Providers are still finding difficulties with general insurance regulation and a huge amount of work is needed to stop the industry falling foul of the scandals that have rocked the life and pension industry, claims compliance consult- ancy Huntswood.It says six months after regulation was introduced, many insurers are finding it tough to adapt to the rules and are worried about implementing the FSA’s regulatory objectives. Research conducted by Huntswood shows that 31 per cent of insurers are most anxious about the issue of suitability of advice. The second biggest worry is training and competence with 22 per cent. It says 95 per cent of firms say they have written a risk management plan, required by the FSA, but only 56 per cent say they are on target to achieve what is set out in their plan. Twenty-five per cent are dissatisfied with the risk management measures implemented by their firm. Huntswood polled 32 individuals with regulatory responsibility within 23 firms, including eight of the 10 biggest UK insurers. Senior consultant Andrew Wheeler says: “It is right that insurers are most concerned about sales and suitability. The life and pension industry has suffered extensive reputation and financial losses due to past misselling scandals. “The GI industry, whether conducting advised or non-advised sales, has a long steep learning curve to minimise similar regulatory censure.”
While I agree with some of Simon Chamberlain’s comments regarding membership of Aifa (Money Marketing, July 21), I believe they are typical of those who advocate the multi-tied route. I think he misses the point, which is that the public are not best served by depolarisation and that multi-tied advice is not in the public’s […]
Legal & General has been appointed to Park Row’s mortgage protection panel, bringing the total number of product providers on the panel to 12. L&G previously missed out on gaining a place due to concerns from Park Row on its service proposition that have since been rectified.
Stockport-based Cullen Financial Planning is set for further expansion after signing an agency agreement to acquire the clients and business from Rochdale firm, MoneyPlan Financial Services. The deal will see the transfer of over 1,000 corporate and private clients into the Cullen portfolio and raise its turnover to over 2.5m.
Pension experts are calling on Revenue & Customs to confirm whether it is advisers or clients who are responsible for protection of tax-free cash. Scottish Equitable pensions development manager Rachel Vahey says Revenue & Customs believes the responsibility for claiming enhanced or primary protection lies with the individual and not with the IFA but says […]
By Neil Jones Technical support manager with Canada Life’s ican Technical Services Team. Canada Life offers a range of wealth management solutions, including retirement income planning, estate planning and investment solutions from a choice of jurisdictions, including the UK, Isle of Man and Republic of Ireland. The treatment of non-UK domiciles that are resident in […]
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The curious goings-on in the world of financial services
Experts have played down any immediate moves from the FCA towards those firms that are not prepared for Mifid II regulation that comes into force on 3 January 2018. However, concerns remain that a “material number” of small asset managers have not yet started preparing for the major European regulation. The FCA expects firms to […]
OMGI chief executive and star fund manager Richard Buxton is set to lead a management buyout of the single-strategy funds division of Old Mutual Wealth with the backing of TA Associates. The £550m deal is set to be announced before Christmas, Sky News reports. The buyout is part of Old Mutual’s managed separation, which is […]