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Goddard says don’t close door to independent advice

Independent financial advice cannot be completely exclu-ded from Personal Accounts and there must be a facility for individuals to access such advice if they feel they need it.

That was the message at the summit from Aifa deputy director general Fay Goddard, who acknowledged many people entering the scheme would not need or want advice.

But she said individuals needed to have access to independent advice if they were worried or unsure about the suitability of the scheme.

Goddard said there was also a role for advisers in the workplace in educating employers and employees and resp-onsible employers would pay a fee for this sort of work.

Goddard said she was concerned with the view of many who suggest suitability for the scheme is a “no-brainer”.

She said there were real concerns around how people opting out of the scheme can be treated by advisers – for example, if they were looking to invest in an Isa – and the worry that there would have to be “clear blue water” between individuals who are eligible for the scheme and the regulated community.

Goddard said: “I certainly do not think people should have to get full advice in the scheme but there should be a facility for those that want independent advice, particularly around the opt-out issues to receive it.”


Resolution snaps up Ormiston to complete European team

Resolution Asset Management has completed its search for a third senior European equity team member by recruiting Singer and Friedlander head of European equity Ian Ormiston.Ormiston joins European team head Adrian Darley and Jonathan Fearon who both arrived recently after resigning from Gartmore in the Summer.Tim Callaghan was originally earmarked to head up Resolution’s new […]

Australian firm buys up Rufus

Australian technology firm Bravura has bought fund management administration firm Rufus from the Bank of New York for a fee that could rise to £32m.

Wind of change is a bonus for Hiscox 68m portfolio

Hiscox insurance portfolio manager Alec Foster says the 68m fund’s recent performance has been driven by the benign US hurricane season. Foster says many insurers took evasive action after destructive hurricane seasons in 2004 and 2005 by increasing premiums. The 32-stock fund has a 40 per cent weighting in reinsurance and Foster says it has […]

NU pays 80m on critical cover but refuses 23% claims

Norwich Union paid out over 80m for claims on critical-illness policies last year, representing an increase of 23 per cent on claims paid in 2004. The declinature rate was 23 per cent, with 12 per cent of claims turned down due to non-disclosure and 11 per cent due to policy conditions not being met. The […]

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Thinking of expanding overseas?

Whether you’re a small company or an established larger employer, expanding overseas into emerging markets can be an extremely attractive prospect for growing your business. However, with this comes a duty-of-care requirement to any staff based overseas.


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