View more on these topics

Greengross: Govt reforms do not address small pot advice problem

Baroness Sally Greengross has called on Lord Turner, Mark Hoban and Steve Webb to attend a public debate on the impact the RDR will have on people with small pension pots.

In March this year, 16 cross-party politicians and industry leaders signed a joint letter, drafted by ILC-UK chief executive Greengross (pictured), calling on the Government and the FSA to address the risk a post-RDR advice gap could lead to consumer detriment for those with small pots.

The Government and the FSA subsequently dismissed the concerns, claiming reforms to the open market option, plans to consolidate small pension pots, the establishment of the Money Advice Service and the introduction of adviser charging will address the issue.

Greengross has again written to Turner, Hoban and Webb warning the short-term problem of a lack of annuity advice will not be addressed by these reforms.

She says: “Although these initiatives are extremely welcome we are concerned that they may only bear fruition in the medium to long term.

“We continue to believe that the combination of the end of compulsory annuitisation, the introduction of the RDR, the growth in the number of small pension pots and the introduction of auto-enrolment will require further policy action in the short term, and certainly before January 1, 2013.

“ILC-UK will host a retirement income summit on June 20 and we would be very grateful if you would be willing to attend at least part of the debate.”

The letter has also been signed by Partnership chief executive Steve Groves and Aviva executive director of developed markets Trevor Matthews.


Sesame integrates Iress system with Avelo

Sesame Bankhall has integrated its portal of choice, Avelo, with its new Iress-powered practice management system. Australian technology provider Iress’s software programme, Xplan, provides front, middle and back-office support. Sesame first announced the agreement with Avelo in November. Sesame says the integration of Xplan with the Avelo Exchange Portal will help streamline the process advisers […]


SJP: Advisers want to join as restricted realisation dawns

St James’s Place chief executive David Bellamy says more advisers are approaching the company to join as they realise they are likely to be classed as restricted after the RDR. Speaking to Money Marketing following the publication of SJP’s first-quarter results last week, Bellamy says he is pleased with the momentum the company has seen […]

Suffolk Life drawing up L&G range

Suffolk Life is developing a range of RDR-ready savings products for Legal & General ahead of the 2013 regulatory reforms. L&G says it is working with its Sipp arm Suffolk Life to develop a series of fee-based products for advisers. A spokesman refuses to confirm details but says: “We are working closely across all our […]


News and expert analysis straight to your inbox

Sign up


    Leave a comment