Advisers who offer home information packs could be exposed to liabilities due to insufficient professional indemnity cover, warns PYV chief executive Neil Pointon.Pointon says brokers offering Hips to clients to secure new business will not be covered for mistakes in the packs by their existing PI policy. He says: “If advisers do get involved with Hips, then standard policies will not cover them for the actions of a poorly trained home inspector.” Any mistakes in the pack, such as the failure of a home inspector to spot a major defect in the property, could lead to complaints against the advi- ser as the first point of contact. PYV is in negotiations with the Office of the Deputy Prime Minister to become one of its preferred providers of PI insurer and is developing tailored PI cover. The industry has expressed concerns about the lack of training for home inspectors. John Charcol technical director Ray Boulger points out that some courses for home inspectors only last nine mon-ths, compared with at least five years to become a chartered surveyor. Boulger adds: “If I were a PI insurer, I would be very ner- vous about covering firms which use a lot of home insp- ectors which are not also required to use chartered sur- veyors. They should have to pay higher premiums.”
Gareth Marr is stepping down as chief executive officer of Origen.Having recovered from cancer last year and re-evaluating his personal priorities, Marr has decided to leave the Aegon-owned IFA.Origen was formed last year from the merger of five IFA businesses of which Marr’s A & B consulting was one.
Aifa has launched a website to help consumers find advice on contracting out.
One in ten UK singletons are out of control of their finances while over half of UK adults refuse to cut back on spending to save more for retirement, says new research from IFA Promotions.The research, which included a survey of 2,000 UK adults conducted during October 2005, suggests UK singletons could be fuelling the […]
Scottish Widows Investment Partnership has sacked head of international equities Tim Scholefield, who oversaw funds worth 6.8bn.Emerging markets head Kim Catechis enjoys an effective promotion as a result of the move. The firm is thought to be disappointed with the performance of its international operations, particularly in its global equities funds. Scholefield has lagged behind […]
Les Cameron, Head of Technical, explores defined benefit pension transfers from a technical viewpoint, tackling the topics such as transfer values and transfer drivers.
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As the outlook for the UK’s economy remains uncertain, how can advisers prepare portfolios for any change in inflation? As higher inflation fails to appear on the horizon and wages grow faster than expected, fund managers are weighing up their portfolio moves for any potential changes in the economy. The UK consumer prices index rose […]
IFA directors Kevin and Cheryl Neal have been banned from being company directors by the Insolvency Service for six and four years, respectively. The married couple ran the now-defunct Hertfordshire-based Kevin Neal Associates Wealth Management. They were disqualified for taking assets from an insolvent company. The firm had been incorporated to take over the business interests […]
Hartley Pensions has bought the “untainted” assets of the Lifetime Sipp Company, which went into administration earlier this year. An update published today on the website of Lifetime’s administrators Kingston Smith & Partners says Hartley Pensions has also agreed to administer the tainted Sipps held by Lifetime Sipp. The administrator described tainted assets as those where […]