Specialist pensions IFA Richards Jacobs has threatened to name and shame two leading product providers unless they radically improve their post-A-Day offerings.Jacobs, director of Richard Jacobs Pension & Trustee Services, says the providers, one of which is a top five insurer, are both failing to offer customers the full range of opportunities presented by A-Day. He says one of the insurers does not offer tax-free cash from protected rights while the other does not provide unsecured pensions to people with “reasonably-sized” pension funds. Earlier this month, Jacobs said the industry was in a “post-A-Day meltdown”, with several providers struggling to cope with the volume of new pension business they are writing. He singled out Friends Provident and Clerical Medical for criticism following admin delays but says they are not the providers currently in question. Jacobs has given the firms until the end of September to amend their offerings. Jacobs says: “It is appalling that so-called leading insurers are still not offering customers the full facilities offered by A-Day. It is absolute nonsense.” Earlier this year, Aifa deputy director general Fay Goddard said the “patchwork of different levels of readiness for A-Day confused advisers”.
Germany and France have experienced their strongest economic growth in five years
First State Investments global opportunities fund manager Andrew Dalrymple is leaving to set up his own boutique. The 65.4m fund will be taken over by First State global growth fund manager Habib Subjally, who also runs the global equities portion of the First State balanced fund. Dalrymple is thought to be launching a global long/short […]
BM Solutions has launched a light-adverse product at 5.15 per cent for borrowers with just 500 of county court judgments.
The Financial Services Compensation Scheme has estimated an average of £544,000 to be paid out in compensation payments on endowment-related complaints against BBB Network.Following a further update from PwC, the FSCS says it is now aware of just over 400 potential claims against BBB Network Limited (formerly Berkeley Independent Advisers).Of these claims, around 68 per […]
Derek discusses a number of self-help stories as examples of where he is finding good opportunities in the UK With the FTSE trading at historically high levels, many investors have questioned whether UK equities continue to offer value. But, as Derek points out, the headline figures mask many opportunities at a sector level. He has […]
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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 […]