profits bonds converter that it says will provide annual returns of 9.82 per cent.It says there are thousands of investors who need to draw an income but are stuck with a poorly performing with-profits bonds and are unable to make an exit because of a market value adjuster.Investors who surrender […]
Scottish Provident is moving to limit its maximum sum assured on stand-alone critical illness to £0.5m. Scottish Provident head of marketing and product development Nick Kirwan says IFAs will be receiving letters informing them of the change in the next few days. He says that while quite a few companies have stopped offering the product […]
Nearly 12 months since sweeping to power, prime minister Narendra Modi has overseen a significant turnaround in India, which is now on track to become one of the most pro-growth, pro-investment economies in Asia. While the market has rallied 48 per cent over the last year in response to Modi’s reform agenda, what is the potential for further progress?
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The Financial Ombudsman Service will be reviewed by an independent person following claims of poor staff training and alleged biases in its decisions that were exposed in a recent Channel 4 investigation. Treasury Committee chair Nicky Morgan wrote to FOS chief executive Caroline Wayman on 13 March asking for more information about the findings of […]
There are numerous trip hazards with carry forward but more clients will want to be looking at it Many believe the annual allowance will be fair game for the chancellor soon, as one of the least painful and least complex reductions in cost to the Treasury. As such, the need to contribute while clients can and […]
The world is a challenging place for a traditional one-man (or -woman) band Increased regulation and rising costs are leading to a growing number of mid-sized adviser firms. Sole trader and two-handed businesses are becoming rarer as changing rules and client demands present a greater challenge for smaller firms. Between compliance, technology and the implementation […]