View more on these topics

Halifax service to target market for retirement advice

Halifax is set to launch an annuity advisory service over the coming months in a bid to make its mark in the expanding retirement planning market.

The bank is in negotiations to construct a panel of major annuity providers but says it is too early to comment on whether the service will be a multi-tied or IFA operation.

The news comes a year after Halifax sparked an ongoing union dispute following its decision to shut down its IFA arm, forcing advisers to become part of its tied salesforce.

Halifax says the service will help achieve the aims of the Government and FSA in offering an open market option for people with pensions coming up to maturity.

It dismisses suggestions that the launch has been timed to coincide with the expected departure of many Equitable Life members and says no decision has yet been made over the branding of the service or how many advisers it will seek to employ.

A spokesman says: “We are just giving ourselves a bit of cover. There are a lot of people coming to the end of their pension planning and we want to offer them a specialist service.”

Carrington Consultants director Nicola Owen says: “Halifax is interested because the retirement market is big and relatively untapped. But it will be interesting to see how well it does because you have to do a high volume of business to make any money.”

Recommended

FSA to axe polarisation

The FSA has this morning announced plans for the abolition of the polarisation regime. It has branded the regime a “major market distortion” which has failed to deliver sufficient consumer benefits to justify maintaining it. The move comes in a consultation document, which begins a further three month consultation process at the end of which […]

A season for stakeholder

Stakeholder&#39s first birthday arrives at the end of the Isa season, which could be a slower season this year.Some advisers believe we might see a stakeholder season with people taking advantage of the tax allowance offered by the new pension.Roger Sanders Associates principal Roger Sanders says he will be surprised if there is not a […]

Reforms will hit consumer access to financial advice says IFAP

IFAP has condemned the FSA&#39s polarisation reform proposals, saying they will exclude middle England from quality financial advice.IFA Promotion chief executive David Elms says: “The FSA&#39s consultation paper is called &#39making the market work for consumers&#39 – quite simply, these proposals won&#39t make the advice market work for consumers What they will do is make […]

Put an end to the unfair pension annuity regime

The Conservative Party has been committed for four years to end the compulsory purch-ase of annuities by 75 and to legislate on broadly the same terms as David Curry&#39s Bill, for which I personally have campaigned since 1997.The Minister for Pensions is out of touch in describing this as a rich man&#39s issue. Over 1.5 […]

The investment clock

While Trump blazes blond in the political foreground, it’s easy to overlook the economic background to the new political dimension of 2017. Political risk will be a feature of the year: the unpredictable and untested Trump administration has already created uncertainty, which is unlikely to diminish, especially if protectionist rhetoric starts to outweigh promises of […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment