O&M Systems says the FSA is not providing enough specific guidance on with-profits pol-icies for IFAs and appears to be rejecting industry offers of assistance.O&M also disputes recent anecdotal evidence from the FSA that advisers have been deterred from offering reviews of with-profits policies due to a lack of understanding of the product and a fear of being accused of churning. Sales and marketing director Graham Miller says he wrote to the FSA in January 2005 offering to discuss the issues facing IFAs and providing advice on with-profits and has not had a response from the regulator. The pension software supplier says 1,000 additional adviser firms in the last 11 months have signed up to its with-profits review package. Just over 3,000 predomin-antly adviser firms have signed up for O&M’s with-profits pensions profiler software and there are around 5,000 advisers registered to use the package. Miller says: “No matter how much we automate processes for advisers, some will be wary of advising without guidance from the FSA. Our offer to work with the FSA stands.” FSA spokesman Robin Gordon Walker says: “We appreciate all kinds of responses on policy and attempt to respond when appropriate.”
Catalyst Investment Group has introduced a Dublin-based bond that invests in an asset-backed portfolio underpinned by US life policies. This product differs from similar products available to UK investors in the way it is securitised and set up through a trust to reduce risks.
FSA called on to compel insurance policies to list all exclusions up-front
Swiss Re’s annual industry protection report reveals that the life assurance protection gap remained static at £2.3 trillion in 2005/6 for the first time ever but the income protection gap grew to £170bn.
New Treasury economic secretary Ed Balls told the Treasury select committee this week he is unsure about the future of basic advice and that changes are needed to ensure better balance between simplicity and regulation.
By Kim Jarvis, Canada Life In this article we look at which forms personal representatives (PRs) need to complete and who actually pays the tax. To recap, under current rules, any part of the estate that falls within the available nil-rate band (NRB), currently £325,000, is taxed at zero. Anything in excess of the NRB is […]
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There is no chance the FCA will let the issue rest but any policy decisions need to be informed by facts, not rhetoric
Robo-adviser Scalable Capital has moved into offering full financial advice. The Europe-wide firm will charge a fixed £200 fee if an investor decides to progress beyond an initial free session. According to Scalable Capital’s website the advice session can either take place over the phone or in person, and investors will get a full suitability […]
Typical transfer values for defined benefit scheme members remained high during 2017, ending the year at £236,000, according to Xafinity’s latest date. This was little changed from the end of 2016 when the figure was £234,000 the Xafinity Transfer Value Index shows. However there was some volatility over the year as the difference between the […]